As if college applications were not enough to fill out, there is also the free application
for federal student aid, better known as FAFSA. Dealing with this paperwork as soon
as possible is a smart move because so many students can get in on the federal and
state funding that makde the college price tag more affordable.
Financial aid is based on the cost of attendance of a particular school plus the estimated
family contribution as determined by the FAFSA.
The estimated family contribution is calculated based on the details provided on the
FAFSA including the household size, number of family members in college, family
inocme, a student's grade level and more.
While federal financial aid amount, especially Federal Pell Grant and Federal Direct
Loans, would be the same regardless of school attended, schools vary in how they
award funds.
Each school may have different available funding levels for state and institutional funds
and schools may have a unique way of awarding funds.
Although the premise of the financial aid form hasn't changed much over time,
beginning with the 2014-2015 FAFSA there will be some changes. On the new forms,
the U.S. Department of Education requires students to report income and other info
from the dependent student's parents regardless of martial status.of the parents.
The 2014-15 FAFSA will allow dependent applicants to describe their parents' martial
status as "unmarried and both parents living together". Previously, if parents lived
together but were not married, students only had to provide inocme information for
the parent who provided more financial support for the student. The change will
mean the income reported more accurately reflects the family's financial circumstances.
COMMON MISTAKES TO AVOID
1) USING YOUR INCORRECTLY - Your refers to the student not to the parent
2) INPUTTING THE WRONG SSN FOR SIBLINGS
3) REQUESTION A PIN NUMBER LATE (request a pin at www.pin.ed.gov)
4) REPORT FEDERAL TAXES WITHHELD INSTEAD OF TAXES PAID
Sheila McKinney
