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FAFSA \u2013 12 Best Kept Secrets Application Tips with Jean Burk
\nEpisode 62
\nHere are the FAFSA 12 Best Kept Secrets. Did you know that 80-90% of families make mistakes on the FAFSA that cost them tens of thousands of dollars in scholarship money? This information is timely before October 1 \u2013 so please listen and share this show with your friends with college-bound students.
\nVisit our sponsor - College Prep Genius, and Jean Burk- author of the award-winning curriculum for SAT prep.
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\nShow Notes: FAFSA 12 Best Kept Secrets
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\nDid you know that many times students do not complete the FAFSA application completely? You must complete the FAFSA all the way through. It is an application for low-interest student loans and grants. If you don\u2019t complete it, you can lose out on thousands of dollars.
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\nYou can do this beforehand to be prepared to fill out the FAFSA application. Pre-work \u2013 download the PDF from the website. http://www.FAFSA.ed.gov
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\nFAFSA 12 Best Kept Secrets:
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\n \t* Scams: Be aware of scam copies \u2013 A company purchased this website \xe0com they will charge you for the FAFSA \u2013 it is a FREE application. http://www.FAFSA.ed.gov
\n \t* ID: Get your FAFSA ID ahead of time. You get a username and a password. If you are considered a dependent student, you need your separate ID. It can take a few weeks to get your ID. There can be a backlog at the last minute. Do not share your ID with others. This information you are putting on your FAFSA is sensitive information. Store it in Lastpass.com (you can get a free account) or a paid account is $20 per year, and it keeps your ID safe.
\n \t* Date October 1 in your senior year. Many states will run out of money early. You can put in ten colleges when you are filling out your FAFSA. You use your prior-prior taxes or two years before you apply for the loan. You need to pull that out and bring out the information. If you have had a decrease in income from 2015 to now \u2013 that can also be adjusted \u2013 an addendum must be filled out with each college.
\n \t* Deadlines: To maximize your scholarship opportunities, fill it out by October 1 \u2013 Each school and state will set their deadlines. October 1 is the FIRST day you can apply - deadlines are months later, but why wait?
\n \t* Which ID? Do not use your ID (parents) when you start your FAFSA \u2013 they will give you the option to enter the student information. USE the student ID \u2013 it will automatically add your personal information.
\n \t* Knowing the lingo on the FAFSA helps \u2013 certain questions that you automatically know, but you may make mistakes \u2013
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\n \t* Legal guardianship \u2013 Students will answer yes here. You are not considered a legal guardian of yourself! So the answer is NO.
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\n \t* NUMBER: The number of family household members \u2013 specific definition. Many students put the wrong number down. It has no bearing on who claims the parents in a divorce situation. How many are in your household \u2013 that is in your entire family. Siblings. Read instructions carefully.
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\n \t* The number of family members who are in college and private school. If you are thinking about just your siblings. Don\u2019t forget to include yourself. You are also going to college.
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\n \t* Common Mistakes:
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\n \t* If it says You or YOUR \u2013 it means the student.
\n \t* Put in your full name as it appears on your social security card \u2013 no nicknames. It will bring you delays if you are not accurate.
\n \t* Double-check your social security number.'
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\n \t* Income Information:\xa0
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\n \t* How much income tax \u2013 not your AGI (adjusted gross income) \u2013 IRS data retrieval tool that will tell you how to fill it out.