Applying for funding may seem like an endless process of filling in forms. The process begins with the FAFSA or Free Application for Federal Student Aid. The single application prepares the conditions for the entire credit process. So the more you know in advance, the better prepared you’ll be, and the financial assistance package will arrive on time. Here are some tips and tricks from FAFSA for a more efficient and efficient application process.
This may seem like a no-brainer, but a surprising number of applicants are discovering too late that they don’t have enough time for their FAFSA application deadline. Some states provide financial assistance on the basis of first-come-first-served, so it is doubly important to apply your case early. The official FAFSA deadline for all states is June 30, and some states, such as California and New York, are providing assistance through a “first come, first served” program through the end of June.
Online applications can help you achieve a seamless application process and make changes to your application faster and easier. With an online application, you can take advantage of other electronic benefits, such as the IRS data retrieval tool.
IRS Data Retrieval Tool (DRT)
It is much easier to update your application digitally to avoid late logjams due to the potential paperwork that can arise when working with a hard copy. You can use the tax information you provide to FAFSA for your initial filing and subsequent update. This tool can accelerate the application process.
State Your Case
FAFSA cannot cover everything that might be relevant to your financial situation, and while there are 103 questions, there is nowhere to explain special circumstances that may have affected your financial needs. If you have justifiable circumstances that could affect your eligibility for financial aid, please include this information in the application.
Shift Your Assets
Before applying for help, you should have a good understanding of your family’s financial situation and your ability to protect your assets as well as possible. To determine how much help a student is eligible for, some family assets must be assessed. Retirement accounts, for example, do not count and would be the best place to move some of your savings account funds.
Filling out the FAFSA form can be a daunting task, but knowing how to properly prepare it will help increase the chances of you getting financial help. For more information on student loans, visit our Student Loans section at https://www.creditguard.org/.
As one of the most-trusted credit counseling companies, CreditGUARD of America is here to provide assistance and debt advice to anyone who has student loans. Get a one-on-one free, confidential counseling session by calling 800-282-8497 toll-free.