Do |
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| 1. High school seniors should start filling out the FAFSA form as early as possible and send it to every college to which they are thinking of applying. If students wait too long, they risk missing key deadlines for scholarships and grants at these colleges and universities. |
| 2. When filling out the FAFSA, make sure to put zeros when a line item is not applicable to you. |
| 3. Families should make certain they list the amount of taxes paid using the number from their federal income tax forms, not the amount from their W-2 forms or any other ones. |
| 4. The FAFSA requires families to put down their household size. Parents should put down everyone that they are supporting in their household, not just those who are planning to attend college. |
| 5. Make sure to sign the FAFSA, even if you are filling it out electronically on the Web. The government requires that those who fill out the form online use a PIN number to sign it electronically. |
Don't |
| 1. One mistake parents can make when filling out the FAFSA is putting down the wrong social security number. The form asks for the student's social security number but parents will often put down their own, financial aid officers say. This will immediately disqualify an application. |
| 2. The FAFSA only looks at financial figures in whole dollars, not cents. Make sure not to put in any decimal points after dollar amounts as it can skew the figures on your application. |
| 3. Do not include your home value as an asset on the FAFSA form. Only include assets such as what you have in your bank account, checking account, stocks, and other similar items. |
| 4. Don't pay for the FAFSA. Make sure you use the free form available on www.fafsa.ed.gov. There are a number of Web sites, such as www.fafsa.com, that charge individuals to complete and fill out the FAFSA. Families do not have to pay a fee to fill out the FAFSA. |
| 5. Don't discard extra copies of 2007 federal tax forms. Many FAFSA applications are chosen for a verification process by the government, and colleges need to verify that the information reported on the FAFSA form correlates with the information on the tax form. It can take as long as six to eight weeks to obtain a copy of the 1040 form from the government, especially during peak tax season, leaving students and colleges in a holding pattern. |
Applying for Federal Aid
Early filing of the Free Application for Federal Student Aid can speed the student aid process. Here are dos and don'ts for completing this crucial form
By Alison Damast
The financial aid season typically kicks off Jan. 1. Students should take steps to ensure that they can get the most comprehensive loan packages with optimal interest rates. The first step for students is filling out the Free Application for Federal Student Aid (FAFSA) form. Students can easily get their applications disqualified by filling out even one line item on the form incorrectly. Families should keep in mind several key dos and don'ts when filling out these applications. To assist students in this process, BusinessWeek.com has collected tips from financial aid directors at colleges and universities across the country.