Financial aid season is in full swing, so we thought we’d give you a special gift! Have you ever wondered about some of the most common mistakes on financial aid forms? Well, let me tell you two of the BIGGEST mistakes that can really cost you.
2 common mistakes:
- Leaving a field blank: All income questions MUST be completed on financial aid forms. If the answer is zero, or the question does not apply to you, write in or type a “0”. If you leave an income or asset question blank, the federal processor will assume that you forgot to answer the question. Fill it all out!
- Triple check your data entry: Be careful to write your Social Security Number (SSN) and date of birth accurately and clearly. Any errors in the SSN or date of birth will cause processing delays. We’ve seen parents put their social security numbers where a student’s number is supposed to go, and this causes big hiccups in getting your awards letters back. Make sure you triple check what you are entering and where you are entering it!
What are the consequences of making a mistake?
These college planning tips can help save you upwards of $15,000. We recall a family that came in for advice back in 2013 with several mistakes on their financial aid forms. These little mistakes cost that family $11,500 in FREE money. This was very concerning, but like many families they did not know where to turn for help during this process. They didn’t even know help existed! We’re here to tell you there is help out there. Make sure you are being careful and doing things the right way!
Also… remember financial aid is given out on a first-come, first-served basis. Apply NOW! Some schools require a FAFSA be submitted by 2/15!!
If you have any questions give us a call to schedule an appointment at (661) 295-9946.