Tips for Getting the Most Aid Available on the FAFSA

The best tip that any student should follow in order to maximize the amount of aid awarded via the FAFSA is to be honest. Because the FAFSA provides educational funding using federal sources of money, the form is very specific in the information it requests and assesses. Aid determinations are made according to a student’s financial need. Therefore, most of the required information on a FAFSA deals with a student’s income and assets, as well as that of their family. This is called the Expected Family Contribution.

By being honest about your expenses, income, and assets, the United States Department of Education, which oversees programs available via the FAFSA, is able to determine how much monetary assistance a student actually needs. If you have significant savings and assets and make an excellent wage, you’re probably going to receive less aid than a student who comes from a poor family and is too young to have a viable career yet. In either case, officials will verify the financial information you provide, so it’s very important to be honest, or you could disqualify yourself from federal aid altogether.

Another tip is to complete the FAFSA as thoroughly as possible. Fill in every field, or mark N/A when something doesn’t apply to you. If there are questions asked that you don’t know the answers to, you should find out before proceeding. Also, make certain you send all required supporting documentation when you submit a 100% complete FAFSA.

Finally, submit the FAFSA and all other documentation as early as possible. Federal funding is usually only doled out once each year, which could result in you missing funding opportunities for semesters where you don’t get the application in on time. Additionally, it’s very important to submit on time so that classes at your school don’t fill up. Therefore, submitting the FAFSA early is critical. Students should also remember to respond to an official’s request for additional documentation or clarifying questions. If these are ignored or delayed, your FAFSA will not be processed, resulting in a loss of potential funding.

If you need help filling out a FAFSA in order to be as thorough and timely as possible, you should ask financial aid officials at your school for assistance. Often, many schools have free FAFSA courses that you can attend so that you can make sure you get it right the first time.