12 Mistakes To Avoid on Your FAFSA

January 21st, 2010

A whopping $168 billion is available in federal aid for college, so whip out those applications (if you haven’t already) and start working to get a chunk of that money.

If you’re in the midst of the nearly 130-question FAFSA (Free Application for Federal Student Aid), take a deep breath and relax for a moment. Whew. Then check out these 12 mistakes that students and parents often make, according to the National Association of Student Financial Aid Administrators.

1. Leaving blank fields. Enter a 0 or “not applicable” instead. Too many of these can cause miscalculations in how much aid you get and could get your application rejected.

2. Listing incorrect Social Security number or driver’s license number. It seems silly, but check these entries and have someone else check them too. One typo could be all it takes.

3. Forgetting to list the college. Look up the Federal School Code for the college you plan on attending, as well as any other schools that have your applications.

4. Entering the wrong amount of federal income tax paid. Look at your income tax returns, not your W-2 forms, to find how much you paid in federal income tax.

5. Listing Adjusted Gross Income (AGI) as equal to total income: Surprise – it’s not the same figure. AGI often is larger than the total income.

6. Listing marital status incorrectly. Choose “yes” if you’re married right now. The feds only want to know what your marital status is on the day you sign the application.

7. Listing parents’ marital status incorrectly. You’ll need to provide the custodial parent’s marital status, too. Also include the stepparent’s information if they’ve remarried.

8. Leaving the question about drug-related offenses blank. A conviction might not disqualify you from receiving aid. If you’re unsure about an offense, find out before you submit your form instead of leaving it blank.

9. Using commas or decimal points in numeric fields. Round to the nearest dollar instead.

10. Forgetting to sign and date. Remember to sign the paper FAFSA. If filing electronically, be sure to get your PIN, which will serve as your electronic signature.

11. Entering the wrong address. Your permanent address is where you live when you won’t be at college; i.e. your parents’ house, not your campus or summer address.

12. Sending in a copy of your income tax returns. You don’t need to provide a copy of your tax returns with your application, so save time and trees by skipping this step.

–Lori Johnston

Entry Filed under: Advice,Budgeting,Financial Aid,General