Money for College: FAFSA Dos and Don'ts

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ALBANY, NY (02/03/2012)(readMedia)-- There's help applying for college financial aid during Student Financial Aid Awareness Month. Now through February 25, New York State Higher Education Services Corporation (HESC) is helping students and families complete the FAFSA, the Free Application for Federal Student Aid with a website, StartHereGetThere.org, toll-free hotline and free FAFSA completion workshops across the State.

The FAFSA determines eligibility for federal student financial aid programs such as Pell Grants, Stafford Loans and federal work-study. It's also the basis for determining eligibility for New York State Tuition Assistance Program (TAP) grants and other state and college-based scholarships and aid programs.

HESC's FAFSA Hotline at 1-800-808-1790 is open every Tuesday and Thursday between noon and 5 pm through February 28 or email anytime to FAFSAhelp@hesc.org.

Here are "dos and don'ts" to keep in mind as you complete the FAFSA:

DO:

Complete the FAFSA online. It's faster, easier and more accurate than the paper version. Log on at www.hesc.org .

Prepare your federal income taxes early and have your parents prepare theirs early, too. Much of the financial information required on the FAFSA comes from your federal tax form. If you estimate and there is a difference in reported income, you can file an updated FAFSA later. You can use the IRS Data Retrieval Tool inside your FAFSA to easily update your financial information.

Get a PIN. You and your parents need a Federal Student Aid Personal Identification Number (PIN) to electronically sign your FAFSA; get one at www.pin.ed.gov. Your PIN is as important as your bank PIN, so don't share it with anyone.

File a FAFSA each year you attend college to request aid. The online FAFSA will remember you from previous applications, so you will provide only updated information.

Remember, when the FAFSA refers to "you," and "your," it means, you, the student, NOT your parents or family.

Use your legal name, as shown on your Social Security card. Enter your Social Security Number (SSN) carefully. An incorrect SSN may delay your FAFSA and you may miss important college financial aid deadlines. You may have to submit copies of your birth certificate and Social Security card to correct an error before your FAFSA is processed.

Read every question carefully and complete every field according to the instructions on the FAFSA. The computer reads a blank as an error. The online form uses skip logic to keep you from answering unnecessary questions.

Answer "both" to the questions asking about your interest in different types of federal aid, such as work-study and student loans. You are not obligated to accept offers you don't want and answering "no" will not increase your eligibility or afford additional grant money.

Count yourself, the student, as one of the people in your family who will be college students during the award year.

Look for the New York link on the FAFSA confirmation page. You may be eligible for a New York State Tuition Assistance Program (TAP) grant. New York residents who select any college in New York State to receive information will be directed to the TAP application by a link from the FAFSA confirmation page.

Carefully review the Student Aid Report (SAR) that is e-mailed to you after the FAFSA has been processed. Make sure the SAR doesn't indicate any problems such as a missing signature or incorrect financial information. You can make corrections to the FAFSA at the FAFSA Web site.

DON'T:

Assume you don't qualify for financial aid. At least 1.7 million students nationwide don't complete a FAFSA because they think they are ineligible. About one-third of these students would have qualified for a Pell Grant; about one-sixth would have qualified for a full Pell Grant, worth $5,500.

Procrastinate –complete the online FAFSA as soon as possible. Many colleges have early deadlines for consideration of scholarships, grants and other forms of financial aid, so check your college's Web site for specific deadlines.

Use decimal points when completing financial sections. Decimals are not recognized during processing, so $500.00 will be misread as $50,000.

Forget, the first word in FAFSA is "Free." Beware of anyone charging a fee to file the FAFSA for you. There is no "secret" method of qualifying for more aid, nor do you have to pay to file the application.

The FAFSA is your key to federal student financial aid, so file as soon as possible and take advantage of the maximum federal funding for which you qualify.

About HESC: HESC is New York State's student financial aid agency that helps people pay for college and a national leader in providing need-based grant and scholarship award money to college-going students. At HESC's core are programs like the Tuition Assistance Program (TAP), numerous state scholarships, the New York Higher Education Loan Program (NYHELPs), federal college access grants and a highly successful College Savings program. HESC puts college within the reach of hundreds of thousands of New Yorkers each year through programs like these and through the guidance it provides to students, families and counselors. In 2010-11, HESC helped more than 413,000 students achieve their college dreams by providing $991 million in grants, scholarships and federal student loan guarantees, including $855 million awarded through the Tuition Assistance Program (TAP).