College is expensive, and it only gets more costly as the years go by. But, for the sake of your child’s future, you must do whatever it takes for them to finish their education and prepare them for a life full of opportunities.

To make that happen, you and your child must fill out the Free Application for Federal Student Aid (FAFSA) to qualify for student financial aid and get help to pay for your child’s college fees.

Unfortunately, not everybody is granted financial aid even after filling out FAFSA and submitting its requirements. This is because they submitted all documentation without knowing “insider tips” that will help improve their chances of getting their application approved.

In this case, below are FAFSA tips that can help increase the likelihood of becoming eligible for financial aid:

1. Create a FAFSA Parent Account

First, you should apply for college financial aid through FAFSA regardless of your income level. Even if you feel your income is too high, other factors go into consideration for your child to qualify.

From here, fill out your FAFSA using information from the documents below:

• Current bank statements
• Income tax return or untaxed income record
• W-2
• Social Security number
• Current investments (if it applies)

When submitting your W-2, income records, and taxes, refer to information from two years ago at most. Also known as prior-prior filing, you don’t have to wait to file the most recent requirements so you can file on time.

2. Rename your College Savings Account from your Child to Yours

If you have a 529 plan, also known as a college savings account, ensure that you put the account under your name.

This may seem strange since you want your child to benefit from the savings so they can get to their college of choice without worrying too much about the costs later on. But that’s exactly what we want to happen here.

FAFSA demands financial responsibility from minors to pay for their education. So, if they have lots of savings in their account, FAFSA will take a high percentage of the savings.

So, by assigning the plan under your name, leaving your child with little to no savings, your child will only account for a much lower percentage when paying back the financial aid.

In line with this, you don’t want your child to have too much money saved on the side. Instead, ask them to save the money for their 529 plan under your name. This way, your child won’t have to pay a premium due to their high savings.

3. Ensure your Child’s Dependency Status

Your child must meet the following requirements:

• Ages 24 or younger
• Unmarried
• Not supporting a child
• Not a veteran or an active member of the military
• Taking an undergraduate degree (not master’s or doctorate)
• Not a dependent of the state over 13 years or previously in foster care
• Not a homeless unaccompanied youth

If your child fails to meet even one of the following, your chances of getting approved drastically decrease.

4. Tips for Filing FAFSA as Divorced, Unmarried, or Remarried Parents

The goal of the FAFSA is to determine your child’s financial information, which is dependent on your marital status.

But if you’re no longer together with your spouse, things can complicate your child’s chances of getting approved for financial aid.

Below are things you must do if you fall under any of the following:

• Unmarried parent – Submit only the parent’s information with who the child lives 51% or more of their time.
• Divorced parent – The same rule for unmarried parents applies here. But for divorced parents with 50-50 custody of the child, list down the parent who offers the most financial assistance.
• Remarried parent – The parent who will file their information to FAFSA will also have to fill in the income details of their new spouse or your child’s stepparent.

Regardless of which course of action you will take, make sure that you and your ex-spouse talk this over to improve the chances of your child’s FAFSA application.

5. Make your Child and Yourself Visible

To round out this post about FAFSA tips and tricks, stand out from other high school students in the eyes of FAFSA by doing a bit of marketing on your end.

For starters, highlight your child’s accomplishments and awards. These help show decision-makers that your child deserves financial aid due to their academic track record.

In line with this, find out how your child’s outside scholarship could affect the aid you may receive. As a result, your child may receive less financial aid. If so, consider not focusing on these awards when submitting the FAFSA application.

Also, speak with someone from the financial aid office of the colleges your child plans on attending. Make an effort to build relationships so you can get their contact details for later use.

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