1. If you make a mistake on the Free Application For Federal Student Aid (FAFSA), it will not have much impact because you can just send in an adjustment. True or False?

According to the US Department of Education, over 75% of the FAFSA forms that are submitted are incorrect! While you can send in adjustments, errors or uncompleted sections can delay your requests for financial aid, or even cause you to lose aid. Since the best aid offers are sent out in the beginning of the process, this could significantly reduce the amount of aid you receive. Some errors can cause you to lose out on financial aid all together.

2. As long as you get your financial aid forms in by the school's deadline, it doesn't matter when your financial aid application arrives. True or False?

False. Financial Aid is awarded on a first-come, first-served basis. The best offers of aid are usually offered at the beginning of the process. Schools often run out of the most desirable aid offers by March. Getting your Financial Aid applications in early increases your chances of maximizing your aid offers.

3. What is the difference between the FAFSA and the CSS Profile?

The CSS Profile is the FAFSA counterpart for many private colleges. Many colleges require both the CSS PROFILE and the FAFSA application to determine your financial aid eligibility and to calculate your family's EFC. The FAFSA uses the Federal Methodology to calculate your family's Expected Family Contribution (EFC) while the CSS PROFILE uses the Institutional Methodology. Understanding which methodology a school uses to calculate your financial aid can be extremely valuable. It can help you best position your home equity and other resources so that you can maximize your eligibility for financial aid. Warning! You need to be very careful and know what you are doing or you could make matters worse.

4. If your family's income is over $120,000 per year, you might as well save time and not fill out the FAFSA or CSS PROFILE. You will not qualify for aid anyway. True or False. Why?

False. You need to complete the FAFSA, CSS PROFILE and any other required financial forms regardless of your income or assets in order to be eligible for many desirable parent and student loans. All forms must be completed accurately, punctually and be consistent with one another, or you may not receive the money you are entitled to. Additionally, if you have more than one student in college at a time, it can make a huge impact on your financial aid eligibility.

5. If your family's Expected Family Contribution (EFC) for college has been calculated to be zero, this means that your family will not have any out-of-pocket expenses for college. True or False? Why?

False. There still may be unmet need that equates to out-of-pocket expenses. Remember that the cost of attendance includes not only tuition, but also books, transportation, room and board and other miscellaneous expenses. The majority of colleges CANNOT meet all of your needs, even if your EFC is very low or even zero. Even if they can, chances are that a portion of your aid package will include work study and loans that must be worked for or repaid. Either way, expect to be paying something out-of-pocket in the end.

6. If a school meets 100% of your needs, this means that you won't have to pay any money out-of-pocket other than what is calculated by your Expected Family Contribution (EFC). True or False? Why?

False. When a school offers a financial aid package, even if it meets 100% of your needs, a percentage of the aid is normally in the form of work-study and loans. You must eventually pay back the loans. The money your child receives from work-study is expected to go toward your expenses while attending school.

7. When should the FAFSA be submitted? Do you need to have your income taxes finished before you submit the FAFSA?

It is generally best to submit your FAFSA early in January of your student's senior year containing estimated income figures and actual (current) asset figures. This will put the student towards the front of the line for funding and ensure that deadlines are met. The FAFSA must then be updated to include the current year's tax information (income figures) after the family completes their Federal Income Tax Returns.

How did you do on the quiz?

If you are feeling confident, you may want to try our Quiz for Students to make sure you are "up" on all the issues your student may need help with.