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You may think you have plenty of time to complete and submit your FAFSA — after all, for any given school year, the deadline isn't until June of the following year. But students might miss out on A LOT of potential aid if they don't file soon. WSU and FAFSA.gov recommend filing ASAP after January 1st — and that means getting your taxes done ASAP too!!!

 

Mistake 1: Skipping Application ⇐

What About Me!?!?

  • Taking 23 minutes out of your day could save you thousands of dollars each year
  • Just because you didn't receive aid one year DOES NOT mean you won't during you college career
  • 85 ... percentage of undergraduate students at 4-year institutions who received financial aid in 2011
    • 77% at 2-year institutions
  • 22,000,000 ... # of FAFSAs submitted for the 2012-2013 school year ... 33% more than 5 years earlier
  • 52 ... percentage of high school seniors who submitted FAFSAs for the first time in 2012-2013
  • 66 ... percentage of high school graduates who attended college by October, 2012
  • 57 ... percentage of low-income students who were first-time FAFSA filers

Ohh ... That Can Wait!

  • PROCRASTINATION is a very bad habit to get into before/during your college career:
    • School ... Feel stressed as DEADLINES APPROACH, quality of WORK GOES DOWN, etc.
    • Financial Aid ... Miss out need based aid
  • Deadlines for each academic year MAY range ANYWHERE from February 1st to 30 days after the term starts
  • Majority of an institution's need-based aid, including WSU's, is awarded on a FIRST-COME, FIRST-SERVED basis; such awards include:
    • Grants (federal, state, and institutional)
    • Work-Study
    • Loans
  • Don't forget to complete your taxes: You NEED TO COMPLETE YOUR TAXES before completing the FAFSA, so get started on your taxes ASAP!
 ⇒ Mistake 2
Mistake 3: Saying no to Work Study ⇐

Why Work!?!?

You can always decided to opt out later, but DO NOT DENY YOURSELF the opportunity to work on-campus up front.

  • $1,100,000,000 ... Federal work-study awarded for 2012-2013
    • 683,000 ... number of students awarded this same year
  • $1,524 ... average work-study EARNINGS per year
  • 1 iN 2 ... number of work-study recipients that come from households with income less than $30,000

DISCOUNT DOUBLE-CHECK!

  • Make sure you are completing the right sections with the RIGHT answers
  • Make sure to GET THESE RIGHT on your FAFSA:
    • Household Size
    • Social Security Number
    • YOUR FULL LEGAL NAME as it appears on your government ID
    • And remember, the FAFSA you fill out TODAY is for the UPCOMING SCHOOL YEAR
 ⇒ Mistake 4: Failing to Double Check
Mistake 5: Too much information ⇐

TMI!

  • Reporting incorrect tax information can disqualify you from need-based aid
  • DO NOT INCLUDE:
    • Your AGI (Adjusted Gross Income), or your application will be rejected
      • The FAFSA asks for a federal income tax figure from a specific line of the federal tax return
    • Home equity from your primary residence
    • Qualified retirement accounts in your nontaxable net worth of your investments, example:
      • IRAs
      • 401(K)s
      • 403(B)s
      • Pension Plans

Can I have Your Autograph?!?!

  • Don't forget to SIGN YOUR APPLICATION (Yes! This actually happens)
  • Common reasons a FAFSA lacks a signature:
    • Parent is not present to sign his/her portion
    • No FSA ID
    • Forgotten FSA ID

** To avoid many of the most common FAFSA mistakes, use the IRS DATA RETRIEVAL TOOL to automatically transfer your tax information **

 ⇒ Mistake 6: Forgetting to sign
6 FAFSA Mistakes
Student Financial Services Test Site