Parents and students are equally stressed out when it comes to education. Getting educational aids for a college education is a daunting task. Financial aid is critical for higher education, and the highest goes up to $200,000 for four-year study. The Free Application for Federal Student Aid (FAFSA), is a document that determines financial aid to students. Schools have deadlines for FAFSA. We help students to make the process simpler. In this effort, we use informations and instruction from salesforce training institute in chennai to store the information set up through Salesforce. In this endeavour, we take guidance from www.fafsa.ed.gov to accomplish our task.
FAFSA deadline is set in the mid-February and families having college going kids prepare the financial document. It is advised that families learn about the financial aid award in advance instead of waiting until the last moment. So useful tips helping in filing FAFSA are listed below:
Do not wait till February, go ahead in January, and it would be the ideal time for filing documents. Many schools including states of Kentucky, Illinois, South Carolina, North Carolina, Vermont, Tennessee and Washington believe in first come first serve basis. They do this until the funds are depleted. So the easiest way to reach to the aid is to file your taxes first and then mention it as a reference point while filing for FAFSA. While doing so do not forget to estimate the fields for last pay stub and previous years tax returns. Some tools can help automatically update the application while you enter the figures. Some schools may require CSS Profile, so be careful while updating.
Even if you are not sure that you will get the aid just go ahead and file the document. It is tough to predict how much income is eligible to receive aid. Some estimate the household income to be $180,000. But if you are above the threshold just do not bother, just apply. The reason being students who do not apply for aid are rejected aids in the subsequent years. In case the situation changes in the following years, this could come handy.
The form has to be filled out completely. Even a minor mistake can delay the process. You may have to walk to and fro to rectify the mistake. If you find a field that is irrelevant to you just write 0 instead of leaving it blank. In the online version, you will be alerted if there is an incorrect entry on the form.
According to FAFSA formula, students spend 20% of their assets in college and similarly, 5.64% of assets of parents. It is advised to move 529 accounts and shield it from the FAFSA calculation. Being in 529 accounts can limit the rate to as low as 5.64%. For parents with more than one child, it is advised to move the saving to parental funds instead of children’s funds.
A supplementary letter to explain extenuating situation would be an added advantage. FAFSA puts forth 100 questions, yet there is no field to explain the various family situations like medical expenses or loss of jobs. Having a supplementary letter could help a great deal.
Following these simple steps can definitely help while filing FAFSA document.