FAFSA (Free Application for Federal Student Aid) is what enables someone to receive federal aid and grants and potentially grants or assistance through the state in which you reside.
Filing your FAFSA is an essential step in making sure you receive financial assistance while attending college, but there are a few mistakes to avoid when applying.
Not Filing Your Application Before The Deadline
To be eligible for financial assistance, you have to apply! Not filing your application on time, or even not filing early, will hinder you from receiving financial aid from the federal government, your state, or even your selected college.
For the 2020-2021 school year, the federal deadline is June 30th at 11:59 p.m. CST. (1) This list also includes timelines for each state. Make sure you take a look at each period and plan accordingly!
Not Being Properly Prepared
When filing for FAFSA, there are certain pieces of information you will need to register correctly, such as: (2)
- Social Security number
- Tax information or tax returns
- Cash, savings, and checking account balances
- Records of untaxed income
Making sure you have all of the information you will need is vital in properly registering for federal and nonfederal aid.
Paying To Fill Out The FAFSA
Filing for FAFSA is entirely free when you visit the official FAFSA filing site. (3) Using a third-party service to complete the FAFSA does not mean you will be eligible for more benefits or have priority access. Filing early on your own will give you a better chance of qualifying for specified benefits, but paying someone to file for you is a waste of time and money.
Not Filing Early Enough
You can start filing for FAFSA as soon as October 1st for the following school year. The earlier you apply, the better, because certain benefits have limited funding for non-federal student aid. To increase your chances of receiving the limited funding of some assistance, make sure you apply as early as you can!
Next Steps
Filing for FAFSA is not as difficult as it may appear. Making sure you have all the required information, reading each question carefully, submitting correct information, and applying on time or early will help you in the process of receiving financial aid!
For more information, you can visit studentaid.gov, contact our firm at (626) 529-8347, or email Ricky directly at ricky@hbawealth.com. We would be happy to assist you!
About Haydel, Biel & Associates
Haydel, Biel & Associates is an independent financial advisory firm serving individuals and families near Pasadena, California. The firm was founded in 2004 by Chris Haydel and Ricky Biel with a desire to provide unbiased, client-centered, community-based financial advice. Together, they have built a practice that has grown into a family of caring, smart professionals committed to blending proven investment methodologies with creative financial technologies that make it easier than ever to accomplish your goals. They strive to keep things simple and fun to give their clients peace of mind and alleviate financial stress. HBA Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Ricky directly at ricky@hbawealth.com.
The commentary on this blog/website reflects the personal opinions, viewpoints and analyses of the Haydel Biel & Associates employees providing such comments, and should not be regarded as a description of advisory services provided by Haydel Biel & Associates or performance returns of any Haydel Biel & Associates Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Haydel Biel & Associates manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
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(1) FAFSA® Application Deadlines
(2) https://studentaid.gov/sites/default/files/fafsa-process.png