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| FAFSA Tips |  The Free Application for Federal Student Aid, or the FAFSA, is one of the most unappreciated and essential forms you'll ever file when it comes to paying for college.
Here are the top 5 tips to keep in mind when filling out this important form:
#5: Do your IRS 1040 first. It is strongly advised you complete a 1040 BEFORE you begin your FAFSA even if you don't plan on filing your IRS 1040 on paper. Approximately 80% of the FAFSA is based on IRS tax data, and by completing the 1040 first, you'll save yourself a lot of time. You can still estimate using your last pay stub(s) from 2006 even if you don't have your W-2 and 1099 forms from your employers.
#4: Mind the clock. There is a limit of financial aid in the form of college scholarships and grants made available every year. The sooner you file your FAFSA, the more likely you are to obtain money (which includes the Pell Grant, AC Grant, SMART Grant, FSEO Grant, and work study) if you're eligible. The money is distributed on a first-come, first-served basis. Even if you're eligible and wait too long to file your FAFSA, you may not get anything.
#3: It's better to be correct than fast. Even though speed counts with the FAFSA, correctness counts even more. Make sure you're filing the FAFSA in a proper way, paying careful attention to the instructions and the included worksheets. For instance, concerning dependency, many people have situations at home which aren't necessarily described on the FAFSA form. Be quite sure that you complete the questions on the FAFSA according to the guidelines given with the form about who is or is not a dependent student. And be sure to avoid mistakes: Writing down 123 Sesame Drive for a home address when you really live at 123 Sesame Street will immediately kill your FAFSA and any opportunity to get federal student loans.
#2: Zero is the biggest thing. In any field on the FAFSA that asks for a monetary amount, never, ever leave it blank. If you're unsure if it applies to you, fill it in with a zero. Leaving a field blank does not automatically make it zero, which can influence how much aid you obtain.
#1: File anyway. The number one most important tip for the FAFSA is to file one regardless of whether you think you'll qualify for federal financial aid or not. Filing a FAFSA is absolutely free of charge, and if you file online, you won't even pay for postage. Many schools and states use the results from the FAFSA for institutional and state-based financial aid, as well as some private scholarships and grants, so always fill out the FAFSA each year, no matter your financial situation.
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