Many are mislead into thinking that if the forms are free, the process must be easy. Actually, it is exactly opposite. There are so many variables involved and details to consider, most families simply don’t have the time to do the necessary research, devise a plan, and stay on track throughout the entire process.
Important note: The free forms are not the focus, knowing how to complete them to your best advantage is.
For instance, the Free Application for Federal Student Aid (FAFSA) is the government’s required funding application that helps determine a student’s financial need (keep in mind that the FAFSA is a very small part of the overall process).
The FAFSA asks for assets and earnings, very similar to income tax returns. Many questions on the FAFSA are confusing, with “no” room for error. There are dozens of strategies that must be followed in order to complete the FAFSA most effectively.
The answers given on the FAFSA
..are just like those given on tax forms; these answers determine how much you pay.
Like the FAFSA, income tax forms are also “free.” However, nobody seems to be overly concerned about people hiring a professional to assist with tax returns.
If tax forms, codes and laws are all available for free, why do people hire accountants? Simply put, they don’t want to pay more than their fair share of tax.
IF YOU DON’T COMPLETE THE FAFSA PROPERLY…THEN YOU MIGHT PAY MUCH MORE!
Make sure to visit the CORRECT FAFSA WEBSITE, which should look like this. There are other sites out there that look like you’re on the actual FAFSA site, however when you’re done they will charge you a fee.