FAFSA opens October 1! 8 Tips to Max your Aid Awards

How to maximize your potential financial aid awards and complete the form without going crazy!

1. Create Your FAFSA Id now. Even before October 1.  The FAFSA ID is a username and password. One parent and the student will each need a separate FAFSA ID. Create your FAFSA Id now to avoid processing delays. And, trust me.. hang on to those ID credentials. Resetting passwords can take days!
2. Don't assume you make too much to receive aid.  Believe it or not, there is no cutoff income level that determines whether you receive aid. In my college admissions counseling practice, I advise all of my families to submit the FAFSA. Even if your income is high, there are other determining factors used to calculate your aid award. These may include the number of students enrolled in college or the individual college's cost of attendance.  
3. Submit as early as possible in order to maximize awards.  I repeat: submit as early as possible in order to maximize awards. 
4. Send the FAFSA to any colleges you are even CONSIDERING applying to. The form will ask you which schools you'd like to send the FAFSA to. You'll want to list any schools under consideration. If you don't, you may miss out on some financial aid awards as awards are issued on a first come, first served basis.  If you've sent the FAFSA to a school and you later decide not to apply, no problem. You can remove schools from your FAFSA list, and schools that you aren't accepted by won't give you a financial package!
5. The 2019-20120 FAFSA uses 2017 tax information. Sounds crazy, but the new regulations require the use of 2017 rather than 2018 tax data.  If your income has decreased dramatically in 2018, you'll need to contact your selected schools' financial aid departments to discuss the situation.
6. FAFSA has an IRS Data Retrieval Tool.  The tool allows you to import your 2017 tax information directly from the FAFSA form. You'll still want to have your 2017 returns handy to double check the auto-populated data​
7. Master Tip for State Aid: The FAFSA helps you apply for both federal and state aid. Some states require you to list your colleges of interest in a particular order in order to be eligible for state aid.  Here's the list of state policies. 
8. Need help? We specialize in helping families navigate the college admissions and application process. Click here to schedule your free consultation

What You'll Need on Hand

• 2017 tax returns
• Untaxed income records: interest income, child support, veterans benefits, etc.
• Assets: Checking and savings balances, stocks and investments values, and investment real estate information. Good news for homeowners: the equity in your residence is not considered!