"It's financial aid season, which means millions of families will be grappling with the FAFSA in the next few weeks," CBS Money Watch reports. "Chances are most families are going to make mistakes when completing the Free Application for Federal Student Aid. These mistakes can be costly, and may even keep you from receiving the financial assistance for which you qualify. ...Families can dramatically hurt their chances for financial aid if they include assets from their 401(k) plans, Individual Retirement Accounts, 403(b) and other qualified retirement accounts on the FAFSA. The financial aid form only requires that you share non-retirement assets. ...Parents who have a family-owned and controlled small business do not have to report the company's net worth on the FAFSA if it has fewer than 100 full-time employees."
NASFAA's "Financial Aid in the News" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 1/6/2012