FAFSA filing season is around the corner. My biggest piece of advice is don’t procrastinate. Use the time you have now wisely, because waiting could cost you money. Even though I am constantly stressing the importance of preparing and filing early, sometimes it just doesn’t happen – whether it is because of life circumstances or procrastination. When this happens it will cause applicants to rush through forms and scramble to gather the needed information and documents, which increases stress and the likelihood of mistakes. With just a little planning, you can make the financial aid process smoother, less stressful, and far more effective. Here’s how to avoid that last-minute financial aid panic and set yourself up for success.
Know Your Deadlines-All of Them
The number one reason families feel the crunch is simply missing key dates. Every school, state, and program has its own timeline for applications, scholarships, and supporting documents. By knowing your deadlines and keeping them organized on a master calendar you’ll avoid missing dates, filing too late, or worse, not at all. Remember to include dates for FAFSA, CSS Profile, state aid, school-specific forms, and scholarship applications. When adding the application deadlines, I highly suggest making reminders 1-2 weeks before each due date to avoid last-minute rushes. Read my recent blog about Financial Aid deadlines you can’t afford to miss!
Double Check Your FSA ID
Make Sure Your FSA ID is created, verified, and working for both student and parent well before FAFSA opens. A forgotten password, or other log in issues can delay your filing as sometimes items need to be verified, which is why you should always double check!
Gather Documents Early
A big source of last-minute stress is realizing you don’t have the tax return, bank statement, or login information you need. Use your summer to collect all documents for both the student and parents. This usually includes tax returns, W-2s, untaxed income records, bank account balances, and Social Security numbers.
Break Big Tasks into Smaller Milestones
Filing for financial aid can feel overwhelming. There are so many moving parts and items and dates to keep track of. However waiting to do it will only amplify that feeling of overwhelm. Avoid this stress by breaking the process into smaller steps. Once you have dates gathered and on a calendar, you’ve verified your FSA ID, and your documents ready, then start with the first deadline on your calendar and break down the tasks that need to be accomplished for that application. Once finished, move on to the next one, prioritizing as you go.
File Early for the Best Chance at Aid
I’ve set it before and I will say it again, many financial aid programs are first-come, first-served. Therefore, waiting until the last minute can mean you lose out on free money. Avoid the panic of not knowing if you’ll get aid or not by submitting your FAFSA and other aid forms as soon as they open (typically October 1). Even if you’re still finalizing your college list, you can add schools later without losing your place in line.
Ask Questions Before You’re Stuck
Trying to track down an answer on the night of a deadline is a recipe for stress. By working ahead now you can also keep a running list of questions you have. Then you have plenty of time to get clear answers from myself, a guidance counselor, financial aid office before you hit “submit.
Keep Copies and Confirm Submissions
Last-minute panic can also come from worrying if you actually submitted something correctly. Avoid this easily by saving confirmation emails and/or screenshots for every submission. I suggest keeping all financial aid documents in one place. If they are physical, hard copies have a designated file folder to put documents and a location where that folder stays so there is never a search party for docs. For digital copies, create a designated folder on your computer desktop and save everything related to financial aid in that folder.
Avoid the Panic and Chaos
Financial aid deadlines are stressful enough without adding last-minute chaos to the mix. Following these tips will not only save you stress, but will also maximize your chances of getting the aid you deserve.
Remember, you don’t have to figure it out alone. I’m here to help.
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.