College Success Bulletin – Financial Aid Mistakes and How to Avoid ‘Em
Dear Parent –
In my line of bidness, I get to review a ton of financial aid forms that were prepared by confused, stressed parents.
This may not surprise you that much – most of ’em contain errors. Some are “little,” some are “Gi-Normous.”
The problem is that even teeny-weeny errors can end up costing you a ton of moolah. Sometimes the delay in correcting something simple, like a transposed social security number, can put you out of the running for grants and scholarships that are awarded on a first-come, first-served basis.
How? It could take four-six weeks between the time the FAFSA processor or financial aid office catches the error, notifies you, and you correct and resubmit your forms. At this point, your application is at the bottom of the pile.
But there are more deadly landmines lurking on the Free Application for Federal Student Aid. Last year, I caught one that an otherwise, bright, financially sophisticated guy made. It ended up costing him almost $30,000 in lost eligibility!
The error? He reported the value of an asset that he was not required to disclose. Ouch!
Messing up the questions about assets might be the biggest mistake parents make. I would like you to see EXACTLY where the potentially huge, m.oney-losing pitfalls lie. And where the opportunities are to improve your chances of picking up a few thousand donuts in grants and scholarships.
Last night, I conducted a walk-through of the FAFSA. Even though I told everyone that the price for the recording, as opposed to the live version, would double, I’m going to hold off on the price increase for now. You can access the recording at the same low price here:
I hope you find this information valuable!
– Andy Lockwood
P.S. Yes, it’s a bit of a stretch to claim that “I love FAFSA.” But Pearl thought it was catchy. And I think she actually does like filling out those annoying forms, for some sick reason!
P.P.S. The FAFSA became available January 1, 2013. It was NOT “due” January 1st. Each college has its own priority deadline – that’s covered on the webinar too!
Please, recommend to your friends/family members/co-workers with college-bound teens that they subscribe to The College Success Bulletin Newsletter, gratis. They’ll thank you!
Andrew Lockwood, J.D.
Lockwood College Consulting
497 South Oyster Bay Road
Plainview, New York 11803
None of the ideas or strategies in this or any correspondence hould be construed as specific, personal advice. The ideas expressed in these emails are general in nature, not specific to the reader’s situation. Some of the strategies or tactics may not work as well as the examples referenced herein. Others may work better than what was described. Please seek an independent tax or other adviser’s opinion.
About Andy – Andy is an attorney-turned-“late stage” college finance and admissions consultant. Because of his own horrible experiences with student debt ($100,000 plus between Wesleyan University and St. John’s University Law School), he dedicated his career to helping other children – and parents, avoid needlessly relying on loans and otherwise overpaying for college. See his websites for more information.