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FAFSA: US Financial Aid

Updated: Jan 22, 2019


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It's THAT time of year!  October 1st is right around the corner and it is time for US citizens to fill out the FAFSA for students who are planning on attending university fall 2019.  In order to help you with this process, I have been studying up on some of the things financial aid experts say about this process.  It may seem daunting if this is your first time through but with a few simple tips you will be on your way.


Secrets:

Fill out the FAFSA EARLY!  October 1st is when it opens.  It would be wise to  gather all your information before that date so when it opens you are prepared. Once the money is gone, it is gone! Money is given out by need but also by the order that applications are received.

Sit down together.  Have 2 computer open.  Parent and student have to create their own FSA ID and their will be information that you are both required to enter.  When you are living in the USA and your parents are in another country, you are going to need to know how to do these things on your own.

Parents, realize what you have to claim as assets and what you do not have to claim as assets.  I included a video at the bottom that helps to clarify this a little better.

If you have a savings account for college in the student's name it is advised to transfer that money to an account in the parent's name. When it is in the student's name a higher percentage of the money is considered against the student than if it is in the parent's name. Again, this is explained in the video below.

If you do not feel that you were awarded enough money, appeal it.  In writing, send a letter to the financial aid office at the university that you want to attend.  If you have an unusual situation that is not explained in the application process, you can clarify that information in writing.


Common Mistakes:

Not filling it out.

Most common: Name!  Should be spelled exactly the same as what is on your Social Security card.

Not checking for typos on social security numbers, financial info or birth dates.

Mistakes can be fixed in the financial aid office of your college but you could loose out on money while you are waiting for it to get fixed.


Last bit of advice:

Get help! when needed.

Don't procrastinate!

Consult with your college and advocate for yourself.  People are there to help you and assist you.  More than likely someone else had your question in the past.


This video is put out by the Utah public university system so there are a couple of places where there are advertisements.  You can skip over them easily.  This video walks you through each step of the FAFSA process.

https://www.youtube.com/watch?v=RRXJYBRawfs


I found this video informative when it came to more of the detailed information that is requested on the FAFSA itself.  It is a little dry and I summarized what was addressed in my blog post above.  If you have unique assets it would be advised to view this.  It could help you with making a judgement on how to report those assets or if you have to report them.

https://www.youtube.com/watch?v=AlARWTi3Y5E


Reference:

Step up to Higher Education Utah. (n.d.). 2028-19 FAFSA - Full  Walkthrough.        https://www.youtube.com/watch?v=RRXJYBRawfs

U.S News Education. (n.d.). Common FAFSA Mistakes. https://www.youtube.com/watch?v=AlARWTi3Y5E

Federal Student Aid: An Office of the U.S. Department of Education. (n.d.). Trending FAFSA Questions. https://studentaid.ed.gov/sa/fafsa/filling-out#documents



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