Working in the Financial Aid Department of a private college advisory firm for the past 3 years, I have had the task of helping families complete all manner of financial aid applications. FAFSA, CSS/Profile, and Institutional Forms; you name it and I’ve done it.
When families think of the many different financial aid applications needed, there are usually two schools of thought. Either “these forms are very difficult to understand and require the help of a professional” (this is where I come in) or “these forms are incredibly simple; only a fool could mess them up”. Well, when I hear the latter opinion I get nervous. Unless you’ve worked in a college financial aid office, private college planning firm, or the guidance office of a high school, assuming that these forms are simple might be a costly mistake.
I recently spoke with one such family who was concerned when they had not yet heard from their daughter’s first choice college about financial aid. They had done their own applications and were worried because May 1st was just around the bend and they had to make a decision. I suggested they call the financial aid office to find out what the hold up was. The answer they got back was not one I expected.
Apparently in the course of doing their own applications, their daughter had somehow been marked as “homeless or emancipated” (of which she was neither). The college, in an effort to verify this designation, mailed home forms for the family to fill out and send back. In addition, the college was withholding all financial aid until the daughter was either proven or disproven to be homeless.
Knowing their daughter was in fact not homeless, the family ignored these forms. By the time this phone call occurred, the deadline for financial aid had come and gone. The college’s financial aid for that year had been allocated elsewhere, leaving nothing for this family. The end result was an expensive bill for the first year of college.
The message here is simple. Be careful! You should read the fine print and review each application carefully before submission. Above is just one of many mistakes that can be easily made. If you’re not confident that you can complete all manner of financial aid applications, then ask for help. It’s really no different than seeking help from a CPA with your taxes, and can save you money on your college bills if done correctly.
About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.
About the author: Justin Munio is a Business Development Manager and Financial Aid Consultant with College Planning Strategies, LLC. With a degree in mathematics from SUNY Geneseo and over 3 years working in the CPS Financial Aid Department, Justin is at the forefront of the financial aid process for the families of CPS and The Smart Track Toolkit.
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