- Complete the FAFSA on a day when you have spent down on bills. Reduce your assets as much as possible. They are asking for your income for a particular day.
- Don’t allow your child to have a lot of money saved up in their name. Students with huge bank accounts in their name are expected to give a higher percentage out-of-pocket. Parents or other relatives should be the primary on the account and your child should be the beneficiary.
- Take into consideration whether it is worth your student working in their senior year of high school. Student part-time work can lead to ineligibility for the Pell grant and higher expected family contribution. Their time might be better spent researching scholarships.
- Don’t assume you won’t get anything from the government. It’s not about how much money you make but how your money is spent in your household. Each family situation is unique.
- If there is something you don’t understand on the form, call the 800 number on the form or website. I have found the customer service people are extremely helpful and patient.
- Put important deadlines on a calendar.
- Be honest.
***The CSS Profile
Some private institutions require you to complete the CSS Profile in addition to the FAFSA. The CSS allows you to tap into a school’s endowment money. Some colleges and universities have huge endowments. The CSS is their tool for access to institutional money not tied to the government. Pay attention to the deadline dates for the CSS which are different from the FAFSA. If you do not complete by the deadline date you may give up your opportunity to get any endowment money from that particular school. To understand the differences between the FAFSA and the CSS Profile visit FinAid.