Mistakes To Avoid When Filing For Financial Aid

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Although it feels like summer just started, the back-to-school season is already upon us. For some families, that means heading to the stores to pick up binders, folders and all of the essential supplies needed for a successful school year. But for others, the back-to-school season includes packing bags and finalizing tuition costs for the start of the fall college semester.

With that said, for those who fall into the back-to-school category for college, now is also the time when financial aid may be being filed for. To ensure that it is done successfully, we put together the following list of mistakes to avoid when completing this task:

1. Using a nickname: Even if the applicant has been referred to by a nickname by friends, classmates, family members and teachers in the past, the full legal name that appears on their Social Security card must be used when filing. If the name on the application is not consistent with those on legal documents, the request will likely not be processed.
2. Listing retirement assets: Since lenders determine if and how much financial aid will be distributed based on net worth, listing the assets saved for retirement could potentially harm the efforts made to receive it. Instead, applicants should simply put their current net worth based on the income and loans they have at the time of application - not what they'll have in the future.
3. Misrepresenting marital status: Though applications may be viewed differently for those who are single, applicants must list their marital status as it stands at the time the FAFSA is submitted. That means even if they are single when first filling out the forms but are married by the time they are submitted, the martial status must reflect "married."

For a continued list of mistakes to avoid when filing for financial aid, please click here. 

At American Investment Planners LLC, we realize how complicated the college process is and understand what families go through to not only fill out student loan forms, but to save for future loan payments too. Additionally, we know that college is a topic that new parents are concerned with, even when they have years before their children go off to school. That's why part of our financial planning services include college savings!

To learn how we can help with this financial topic, please call (516) 932-5130 today.