BROADCASTS.com

FAFSA Equals Free Money with Jean Burk
\nEpisode 61
\n
\n 
\n
\nDid you know that FAFSA equals free money to students? Now is the time, especially if you are a rising senior \u2013it is crucial to pay attention to apply to you right now! Don't fall for those places that say they will help you fill this out if you pay - it is totally free. Just listen to podcast 61 and 62 for more information!
\n
\nVisit our sponsor - College Prep Genius for all your SAT prep materials.
\n
\n 
\n
\nShow Notes: FAFSA Equals Free Money
\n
\n***Please note - there was an update and change to the FAFSA website - please use the 2016 tax return for this school year Oct. 1 2017- 2018 ... check out the fafsa website for details.
\n
\n 
\n
\nFree Application for Federal Student Aid - http://www.FAFSA.ed.gov
\n
\nDid you know that FAFSA is way more than somewhere to apply for student loans? It is for current and prospective college students who are looking at the high cost of college and what their family is expected contribution. Every year you reapply for the FAFSA \u2013
\n
\nQuick Notes: Every year you must reapply for the FAFSA \u2013 even in\xa0post-graduate school, You the STUDENT fill it out.
\n
\nKeep in mind the name FAFSA is FREE Application for Federal student aid. There is a parent section that is color-coded. 80-90% fill out the FAFSA wrong and lose eligibility.
\n
\nThis is need-based, grant-based and offers entitlements. IT lets you calculate how much you should be able to pay for college. This does not affect merit based scholarships. Not being prepared is the biggest mistakes.
\n
\nIt is very hard to fix once submitted. Don\u2019t rush it. Take your time.
\n
\nYou should prepare for it correctly before you fill it out online. Do not just start filling it out. You can download PDF, fill it out, and then when you fill out the actual form you have your information prepared.
\n
\nBoth parents need a FAFSA ID \u2013 need to fill it out. Use your student\u2019s ID \u2013 not the parents. The parent should only help the children not doing the work for them - other
\n
\nYou can send a FAFSA to ten different schools right off the bat.
\n
\nSeniors \u2013 the first day you can fill it out is October 1 your senior year. Most families wait for months. By that time all the free money is gone!\xa0 That is why we are doing this October reminder to gather these things NOW before October.
\n
\nThey changed the entire criteria for income tax \u2013 2015 tax information. Prior/ Prior income tax. You are behind by two years. If there has been a huge decrease you need to let the colleges know. You can transfer the information over the FAFSCA right away.
\n
\nThis does not mean you are poor. Everyone fills it out \u2013 the earliest time is October 1.
\n
\nhttp://www.FAFSA.ed.gov
\n
\nIt is completely FREE \u2013 no charge to apply. Scholarships, grants, financial aid. You need info from income tax. Social security number, W-2 forms, dependents, etc.
\n
\n*If you do not have a senior a junior or younger. You want to get an idea of where you are \u2013 you can set up your ID anytime \u2013 FAFSA ID number in search and find it
\n
\nCommon Mistakes:
\n
\n \t* Too little
\n
\n \t* Forget to include other students in private schools or colleges \u2013 don\u2019t leave out that information!
\n
\n
\n \t* Too much
\n
\n \t* It is meant for the student to fill out \u2013 most parents include their home equity as part of assets. 99% percent of colleges do NOT require your home equity. You are worth more than you are \u2013 you are just a student
\n
\n