A Step-by-Step Approach to Avoiding Financial Aid Issues

Financial aid issues can be difficult to comprehend for both parents and students. Many colleges and universities lack adequate staff to assist both parents and students with any concerns that might arise. Fortunately, there are a few pointers that people should follow in order to prevent complications when applying for financial assistance. read more

First and foremost, make sure you go over the financial aid detail. Individuals who fail to spell check or fact check their submissions are responsible for a large number of errors. Your application can be manually checked if one number is missing or out of order. Your university’s business office will then send you a packet of supplementary information that you must complete and return before your application can be processed. Make sure you check your paperwork; it just takes a few minutes of your time and can save you thousands of dollars.

Second, submit as soon as possible. Many students can wait until the very last minute to apply for available funds. However, because of the current economic climate, even more students are applying for financial assistance. Beginning in January, students may apply for financial aid using the FAFSA. Estimated tax returns may be used by parents and students to complete their records. Once parents and students have completed their tax returns, the details can be changed.

Third, when filling out the FAFSA, parents should be truthful. Many people try to cheat the FAFSA by presenting misleading or incomplete information. Financial aid departments have access to this information through 1099 forms, W-2 forms, and other tax-related documents. In order to keep financial aid issues to a minimum, parents can double-check their records.

Fourth, request feedback. Parents who have recently lost their jobs or students who have had a family member die may be eligible for additional financial assistance. Students who have recently encountered a major life event should contact their financial aid office in writing. Special circumstances which cause the school to award special funds that have been set aside by donors for a variety of reasons. If you do not contact the school in writing, you will not be eligible for these funds.

Financial aid issues can be difficult to resolve for both students and parents. However, students who are willing to complete their applications early, be frank, and ask for support have several choices.

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