Applying For Financial Aid Top 10 FAFSA Tips Written by Aimée Yorsaneron November 8th, 2022 Before I joined the college finance team at College Coach, I was the associate director of financial aid at Babson College. Prior to my stint with Babson, I worked as an assistant director of financial aid at Berklee College of Music, MIT, and Boston University. I've spent most of my professional career working in financial aid and have assisted traditional undergraduates, adult learners, and master’s degree students in financing their educations. I have a master’s degree in human resource education, a bachelor’s degree in business administration, and a certificate in coaching. Learn More About Aimée fafsa, financial aid application, paying for college, Wondering how to get started on the Free Application for Federal Student Aid (FAFSA)? While many families find completing this application daunting, it does not have to be. Gather your appropriate documentation and follow our top 10 tips for success. You’ve got this!Is completing the FAFSA the only thing I need to do to apply for financial aid? That depends! The FAFSA is required by most schools, but some also utilize the CSS Profile when calculating need-based aid eligibility. These schools may also require tax returns for the appropriate year.Should I apply for admission to the schools I’m interested in before or after I file the FAFSA? You should check each school's website for financial aid deadlines. The process is usually done in tandem with the admissions process. Do we have to fill out the FAFSA every year? In order to be considered for federal funding, or other need-based financial aid, you must complete the FAFSA each year.Should we fill out the FAFSA if we don’t qualify for aid? The only way to know for sure if you qualify for aid is to complete the FAFSA (though Net Price Calculators can generally give you a good idea of what to expect). Even if you don’t think you’ll qualify for need-based financial aid, you may want to complete a FAFSA in the following cases: your financial circumstances have changed recently; it’s required for merit scholarship consideration at the schools on your list; or you hope to borrow student loans. Learn more about why higher income families may consider completing a FAFSA.How do I fill out the FAFSA if my parents are divorced? The parent with whom the student resided more in the previous 12 months should complete the FAFSA. If it is 50/50, the parent who provides more financial support is the one to complete the application. Note: there will be some changes to the federal financial aid formula starting in the 2024/2025 academic year, including who will be considered the custodial parent. If my parent is remarried, do I have to report their new spouse’s income, too? Yes, the FAFSA is completed with your custodial parent's household information, which includes their new spouse. What are included as assets on the FAFSA? The following are assets reported on the FAFSA: cash, bank and brokerage accounts, CDs, money market accounts, mutual funds, stocks, bonds, stock options, restricted stock units, ETFs, commodities, 529 college savings plans, prepaid tuition plans, Coverdell accounts, hedge funds, trust funds, REITs, investment real estate, precious metals, and UGMA/UTMA accounts.My FAFSA has been submitted. When do I know how much aid I’m eligible for? The schools that you are applying to will notify you of your financial aid package. Some schools will notify you alongside their admissions decision, while other schools may notify you a few weeks after that.How do I add more schools to my FAFSA? You can only list 10 schools on your FAFSA at a time. List your first 10 schools, submit the FAFSA, and await access to the Student Aid Report. Once received, log back into the FAFSA application, make your correction, remove schools, and add any remaining schools that need the FAFSA. Do I have to fill out a FAFSA for each child? Yes, a FAFSA needs to be filled out for each student planning to attend college. However, you can transfer your information from one child's FAFSA to another so you don't have to re-enter it. Once the FAFSA is complete, you will be directed to a confirmation page. On that page, you will see a hyperlink that says, “Transfer your parents' information into a new FAFSA.” Ensure your pop-up blockers are off so you can access the link. Meet our team of college finance experts, former financial aid officers who know the ins and outs of college financing. Meet The Team Related Resources Read | Posted on April 11th, 2023 What Divorced Families Need to Know about the Financial Aid Process Read | Posted on March 21st, 2023 How to Read a Financial Aid Award Read | Posted on December 28th, 2022 The Worst Financial Aid Mistake (And How to Fix It!) | College Coach Blog
