The-Almost-Astrophysicist
This video provides a step-by-step guide on how to fill out the FAFSA application form and maximize aid. The FAFSA is a critical form that needs to be submitted to be eligible for federal and institutional aid and is processed on a first come, first served basis. The video advises against over-reporting income, which reduces the chance of receiving more financial aid. The speaker explains the importance of accurately reporting household information, school codes, and necessary income while emphasizing the need to send the FAFSA as soon as possible. The speaker also advises reportable income only, with additional non-reported income. It is good to note that one can make amendments later on if need be.
In this section, we learn the details on how to fill out the FAFSA form and maximize aid. The FAFSA is a federal aid form that requires submission to be eligible for institutional aid from private schools and federal aid from the government itself including Pell Grants that do not require repayment and federal student loans. It is crucial to submit your application as soon as you can because it is done on a first come, first serve basis. The most common mistake made on the FAFSA form is overreporting income that gives a higher expected family contribution and reduces the chances of getting more financial aid. It is important to get together income statements, brokerage accounts, tax returns, and identification documents before starting to fill out the form.
In this section, the video explains the first few sections of the FAFSA application, starting with the student information section, where personal information such as address, phone number, and driver's license are entered. The video advises not to over-report your education level if you've taken community college classes while in high school. There is also a section for work-study where students can obtain jobs on campus that are reserved for those who qualify. The student financial information section is where reported income and tax information should be entered, and any additional income from brokerage accounts or other sources should be reported on the schedule one form. The video also explains the student status and parent information sections, where income statements, tax returns, and additional sources of reportable income are entered. The video states that it's important to report only what's required and not to include any retirement accounts, small businesses owned by the family, or equity in the home. Lastly, the video advises that the number of household occupants attending college, including younger siblings, will factor into the amount of aid received.
In this section, the speaker discusses how to fill out the student household information section of the FAFSA and how it is important to accurately report the number of people in the household who will be attending college in the next year. The speaker emphasizes the importance of inputting all the school codes for the schools you plan on applying to since FAFSA is used by institutions alongside their tax calculators to determine how much money you will receive in institutional aid. Additionally, the speaker advises sending the FAFSA as soon as possible since a lot of aid is first come first serve, and if you qualify for aid, you could receive up to $6,500 off your tuition. Finally, the speaker encourages viewers to report only the necessary income and move over assets to non-reported income if possible to ensure the accuracy of reported income and mentions that amendments can be made between completing FAFSA and starting college.
No videos found.
No related videos found.
No music found.