FAFSA filing mistakes to avoid

When it comes to choosing a college to attend, completing the Free Application for Federal Student Aid (FAFSA) should be top of mind for many high school seniors hoping to score scholarships, grants and student loans.

But as you and your teen fill out the FAFSA — yes, do it together — don’t get sloppy and make mistakes that can slow the delivery of the financial aid package and potentially reduce the amount you’ll receive.

Schools often award money on a firstcome, first-serve basis until the money runs out. So, a careless mistake, such as not signing the form or putting down a parent’s Social Security number when it calls for the student’s, can cost you thousands of dollars.

Which raises this question: With the college admissions season heating up, what are some of the more common FAFSA mistakes that trip up filers?

The biggest mistake by far is not filling out the FAFSA. There’s no income cut-off to qualify for aid, and the FAFSA is the key to unlocking federal, state and schoolbased aid — everything from Pell Grants to work-study programs, to some private scholarships offered by businesses and nonprofits.

“Far too often, students don’t think they meet the requirements for federal financial aid when that can’t be further from the truth,” said Hanneh Bareham, Bankrate’s student loan expert.

Get your ducks in a row. Parents need to get involved early in the process and have their tax and investment information handy, said Kevin Ladd, chief operating officer at Scholarships.com. If you’re organized, completing the FAFSA should take less than one hour.

In addition, it is critical that all of the information on the FSA ID, which is your basic identification for the Department of Education, matches what you enter on the FAFSA.

For example, Ladd said, “if you have a middle initial on the FSA ID, you need to enter it the same way on the FAFSA.”

Know your deadlines. Different states and schools have different deadlines for completing the FAFSA.

Use the IRS Data Retrieval Tool.This reduce errors by transferring data from federal income tax returns to your financial aid forms. To learn more, go to https:// studentaid.gov/help/how-use-irs-drt.

Including assets that should be excluded on the financial aid forms, such as the value of your primary residence and retirement plans, can increase the so-called expected family contribution and reduce aid eligibility.

Include cents when reporting dollar amounts.

List more than one college to receive your FAFSA data. Shop around to ensure you get a range of financial aid offers.

Foster care and adoption assistance payments are not reported on the FAFSA, said Mark Kantrowitz, author of “How to Appeal for More College Financial Aid.”

Another common mistake students make is not choosing the correct dependency status, which can impact the amount of aid you’re eligible for, said Eliza Haverstock, a student loan expert with NerdWallet.

For example, she said, you’re considered an independent student if you’re at least

24, married, a veteran, experiencing homelessness, supporting children or enrolled in a graduate program.

Don’t assume that the aid package you receive is set in stone. One of the biggest mistakes is not filing an appeal for more aid, especially if your family is affected by special circumstances, such as high medical bills or loss of a job. Check out this tip sheet on how to file appeals: http://www. kantrowitz.com/books/appeal.

If you have a high school junior who will be applying to colleges a year from now, my advice is to complete the FAFSA as soon as it becomes available on Oct. 1. As Ladd said, “Apply early and the pool of cash is bigger.”