Common Mistakes to Avoid when Completing your Free Application for Federal Student Aid (FAFSA)
The most important step in receiving financial aid is properly completing all the required fields in the Free application for Federal Student Aid (FAFSA) form which can be completed online One minor error in your FAFSA application will delay your application & subsequently when you receive the federal pell grant money. Also errors in your FAFSA might make you lose the deadline on tuition payment requirements for most colleges & universities thus forcing you to drop classes. You should fill out the FAFSA application form on January 2nd of each year without delay. The earlier you do it, the faster your application will be processed and any errors corrected. Here are some tips & advice on how to avoid any errors in your FAFSA application.
1) Verify your Social Security Number (SSN) before entering it in to the FAFSA application. Make sure there are no numerical errors in that number.
2) If you file FAFSA online, be sure to print a copy of your application, sign & mail your signature page to the address below:
Federal Student Aid Programs
P.O. Box 7002, Mt. Vernon, IL
62864-0072
3) Complete the entire form and accurately list the net worth of your assets. If your answer to some questions is $0, be sure to enter "0" in the field and don't leave it blank. Also, don't ignore the questions regarding drug/criminal convictions, just tick "No" if you have no such past background.
4) Do not leave any fields related to Income blank. Be sure to enter parents' adjusted gross income for 2010 in Box 83, you & your spouse's adjusted gross income for 2010 in Box 35, etc. When reporting income, be sure to include salaries, tips, commissions & other wages. If student is independent & living with a spouse, be sure to enter the spouses' income details as well. This income will not be counted twice, but will determine allowance for Social Security payments and a special allowance for families in which both parents are employed.
5) If you have not filed an income tax return for 2010, it is recommended you do so before applying for FAFSA. This is because you will have all your net income numbers ready when filling out FAFSA as it asks you questions such as how much income did you report in your income tax return for 2010.
6) Verify your Federal school code so that your financial aid package is sent to the right school. You can do a search of your school by State, category or by name in the FAFSA online application.
7) Tick "No" to Graduate student status if you are not pursuing a master's degree or 2nd degree.
8) Use your current permanent mailing address when filling FAFSA and not the address of your University campus.
9) From boxes 35 - 44, report the actual income tax paid to the IRS, not the amount withheld by your employer as shown on your W-2 form.
About the Author:
Learn to get free Pell grants from the US Department of Education including application & eligibility criteria. The maximum limit for 2011 school year is $5,500 and applications are free.