The 8 Biggest Financial Mistakes Made On The Fafsa Form -That Cost You Money - Fafsa Errors

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This video is about the "The 8 Biggest Financial Mistakes Made On The Fafsa Form - College Financial Aid ". To make sure to maximize your college grants, student loans and work-study make sure to avoid these common Fafsa financial mistakes. FAFSA (Free Application for Federal Student Aid). Before each year of college, apply for federal grants, work-study, and loans with the Free Application for Federal Student Aid (FAFSA®) form. Your college uses your FAFSA data to determine your federal aid eligibility. Many states and colleges use FAFSA data to award their own aid. After submission, you’ll receive your Student Aid Report. The Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
Your Expected Family Contribution (EFC) is an index number used to determine your eligibility for federal student financial aid. ... Your EFC is calculated according to a formula established by law and considers your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security). To determine your household size, include
yourself (and if married, your spouse);
the number of children (even if they don’t live with you) who will receive more than half of their support from you (and if married, your spouse) between July 1, 2020, and June 30, 2021. You may include any unborn children if they’ll be born during the award year; and
the number of people (not your children or spouse) who live with you and receive more than half of their support from you, and will continue to receive more than half of their support from you between July 1, 2020, and June 30, 2021.
The FAFSA is different than CSS Profile, which is also required by some colleges (primarily private ones). The CSS is a fee-based product of the College Board (a private non-profit organization) and is usually used by the colleges to distribute their own institutional funding rather than federal or state funding.Students who are military veterans and active duty service members may apply for financial aid by filing a FAFSA even if they also apply for education and housing benefits offered by the Post-9/11 G.I. Bill and its accompanying Yellow Ribbon program. The amount of military aid a student receives for a college education does not defer eligibility or reduce the amount of student aid that student could receive from the four federal grant programs - Pell, SMART, FSEOG, and TEACH - and many of the state student aid programs.
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