It all starts with FAFSA! The Free Application for Federal Student Aid, one the most significant yet perplexing applications that parents of college bound students will encounter. A major source of confusion for undergraduate students with divorced or separated parents is: Which parent should fill out the FAFSA?
The custodial parent is the parent that the child has lived with the longest during the preceding twelve months; this twelve month period is the twelve month period ending on the FAFSA application date, If both parents have shared custody equally during the past twelve months, the parent who has provided the majority of the financial support is the one who should fill out the FAFSA. Biological parents who never married are considered the same as parents who are divorced or separated. Child support received from the non-custodial parent must be included on the FAFSA.
Financial Aid is not a lottery, filing first does not increase your likelihood of receiving aid; your information must be accurate. You must apply for a PIN number when filing the FAFSA. This information can be found at The Federal Student Aid Web site @ http://www.pin.ed.gov/PINWebApp/pinindex.jsp. Filing errors could compromise the amount of aid could be entitled to. Colleges will verify supplied information by requesting a copy of your 2010 tax return. Remember penalties for FAFSA misrepresentation include a $20,000 fine and the possibility of a felony conviction. 35% of all parents do not fill out the FAFSA because they feel that they will not qualify for any financial aid. These people are misled by their assumptions if you do not complete a FAFSA form your child will not qualify for the Federal Stafford Loans. Don’t forget that FAFSA must be completed all four years of college, not just the first year.
Never leave a field blank on the application, if FAFSA asks for a dollar amount and you are uncertain about the figure, use a zero, never use decimal points. Haste makes waste filing errors could compromise the amount of aid could be entitled to. The College Board reports that 95% of FAFSA forms contain errors or inaccuracies. Therefore, using a professional to help you to complete your FAFSA is a wise decision.
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