DON'T LET FINANCIAL AID FORMS KEEP YOU UP AT NIGHT
Now that school has started and we’ve reached the height of application season, parents will shift their attention to the dreaded financial aid forms. This is a major source of stress for most parents, who wonder about their out-of-pocket costs and understand the importance of completing their FAFSA without errors. In some cases, this won’t be the only form required. Here is a list of FAQs to provide what you need to know:
What are the names of the financial aid forms?
There are 2 forms: the FAFSA and the CSS Profile. All schools use the FAFSA and a select group of colleges requires the CSS Profile in addition to the FAFSA. The CSS Profile is found on the College Board website and the FAFSA can be found on https://www.fafsa.ed.gov.
How do I know which forms we need to complete?
You or your student can go to the financial aid section of the colleges' websites to read the requirements. In addition, you can check with the College Board for the list of colleges that require the CSS Profile.
Do we have to complete both forms?
If your student's college requires the CSS Profile, you will be required to complete the FAFSA as well. If your student's college requires only the FAFSA, you only have one form to complete.
When is the appropriate time to submit financial aid forms?
Both forms become available on October 1st, however, colleges have their own deadlines. It is not necessary to submit the day they open. In fact, waiting a few weeks provides time for any kinks to be worked out. Above all be mindful of the deadlines set by colleges. Make certain you know these deadlines because missing them could cost you money (again, check the college websites).
Do we have to bother with the forms if we know we won't qualify for need-based financial aid?
I recommend that every family complete the financial aid forms. Some colleges will not distribute merit money if you don't submit the FAFSA. (You can check with the college to be certain.) In addition, if you want to be able to take advantage of the low-interest federal loans, you must complete the FAFSA.
Due to circumstances resulting from Covid-19, submitting your FAFSA despite having no financial need could provide an advantage in terms of acceptance. Colleges like families who can write the big check, especially now that most colleges have sustained financial losses due to the pandemic. Your FAFSA will serve as proof of your financial situation.
Should I ask my accountant to fill out our financial aid forms?
The goal of your accountant is to reduce the amount of tax you pay to the IRS and the state. The strategies that save you money on your taxes are many times, in direct conflict with the strategies that will increase your financial awards. The short answer is not usually unless they claim to be a financial aid expert.
What if I need help with the forms?
The sad truth is that I don't like these forms any more than you. For this reason, I have decided to add a solution to my services. Many parents don't want to bother filling out the forms because they are busy. Others are afraid of making mistakes that will cost them money. And all parents find the process overwhelming.
There is no reason to lose sleep over completing and filing financial aid forms, because I now work with a team of experts, having 10 years of experience working with families to help them with their FAFSA, CSS Profile, IDOC forms. All services are performed virtually. You submit your documentation and they do the rest. No more sleepless nights.
Schedule a phone call with me to learn more about getting help with your financial aid forms.