Filling out FASFA is cumbersome enough, so much pressure too because mistakes can be cosytly. No worries though, we are here to help you with a quick Top 6 Tips to Avoid Common FASFA Mistakes. This is not by any means an exhaustive list, but these are the most common.
Be sure to include tax-deferred pension and savings plans that are listed on a W-2 in box 12 with codes D, E, F, G, H, and S as Untaxed Pensions
DO NOT INCLUDE CODE "DD"
Do not report scholarship and grant aid unless it's reported as part of your adjusted gross income on your federal tax return
Parents should not report retirement account values under assets
Farm values are not reported if the farm is the primary residence
Business values are not reported if the business has less than 100 employees
This is just a short lists of common mistakes to avoid. There a many, many things that families that will be eligible for need-based financial aid should be aware of that can help increase financial aid eligibility. Contact us today to schedule a college-planning consultation. I'll show you how we can help you maximize your financial aid eligibility at selected schools and minimize your out-of-pocket costs. What if you don't qualify for financial aid? That's OK. We can still show you strategies for reducing your out-of-pocket college costs at selected schools. Either way, you win!