Filling out the Free Application for Federal Student Aid is all about timing, and the perfect time, if students already haven't completed the form, is now.
"We always tell people to get them in as early as possible," said Brian Weingart, director of financial aid for the West Virginia Higher Education Policy Commission.
Because deadlines to receive federal, state and institutional aid vary, prospective college students are better off filing sooner rather than later.
"You want to make sure you receive the maximum amount of financial aid available to you," Weingart said.
While conventional wisdom suggests students should submit the FAFSA as soon as possible after Jan. 1, when forms become available, filling out the application can become confusing when it asks for family tax records often not available until later in January or February.
The FAFSA requires dependent students, often those who are younger than 24 or live with their parents, to report their parents' financial information, which includes a balance of savings and checking accounts and current tax records.
That's why many submit the forms later after parents have calculated income during annual tax preparation. Waiting, however, is unnecessary and can result in missed opportunities.
When filling out the FAFSA, students can use information from last year as a placeholder if it is similar to what will be reported this year, Weingart said. If income varies greatly, the federal financial aid office has a helpful estimator tool.
"The main thing is to get it submitted," Weingart said, adding that the FAFSA allows students to go back and correct income information as it becomes available.
While students can estimate and correct information later, they should still try to be accurate, Weingart said.
"You want to get as close as possible," he said. "A lot of schools will base financial need on that information, and if you're over or under, it could impact what you get."
By submitting the FAFSA early, even if financial information is estimated, students improve access to aid.
Waiting too long to fill out the form isn't the only mistake students make, Weingart said. Sometimes, people fill out forms for the wrong year, accidentally input their parents' information when asked for theirs or use decimal points when reporting income.
Weingart said even the smallest mistake can delay the process or, even worse, throw off information that determines how much financial aid one receives.
Students can fill the form out on their own online, but Weingart suggest doing so with the help of a financial aid counselor at FAFSA workshop sponsored by the College Foundation of West Virginia. He also said students and parents who have questions about the form can always contact the Higher Education Policy Commission's financial aid office at 304-558-4618.
Students also can get help on College Goal Sunday, which is a multi-site FAFSA workshop later this month. On Feb. 21, students can visit one of 25 participating colleges or universities between 1 and 4 p.m. to speak with financial aid experts.
More information about the FAFSA and College Goal Sunday can be found at www.fafsa.ed.gov and www.collegegoalsunday.org, respectively.
Reach Samuel Speciale at sam.speciale@wvgazettemail.com, 304-348-7939 or follow @samueljspeciale on Twitter.