5 TIPS AND CAUTIONS ABOUT FILING COLLEGE FINANCIAL FORMS

TIPS AND CAUTIONS ABOUT FILING COLLEGE FINANCIAL FORMS
TIPS AND CAUTIONS ABOUT FILING COLLEGE FINANCIAL FORMS

For High School graduates of 2017, time to fill out financial forms is quickly coming upon us. For the first time ever, FAFSA will become available on October 1, the same date as the CSS Profile. And for the first time, FAFSA will be using your last 2 tax returns (2014 and 2015).

Here are 5 tips and cautions about filing college financial forms that may help:

  • Do the unthinkable, and file as early as possible. There are only positives by doing this. No negatives for early filing. Institutional Aid is far more likely to be given to early applicants. This is not to say you can’t get aid later in the process, but this is the time that Financial Aid offices are least stressed. Institutional funds do dry up, and it is possible that an early filer will receive more aid than a late file, merely because the well is running dry.
  • More than ever this year, it is a good idea to work with a College Financial Planner, either in helping to fill out the forms or auditing them. This is because of the first y/y process for the FAFSA. It can be confusing the first time around.
  • BEWARE of Financial Planners (even CFPs) who have no experience with the college financial process, but claim they can do it.
  • BEWARE of any Planner who attempts to sell a product; claiming it will reduce your counted assets.
  • BEWARE of any Planner who attempts to shift income or assets from one party to another. They very well could shift you into a very bad situation. Be sure you run that by your CPA or another experienced planner