Avoiding the Most Common FAFSA Mistakes
Podcast Transcription
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Hi everyone, welcome to another episode of PFCU’s Money Talk Podcast. I'm your host, Maddy. February is financial aid awareness month! This spring acceptance letters will begin to appear in mailboxes across the country. And we know that soon-to-be undergrads, and their parents, have many questions about the future, but maybe none as pressing as “How will I pay for this?”
According to the Education Data Initiative, while 87.3% of first-time college students benefit from some form of financial aid, public programs are underutilized. Students missed out on at least $4 billion in unclaimed federal grants for the 2023-24 academic year.
For many, federal financial aid plays an important part in making higher education affordable. Every October, the Free Application for Federal Student Aid (or FAFSA) opens for students seeking financial aid from the government. Completing the FAFSA application is the first step to determining your eligibility for grants, scholarships, work-study programs and federal student loans. However, any errors you make on the form could mean receiving less aid than you qualify for.
So, with that being said, here are some common mistakes and tips to avoid them:
Mistake number 1 is not completing an application at all. Many families believe their income is too high to qualify for FAFSA, but there's no limits to determine eligibility. Everyone who plans to attend college or graduate school should complete the application.
Mistake number 2 is not filing the FAFSA form by the deadline. You should fill out the FAFSA form as soon as it’s available, but you should definitely fill it out before your earliest FAFSA deadline. Each state and school gets its own deadline, and some are very early.
Mistake number 3. Not getting an FSA ID before filling out the FAFSA form. If you don’t know what that is, let me explain. It's really pretty simple. You go to StudentAid.gov and create an account username and password which is your FSA ID before filling out the FAFSA form. Keep in mind that when you do register for an FSA ID, you may need to wait up to three days before you can use it to sign your FAFSA form electronically.
Number 4 is not reading definitions and questions carefully. When it comes to completing the FAFSA form, you’ll want to read each definition and each question very carefully. Because sometimes the FAFSA form is looking for very specific information that may not be really obvious.
And the last mistake I wanted to share with you today, mistake number 5 is listing only one college. Unless you’re only applying to one college or you already absolutely know where you’re going to school, you should include more than one. Colleges can’t see the other schools that you’ve added, so you should add all the colleges you’re considering to your FAFSA form, even if you aren’t sure whether you’ll be accepted or whether you're even going to apply.
If you want the full list of common mistakes and tips on completing the FAFSA correctly, visit studentaid.gov.
Otherwise, I'm going to keep it short and sweet for you today. Thank you so much for listening and I will see you next time!
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