In 2014, one of my goals is helping you navigate through the college planning process, so I decided to give you yet another valuable gift! Financial aid season has arrived, and I don’t want you to make the same mistakes I made when filling out the forms.
Here are 2 common mistakes on financial aid forms:
- The #1 mistake students make is leaving a field blank. All income questions must be completed. If the answer is zero, or the question does not apply to you, write in a 0. If you leave an income or asset question blank, the federal processor will assume that you forgot to answer the question.
- 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.
What are the consequences of making a mistake?
These college planning tips can help save you up to $11,000. A family came in for advice last year around March with several mistakes on their financial aid forms. These little mistakes cost the 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. In the end, they did not receive any FREE money that they were in fact eligible for. Don’t let this happen to you and make sure to plan 2-3 years ahead in order to maximize the amount of FREE money you can expect to receive.
- Remember financial aid is given out on a first come first serve basis
- Any mistake will delay the process by 2-3 weeks.
These tips are for the parents and families who want to do things right, who don’t want to procrastinate, and who want to maximize financial aid.
If you have any questions give us a call to schedule an appointment at (661) 295-9946.
I wish you nothing but success in 2014!