Federal Student Aid (2024)

FAQs

What are 5 common FAFSA form mistakes? ›

You'll have a better chance at receiving money for college if you avoid several common mistakes when filling out your Free Application for Federal Student Aid (FAFSA^®) form. Such mistakes include not completing the form on time, not filling it out correctly, or forgetting to sign and submit.

Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.

If you did not complete the FAFSA for the academic year when you are seeking aid, you won't receive any. If you did complete the FAFSA, but didn't receive financial aid, confirm that you completed the form for the correct year. Contact your school's financial aid office if the wrong form was completed.

FAFSA® requires details about your (and your spouse's, if you're married) financial assets to help calculate how much aid you'll need to pay for college.

For many, the most difficult part about filling out the FAFSA is entering in the financial information. But now, thanks to a partnership with the IRS, students and parents who are eligible can automatically transfer the necessary tax info into the FAFSA using the IRS Data Retrieval Tool.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Some types of information that might be verified include income, taxes, education tax credits, child support, high school completion status or number of members in your household. You can reduce the chances of a verification by importing information from your FAFSA directly from the IRS's data retrieval tool.

There are a few common reasons why the Federal Processor will reject an application: Missing signatures, inconsistent marital status with income, taxes paid are equal to or higher than adjusted gross income, citizenship questions are blank, marital status and family members blank, etc.

Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree. (In some cases, however, a student enrolled in a postbaccalaureate teacher certification program might receive a Federal Pell Grant.)

What increases your total loan balance in FAFSA? ›

When interest capitalizes, the unpaid interest is added to the principal amount of your student loan. Capitalization increases your loan's principal balance, and interest is charged on the new, larger balance.

This is question 40c on the Free Application for Federal Student Aid (FAFSA^®) PDF. Enter the total amount of taxable earnings that you (and if married, your spouse) received in 2021 from Federal Work-Study or other need-based work programs, such as fellowships and assistantships.

Empty Your Accounts

If you have college cash stashed in a checking or savings account in your name, get it out—immediately. For every dollar stored in an account held in a student's name (excluding 529 accounts), the government will subtract 50 cents from your financial aid package.

(Note, however, that you may be able to qualify for a discount on computer equipment once you enroll in college.) Cars, computers, furniture, books, boats, appliances, clothing, and other personal property are not reported as assets on the FAFSA.

Don't enter nicknames or other variations on your name. Entering the wrong address: Don't enter a temporary campus or summer address as your permanent address. Entering the wrong federal income tax paid amount: This amount is on your income tax return forms from two years prior, not your W‐2 form(s).

Cars, computers, furniture, books, boats, appliances, clothing, and other personal property are not reported as assets on the FAFSA. Home maintenance expenses are also not reported as assets on the FAFSA, since the net worth of the family's principal place of residence is not reported as an asset.

On the “My FAFSA” page, select “Make Corrections.” Create a save key. Change your information. Submit your new information.