StudentAdvisor Blog

Student Loans: 6 Tips to Smart Borrowing

Student loans has become an almost-inevitable part of the college process. However, shopping for student loans is much different than shopping for extra-long bedsheets or mini-fridges. Kevin Walker of SimpleTuition.com offers six smart tips for taking out student loans. Read more... 

 

Your Financial Aid Award Letter and What it Means

You've got your big envelope! You've been accepted to your choice school - awesome!

Now comes the the next big step:  figuring out your financial aid package.  It's important to understand the responsibilities of accepting different types of financial aid such as grants, loans, work-study, and scholarships. However, those financial aid award letters can be downright confusing.

Need a little help figuring out what exactly your letter says? Verified Advisor and financial aid consultant, Justin Munio, gives some insight on what your financial aid award is. Read more...

_{Photo:  Christopher S. Penn}

When it Comes to Financial Aid and FAFSA, Time is Money!

By Veronica Garcia
StudentAdvisor.com Staff

When it comes to paying for college, many of us are drawn away from the daunting task of having to fill out the FAFSA. We want to get some money for college, but the thought of having to sit at your computer for hours upon hours looking through your parents tax forms does not sound like a fun way to spend an afternoon.

But don't put it off for too long! Colleges have a limited amount of grant and scholarship money to distribute to students. The longer you wait to get your FAFSA in, the more you risk missing out on crucial financial aid options. 

Some of you might be wondering if filling out the FAFSA takes a long time. In fact in the StudentAdvisor Q&A section students ask about this a lot!

How long does the FAFSA take to fill out?

“The first time you fill out a FAFSA it will probably take between one and two hours to complete. They ask for a lot of information and it takes awhile to get through. One way to get through it faster is to have all the information you need ready before you sit down to do it. You can take a look at their website for requirements ahead of time, but you'll need things like your tax records and or your parents' tax records if you are a dependent. The good thing is that in later years you can complete it really quickly, probably in 15 minutes, because they save your information and most of it will be the same from year to year.”

“Filling out the FAFSA online is a breeze. If you have everything you need to complete the entire form in front of you when you begin, it should take you no more than 30 to 45 minutes to complete. And, you also have the option of saving your progress when filling out the form and coming back to it later with all the previous information saved. Once you complete the form online, you will receive confirmation via email when your form has been processed.”

See? It's not too bad! So what are you waiting for? Go do that FAFSA!

7 Ways to Get the Best Financial Aid Package for College [VIDEO]

By Dean Tsouvalas
StudentAdvisor.com Editor-in-Chief

Now that applications are in, it's time for college-bound students to start applying for financial aid to help fund their education. Yesterday I sat down with Gene Lavanchy of Boston's Fox 25 Morning News Show to discuss ways students and parents can land the best possible financial aid package. While the process of applying for aid may seem as easy as just filling out the FAFSA there's actually a lot more to it! So what can you do to ensure you're setting yourself up to receive the most aid?

Learn more about the 7 ways to get the best financial aid package for college:

 

1. Fill out the FAFSA! It all starts with the FAFSA (Free Application for Federal Student Aid).

One study showed that 53% of eligible families did not bother applying for aid through the FAFSA leaving millions on the table. Colleges use the FAFSA to determine your eligibility for government funded financial aid such as grants and federal student loans. Schools will also determine if you qualify for need-based scholarships based on your FAFSA score. You can do it all online at FAFSA.gov. DO NOT pass on filling out the financial aid paperwork if you think you won’t qualify

2.  Proof read your FAFSA (at least 3 times) to avoid these common mistakes:

• Listing incorrect Social Security Number or Driver’s license
   
• Leaving blank fields – enter a ‘0′ or ‘not applicable’ instead of leaving a blank. Too many blanks may cause miscalculations and an application rejection.
   
• Using commas or decimal points in numeric fields – always round to the nearest dollar.
   
• Listing marital status incorrectly – only write yes if you are currently married. They want to know what your marital status is on the day you sign the FAFSA, or Renewal FAFSA.
   
• Listing parent marital status incorrectly – the custodial parent’s marital status is required; if they’ve remarried, you’ll need the stepparent’s information too.
   
• Leaving the question about drug-related offenses blank – if you’re unsure about something, find out before you submit your FAFSA instead of leaving it blank. A conviction doesn’t necessarily disqualify you from getting aid.
   
• Forgetting to list the college – obtain the Federal School Code for the college, you plan on attending and list it – along with any other schools to which you’ve applied.
   
• Forgetting to sign and date – if you’re filling out the paper FAFSA be sure to sign it. If you’re filing electronically, be sure to obtain your PIN from www.pin.ed.gov. Your PIN is your electronic signature and will always be assigned to you only.
  
  

3.  Make sure your parent has as little cash in checking, savings and other cash-equivalents as possible on the day you file your FAFSA.

The final set of questions on your FAFSA will ask about the money you have on hand. Make sure that you and your student have as little money in checking, savings and other cash-equivalents the day you file the paperwork. It also helps to pay off as many bills as possible before filing the paperwork.

4.  Your student should always file a tax return, even if he or she is not making any money.

A tax return that says $0 can actually work in his or her favor, as it demonstrates a need.

5.  Understand that grades have little to do with financial aid awards.

Many parents assume their child must have good grades to qualify for grants and scholarships. This is inaccurate. Most colleges award a majority of their grants based on financial need, not merit. Merit scholarships comprise less than 2% of the total “pot.” Although it’s fun to talk about merit scholarships, the big money - more than 98% - is in the need-based financial aid system.

6.  Don’t wait on your acceptance letters before applying for aid!

Financial Aid is on a first come, first serve basis. You don’t need to be accepted to a college before you can submit your FAFSA – you only need to list which schools you have applied to. Typically, for first year students, colleges mail their financial aid reward statuses to students a few months after the application deadline to accepted students. 

7.  Be sure to compare financial aid packages from different schools closely.

Do not be afraid to read between the lines on financial aid reward letters. It’s not uncommon for “expensive” private colleges to offer better financial aid packages than state schools. Examine the gap (if there is one) between the financial aid package and the cost of attendance for each school to see how well the package meets your need. Break down how much money is coming from grants, federal loans, scholarships, and work-study. Grants and scholarships don’t have to be paid back. Work-study money must be earned through part time employment during the school year and students must pay taxes on it. Loans need to be paid back and different families can take on different amounts of debt. Remember – federal loans are less expensive and have more benefits than private loans.

REMEMBER:

You must fill out a FAFSA every year you are in school, but if you apply online, you can re-use your FAFSA-on-the-Web PIN each year you apply for federal financial aid.

Make sure you fill in every year for every child you have in college starting in January of their SENIOR year in high school to ensure you have a chance at receiving the most aid.

First Time Applying for Financial Aid? 11 Things You Need to Know

By Purvi S. Mody
For StudentAdvisor.com

The beginning of a new year brings resolutions, hope, and change. For high school seniors, the next six months marks the end of childhood as they know it and the beginning of the rest of their lives. In just a few months, they will venture out into new territories: geographic, academic, emotional, and professional. Now, parents across America should begin the harrowing financial aid process.

This process can be more complex than the admissions process. While there are no essays to write or recommendations to manage, the forms are complicated and the process anxiety-ridden.

Here is a primer on how to tackle the financial aid process easily.

1. It is important that families gather the appropriate documents early to make filling out the forms an easier process. You will need to have last year’s and current year’s tax returns, end-of-year reports from all financial institutions including mortgage accounts, and social security numbers easily available. While many people wait until mid-April to file tax returns, it is vital that they are filed as soon as possible this year – ideally by February 1st.
    
2. The first step to applying for aid is to fill out the Free Application for Federal Student Aid (FAFSA). You can do this online at http://www.fafsa.ed.gov/. You will first need to create a pin in order to access the form. 
    
3. Many colleges also ask families to fill out the CSS Profile. This can be done online at https://profileonline.collegeboard.com/prf/index.jsp. This form asks for additional information not captured on the FAFSA. Before you fill out this form, confirm that the colleges your child applied to require it since it has an application fee.
    
4. Some colleges require supplemental financial aid forms. Don’t rely just on the FAFSA and/or CSS Profile.
    
5. The financial aid application captures a snapshot of your financial situation. Make sure that snapshot demonstrates an accurate picture. For example, if a grandparent just gave a child a significant amount of cash for a holiday gift, it will appear to a college that money can be used to pay for tuition. But if that money was given to a child to pay for current expenses and cannot be used for college, it will hurt your financial aid situation. 
    
6. Remember that some types of debt are not taken into account when the college allocates your aid package. Credit card and car loan debt are two examples. If you have money sitting in an account, that money will be considered available for college expenses. If your financial situation allows it, pay off credit card and car loan debt. 
    
7. Talk to your mortgage lender or bank about rates on student and parent loans. Often existing relationships can help lower interest rates.
    
8. Even if you think that you may not qualify for need-based aid, you may qualify for federal loans if you apply for aid. You are not required to take out any aid that you are offered. It is better to leave loans as an option at least until May when your child decides where he or she will be attending next fall.
    
9. Don’t be afraid to call the financial aid offices of different schools. They are there to answer questions that you may have. In reality, the better you fill out the forms, the easier you are making their work. 
    
10. If you think that the forms you are submitting do not fully capture your need for aid, send in additional information with supporting documentation. The offices will use this information to calculate your aid package and it is easier to do this now then in April.
     
11. Sit with your financial advisor or accountant, if possible, about the benefits or downsides to second home mortgages, lines of credits, and distributing money across accounts. You don’t want to sacrifice your longer term financial plans for the sake of a little more financial aid.

Don’t procrastinate until the last minute. The faster a complete application is received by a college, the more quickly financial aid counselors can crunch the numbers, and the faster you will get an estimate of the hit to your bank account. There is plenty of aid out there for the families that really need it. And more and more colleges are changing their aid policies to make a college education more affordable across the board, which is beneficial to the middle class. Your kids have done the hard work, and now it is your turn. Your family will then be one step closer to beginning a new phase in your lives.

Purvi S. Mody is co-owner of Insight Education, an educational consulting firm that helps students throughout the country and internationally to achieve their educational goals. Get in touch with her via email at purvi@insight-education.net or follow her on Twitter @InsightEduc.

State FAFSA Deadlines for 2012 - 2013

By Dean Tsouvalas
StudentAdvisor.com Editor-in-Chief 

The FAFSA is your first and most important step to getting the money you need to help you pay for college.  And we have all the FAFSA Deadlines for 2012 - 2013.

Federal Deadline:

FAFSA applications for the 2012-2013 school year must be submitted by midnight Central Time, June 30, 2013. Any corrections or updates to an existing application can be submitted by midnight Central Time, September 15, 2013. 

College Deadlines:

Some colleges set a different financial aid deadline than the state and federal deadlines. They may also have additional forms their financial aid department needs from you in order for you financial aid application to be considered complete. If the college deadline is significantly earlier than the state and federal deadline, have that deadline take priority. You should also ask your college about their definition of an application deadline – whether it is the date they receive your FAFSA, or the date your FAFSA is processed.

State Deadlines:

To be considered for state-funded financial aid such as grants and need-based scholarships you should submit your FAFSA before your state's deadline. Each state has a different FAFSA deadline for this. Find your state's deadline in the listings below. Keep in mind that your state of residence is often used to determine your eligibility for state-funded financial aid:

Alabama	Check with your financial aid administrator.
Alaska	AK Education Grant and AK Performance Scholarship – June 30, 2012 by midnight, Central Time.
American Samoa	Check with your financial aid administrator. Additional form may be required.
Arizona	Check with your financial aid administrator.
Arkansas	For Academic Challenge – June 1, 2012 by midnight, Central Time. For Workforce Grant – check with your financial aid administrator. For Higher Education Opportunity Grant – June 1, 2012 by midnight, Central Time.
California	For initial awards – March 2, 2012. Applicants encouraged to keep a record of their submission by printing out their online FAFSA confirmation page or obtaining proof of mailing the FAFSA. Additional form may be required. Contact your financial aid administrator or your state agency. For additional community college awards – September 2, 2012 – date postmarked. Applicants encouraged to keep a record of their submission by printing out their online FAFSA confirmation page or obtaining proof of mailing the FAFSA. Additional form may be required. Contact your financial aid administrator or your state agency.
Colorado	Check with your financial aid administrator.
Connecticut	February 15, 2012. For priority consideration, submit application by date specified. Additional form may be required. Contact your financial aid administrator or your state agency.
Delaware	April 15, 2012 by midnight, Central Time.
District of Columbia	June 30, 2012 by midnight, Central Time. Additional form may be required. For priority consideration, submit application by May 15, 2012. Contact your state agency for more information.
Federated States of Micronesia	Check with your financial aid administrator. Additional form may be required.
Florida	May 15, 2012 – date processed.
Georgia	Check with your financial aid administrator.
Guam	Check with your financial aid administrator. Additional form may be required.
Hawaii	Check with your financial aid administrator. Additional form may be required.
Idaho	Opportunity Grant – March 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified. Additional form may be required. Contact your financial aid administrator or your state agency.
Illinois	As soon as possible after January 1, 2012. Awards made until funds are depleted.
Indiana	March 10, 2012 by midnight, Central Time.
Iowa	July 1, 2012 by midnight, Central Time; earlier priority deadlines may exist for certain programs.
Kansas	April 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified. Additional form may be required. Contact your financial aid administrator or your state agency.
Kentucky	As soon as possible after January 1, 2012. Awards made until funds are depleted.
Louisiana	June 30, 2013 (July 1, 2012 recommended)
Maine	May 1, 2012, by midnight, Central Time.
Marshall Islands	Check with your financial aid administrator. Additional form may be required.
Maryland	March 1, 2012 by midnight, Central Time.
Massachusetts	May 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified.
Michigan	March 1, 2012 by midnight, Central Time.
Minnesota	30 days after term starts by midnight, Central Time.
Mississippi	MTAG and MESG Grants – September 15, 2012 by midnight, Central Time. HELP Scholarship – March 31, 2012 by midnight, Central Time.
Missouri	April 2, 2012 by midnight, Central Time.
Montana	March 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified.
Nebraska	Check with your financial aid administrator.
Nevada	Check with your financial aid administrator. Additional form may be required.
New Hampshire	New Hampshire is not offering a state grant this year.
New Jersey	2011-2012 Tuition Aid Grant recipients – June 1, 2012 by midnight, Central Time. All other applicants – October 1, 2012 by midnight, Central Time, for fall and spring terms; March 1, 2013 by midnight, Central Time, for spring term only.
New Mexico	Check with your financial aid administrator.
New York	June 30, 2013 by midnight, Central Time. Applicants encouraged to keep a record of their submission by printing out their online FAFSA confirmation page or obtaining proof of mailing the FAFSA. Additional form may be required. Contact your financial aid administrator or your state agency.
North Carolina	As soon as possible after January 1, 2012. Awards made until funds are depleted.
North Dakota	April 15, 2012 by midnight, Central Time. For priority consideration, submit application by date specified. Early priority deadlines may exist for institutional programs.
N. Mariana Islands	Check with your financial aid administrator. Additional form may be required.
Ohio	October 1, 2012 by midnight, Central Time.
Oklahoma	March 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified.
Oregon	OSAC Private Scholarships – March 1, 2012 by midnight, Central Time. Oregon Opportunity Grant – February 1, 2012 by midnight, Central Time.
Palau	Check with your financial aid administrator. Additional form may be required.
Pennsylvania	All first-time applicants at a community college; a business/trade/technical school; a hospital school of nursing; or enrolled in a non-transferable 2-year program – August 1, 2012 by midnight, Central Time. All other applicants – May 1, 2012 by midnight, Central Time.
Puerto Rico	Check with your financial aid administrator.
Rhode Island	March 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified.
South Carolina	Tuition Grants – June 30, 2012 by midnight, Central Time. SC Commission on Higher Education – As soon as possible after January 1, 2012. Awards made until funds are depleted.
South Dakota	Check with your financial aid administrator. Additional form may be required.
Tennessee	For State Grant – As soon as possible after January 1, 2012. Awards made until funds are depleted. For State Lottery – September 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified.
Texas	Check with your financial aid administrator.
U.S. Virgin Islands	Check with your financial aid administrator. Additional form may be required.
Utah	Check with your financial aid administrator.
Vermont	As soon as possible after January 1, 2012. Awards made until funds are depleted. Additional form may be required.
Virginia	Check with your financial aid administrator. Additional form may be required.
Washington	Check with your financial aid administrator.
West Virginia	Promise Scholarship - March 1, 2012 by midnight, Central Time. For priority consideration, submit application by date specified. Additional form may be required. Contact your financial aid administrator or your state agency. WV Higher Education Grant Program - April 16, 2012 by midnight, Central Time. For priority consideration, submit application by date specified.
Wisconsin	Check with your financial aid administrator.
Wyoming	Check with your financial aid administrator. Additional form may be required.

Time to Fill Out the FAFSA! Are You Ready to Apply for Financial Aid?

By Dean Tsouvalas
StudentAdvisor.com Editor-in-Chief

The FAFSA is your first and most important step to getting the money you need to help you pay for college.

What is the FAFSA?
The FAFSA, or Free Application for Federal Student Aid, is the application for U.S. government financial aid for college, including need-based Pell Grants, Federal Supplemental Education Opportunity Grants (FSEOG), National SMART Grants, TEACH Grants and more.

The FAFSA’s purpose is to determine how much money you and your family can contribute to paying for your college education. Since most states, colleges and private sponsors of need-based scholarships want you to apply for federal financial aid first, the FAFSA also helps make you eligible for thousands of non-federal grants and scholarships.

Why You Need to Fill Out the FAFSA
Each year, the U.S. Department of Education provides over $100 billion in new education grants, student loans and work-study stipends to more than 14 million college and career school students. Filing a FAFSA gives you access to a number of these need-based grants and subsidized student loans.

Federal student aid also includes unsubsidized student loans, which are not income-restricted. That means even if your income is too high to qualify you for a subsidized loan, you may still be able to get an unsubsidized student loan.

A survey done by the National Postsecondary Student Aid revealed that almost half the students who are eligible for federal student aid do not even apply. There are many reasons for this, but the bottom line is: that’s a lot of money left on the table.

TIP: File your FAFSA as early as possible! Some federal financial aid is allotted on a first come, first served basis. File your FAFSA as soon after January 1 of each year as possible to ensure you are awarded the maximum amount of financial aid you are eligible for.

FAFSA for Federal and State Financial Aid
The same FAFSA you file to apply for federal financial aid is forwarded by the US Department of Education to each student’s state higher education assistance agency. State financial aid is most commonly received in the form of grants, scholarships and loans. Eligibility requirements, award amounts, repayment and interest terms and application deadlines for state financial aid varies from state to state.

Although you can file one FAFSA for both federal and state financial aid, be sure to know the deadline date for the state financial aid application since it varies according to state. Deadlines are firm so if you do not apply on time, you will not be eligible to receive state financial aid for the entire following academic year. Check your state’s higher education agency to find out what kind of grant programs you may be eligible for.

FAFSA Deadlines
Pay attention to the deadlines! There are federal and state deadlines, and your colleges may also have a deadline.  Visit http://www.fafsa.ed.gov/deadlines.htm to check your state deadlines.

For more information please check out the Free StudentAdvisor Guide to FAFSA

What is the FAFSA? A StudentAdvisor Financial Aid Crash Course

By Megan Kenslea
StudentAdvisor.com Staff

As tuition costs climb, more students have to look for financial assistance to fund their education. It seems that while many students understand the process of getting into college, very few have much guidance on how to pay for it. 

In fact one of the most common questions that gets asked on StudentAdvisor is, "How do I get a grant to pay for school?" And always the answer is, "Fill out the FAFSA!"

What is the FAFSA? 

The Free Application for Federal Student Aid (FAFSA) is the first step you must take toward getting financial aid such as grants, federal loans, federal work study, and need-based scholarships. The colleges you apply to will use the report sent to them from FAFSA to determine what aid you qualify for in order to put together your financial aid package. It's important to complete the FAFSA as soon as possible - colleges have a limited amount of federal aid and need-based scholarship money to award and it's often done on a first come first serve basis. Be sure to note that there are a few different deadlines for FAFSA: federal, state, and the individual colleges'. Also, you must complete the FAFSA again for each year you will remain in college to re-qualify for aid.

But filling out the FAFSA isn't so straightforward - in fact for a lot of people it can be downright confusing. Check out Michael Szarek's 22 FAFSA tips and you'll immediately see why. And before you fill it out, be sure to read over StudentAdvisor's treasure trove of financial aid resources to make sure you understand the application process and the implications of accepting certain forms of financial aid.

Take a look at some of the Financial Aid advice available on StudentAdvisor. You might even want to bookmark this page for future reference!

 

Guides:

• FAFSA Guide 

• Student Loan Guide

 

Posts:

• Applying for Student Aid: Taking the Fear out of FAFSA

• 10 Financial Aid Forms You Can't Afford to Forget

• A Parent's Guide to Appealing Financial Aid 

• Am I Eligible for Financial Aid? 

• Three Myths About Financial Aid 

• How to Calculate Financial Aid 

• 5 Things You Should Know Before Accepting Federal Work-Study 

• What are the Differences between Federal and Private Student Loans?

 

Community Help:

• College Financial Aid Advice (A StudentAdvisor discussion group)

• Ask a Financial Aid Question
  
  

10 Financial Aid Forms You Can't Afford to Forget

1.  FAFSA (Free Application for Federal Student Aid) - a federal financial aid application form required by all colleges for federal financial aid including grants, loans, and work/study. In addition, some colleges use the FAFSA to award money from its own endowment funds and others require additional forms.

2.  State  Visit your state's department of education site for information on state-sponsored financial aid programs for state residents.

3. Institutional - contact colleges on your list for additional institutional forms that the school may require before awarding money from its own endowment funds for financial aid.

4.  CSS/Financial Aid PROFILE^® is an additional form required by a few hundred colleges before they award money from their own endowment funds. Check with the colleges you're applying to before filling one out to see if it's necessary. 

5.  CSS Business/Farm Supplement may need to be completed for the CSS Profile if your  family owns a business or farm.

6.  CSS NonCustodial Profile is an additional form for the CSS Profile that divorced/separated families may need to complete.

7.  Outside Scholarships sponsored by businesses, employers, individuals, high schools, fraternal organizations and other private groups have their own application forms to determine award winners.

8.  College Scholarships from a schools’ special endowment funds may be awarded in addition to financial aid programs. Some colleges use their admission application for their scholarship programs and others require additional forms.

9.  Verification Worksheet is to be completed if a student’s FAFSA was selected for review by the college.

10.  Appeal forms - After you get your financial award letter from the school you may realize that the award package falls short of your financial need. Some colleges will have financial aid appeal forms for students seeking a reconsideration of their financial aid awards.

Wendy David-Gaines, author of Parents of College Students Survival Stories, is known as POCSmom. She writes and lectures about the college process from forming a college list to attending college graduation. Wendy is also a College Insights expert on College Expert Panel. For more about POCSmom Wendy go towww.pocsmom.com for links to her blogs, Twitter, Facebook, LinkedIn, and Google+.

Applying for Student Aid: Taking the Fear out of FAFSA

With FAFSA deadlines right around the corner first time applicants and their parents are becomingly increasingly more anxious. Today's post is dedicated to helping you overcomb those fears about applying for student aid. For more information on the FAFSA, step-by-step instructions to filling out the form and other tips please read our Free FAFSA Guide.

For many families with high school seniors, February is dedicated to tackling the Free Application for Federal Student Aid (FAFSA).  

“A lot of people are afraid of it,” says Betty Williams, director of financial aid at Coker College in Hartsville, SC. “But it’s not hard.”

Here’s how to take the fear out of FAFSA. 

First, take careful note of requirements and deadlines. “Know the aid application requirements for each of the schools to which you’re applying,” advises Helen Nunn, director of financial aid at Susquehanna University in Selinsgrove, Pa.“Some will only require the FAFSA, but may have an early (February 1 or 15) deadline. Others will require the CSS PROFILE or their own institutional aid application. Some will require financial data from the non-custodial parent, in the case of divorce. So you need to know what you’ll have to provide.”

“Schools will publish their deadlines, as will state grant programs,” says Nunn. “Find the earliest deadline imposed by any of your schools and don’t miss it!”

You can lose money by putting off your application, so don’t procrastinate.

“Don't wait until you’ve been admitted to a college,” says Pat Watkins, director of financial aid at Eckerd College in St. Petersburg, Florida. “Some applicants are concerned that their admission to a college may be jeopardized if they apply for financial aid. In many instances this is not the case. Admission to the college is made regardless of ability to pay. List all of the colleges you are considering on your FAFSA. Some funds are limited. By waiting, you may miss out on some scholarships.”

Get your paperwork ready, even if you don’t yet have your 2010 tax information.

“You’ll need your social security number, driver’s license, alien registration card (if you are not a U.S. citizen), and financial documents, including tax information, current bank statements, business and investment mortgage information, business and farm records, and stock, bond and other investment records,” Mary Ellen Duffy, director of financial aid at Albright College in Reading, Pa. (Help potential students learn about Albright so write a review of Albright College.)

You can estimate your tax information if you don’t yet have it, says Nunn. “You do not need to wait to have a completed 2010 1040/A/EZ to apply. However, you need to give the best estimate you possibly can, as your financial aid will be based on these numbers and be subject to verification later,” she says. “Locate your federal tax forms – student’s and parents’. Put them together with your end-of-year 2010 paystubs. Use the two together to create your estimate.”  You can correct and update the information later.

Once you’ve got it filled out, don’t forget to sign.

“The most common FAFSA error is missing signatures,” says Williams. “The form will be rejected and that delays processing.”  If you’re completing your FAFSA online, don’t forget to sign it with your PIN or by printing out the pages and mailing them in.

Keep good records during the whole process. “Keep copies of everything you submit and track when you complete each item” recommends Nunn. “Put everything in a file for easy reference and retrieval.” 

Worried about making a mistake on your student aid application? Download our free StudentAdvisor FAFSA Guide.