One of the areas that the FAFSA will ask you about is your finances. You must report how much income you have, as well as any funds you have available to you in bank accounts. If you have family members that will be contributing to your college fund, they should place the money into an account that is not in your name. If the account is in your name, FAFSA will consider it a part of your assets, lowering the amount you qualify for. Likewise, if there are larger purchases you will be making before going to college, try to make them before you submit your FAFSA to reduce your assets. Assets are only counted as they stand the date you submit your FAFSA.
The whole FAFSA process is done on a first-come, first-served basis. You can submit your application as early as January 1 for the following school year. The earlier you apply, the better chance you have of maximizing your financial aid. However, if you plan to apply early, be sure you have all of the information that you need. Failure to fill out the FAFSA completely and honestly may result in losing all opportunities to receive money from this program.
When more than one family member goes to college at the same time, the aid eligibility grows exponentially. If you have a sibling that is close in age, try to attend college at the same time to maximize the financial aid you will receive. Or maybe you have a parent who has been wanting to go back to school to complete an unfinished degree or change careers. As long as someone else in your family is also attending a college, your aid will be increased. You will need to submit proof of attendance with your application.
The FAFSA program considers your adjusted gross income from a job. This means that any pre-tax deductions will lower your income, possibly increasing the amount of aid you are eligible for. This includes contributions to your retirement accounts, health savings accounts and paying student loans. If you can do any of these things, it will reduce the adjusted gross income that the FAFSA will use when considering your application. These contributions will also put you on more solid financial footing in the future, serving two purposes.
The forms you fill out for FAFSA ask some specific questions that address certain concerns that your family may have that may qualify you for additional aid. However, the forms are not all-inclusive and your family may have some issues that are not addressed on the form. If your family has a situation that you feel qualifies you for additional aid, contact the financial aid office at the college you will be attending to discuss these circumstances. They may be able to help you with more aid.