During this time, you will not have financial aid. They understand that mistakes happen, and your good faith attempts to work with them and correct problems will help you. You may be charged with a felony. This felony charge will follow you or your parents for the rest of your lives, hurting your future chances of an education and a job.
You lose the money. If you already spent it, you have to find another way to pay it back. You get kicked out of school.
Most colleges and universities have a zero-tolerance policy for all forms of cheating, so you will get kicked out. College financial aid offices are usually the first to find out about lying on FAFSA forms, so losing your acceptance to the school of your dreams might be the first consequence you face. If you cash out assets or move money around your bank accounts to adjust your FAFSA information right before filling out the form, the IRS can also audit your taxes and charge you for failing to pay appropriate taxes on your assets.
These days, many people have several jobs, gigs, or side hustles, so it might be easy to forget about some of your income accidentally. Gather your tax information and keep track of your pay stubs, whether they are electronic or paper.
Student Loans Grants Laws Data. Read the instructions carefully. Many students incorrectly report this number. For this question , the definition of legal guardianship does not include your parents, even if they were appointed by a court to be your guardian. You are also not considered a legal guardian of yourself.
If we are asking for parent information, we will specify that in the question. You must enter your full name as it appears on official government documents. You're required to update the Department of Education if you have a change in dependency status. If your school selects you for verification, you're also required to let them know about a change in the number of people in your household or if another member of your household changes their college enrollment status.
If the information on your FAFSA is technically correct, but you don't think it accurately reflects your household's financial situation and your ability to pay, you may want to file an appeal with your school.
Typically, you'll need to provide evidence that your FAFSA is not fairly representing your income, assets, or household situation.
For example, if your parent loses a job and the income listed their tax return is much higher than their current income, you'll want to file an appeal.
Remember: making a correction or filing an appeal is not a guarantee that you will get additional aid, but it can help your odds. Libby Miller is a freelance copywriter. With experience working in both financial aid and the student loan industry, Libby loves helping students and their families get the best bang for their buck on a college degree. Read more by Libby Miller. View Disclosure. However, some states and colleges may have earlier deadlines.
As a result, you might receive less financial aid than you need to cover the cost of attendance. If that happens, follow these steps:. Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt.
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