Avoid these 8 financial aid mistakes

Check out the article below from CBS' Lynn O'Shaughnessy that gives tips to avoid financial aid mistakes. 

This is the time of year when millions of parents and students are grappling with financial aid forms. It's also the time of year when many families make financial aid mistakes. 

Here are eight mistakes to avoid when completing the Free Application for Federal Student Aid (FAFSA), which families must fill out to be eligible to get financial assistance at thousands of schools, and the CSS/Financial Aid PROFILE, which approximately 20 percent of private institutions use.

1. Procrastinating. There is no federal deadline to submit the FAFSA, but state financial aid programs and colleges do impose aid deadlines. Check with schools on your child's list to see what their deadlines are, as well as your state aid program. You can find a link to every state's financial aid programs at the website of the National Association of Student Financial Aid Administrators.

A growing number of states offer aid on a first-come, first-served basis. It's OK if you have to submit your aid application with estimated tax information. You can use the IRS data retrieval tool to update the FAFSA after you've completed your taxes.

2. Failing to check for errors. When a parent or student makes mistakes on a financial aid form, it's highly likely that the household won't generate the right "expected family contribution." The information that a family shares on the FAFSA and the PROFILE calculates their EFC, which is a dollar figure that represents the minimum amount that a family can expect to pay for one year of school.

This might seem like a no-brainer, but parents don't always bother to correct FAFSA mistakes even when it can hurt them financially. Last year, more than 750,000 students notified about FAFSA errors by the U.S. Department of Education failed to revise their aid applications, which potentially cost them money. 

3. Including retirement assets. Don't include retirement assets on your FAFSA. I wish the aid application was clearer on this point. The FAFSA only wants you to divulge your non-retirement assets. If you include your IRA or 401(k) assets on the FAFSA, it could squash your chances for need-based aid.

4. Providing the wrong tax figures. Parents should list the federal income tax that they paid or will pay based on their 2012 federal tax return -- not the tax withholdings on their W-2 forms. The advice is the same for the students themselves.

5. Avoid blank answers. If the answer to a question is zero or not applicable, write "0" or "Not Applicable" on the online form. Leaving blank answers can cause miscalculations.

6. Don't inflate your education. Some institutions will award applicants brownie points if they are first-generation college students. If parents didn't graduate from college, select "high school" as the highest education attainment.

7. Failing to seek help. If you are overwhelmed by the process, seek help. You'll learn where you can turn for assistance by clicking on my recent post on FAFSA resources.

8. Failing to appeal a financial aid award. Schools don't broadcast this fact, but it is possible to successfully appeal disappointing financial aid awards. If the aid package your child receives is underwhelming, you can ask a college to reconsider the award. Just don't approach the school and announce that you want to "negotiate." Be diplomatic.

© 2013 CBS Interactive Inc.. All Rights Reserved.

Dell Scholars Program

Paying for college can be difficult. Between rising tuition costs, looming housing bills and expensive books, shelling out thousands and thousands of dollars for a college education can be depressing. When looking to pay for college, applying for scholarships can be very important and essential to keeping cost low. 

The Dell Scholars Program is available to students participating in approved college readiness/college access programs. Upward Bound staff will help participants write for the scholarship throughout Saturday Sessions, tutoring, advising, and one-on-one appointments. Below you'll find out more information about the Dell Scholars Program.


Why we do what we do
While many students dream of obtaining a college degree, life sometimes gets in the way, particularly for those dealing with personal responsibilities at home or in their communities. The Dell Scholars program, an initiative of the Michael & Susan Dell Foundation, recognizes students who have overcome significant obstacles to pursue their educations. In turn, these scholars serve as positive role models and change the trajectories for their siblings, friends and their communities.

We award 300 scholarships annually and since 2004, have provided students with $49 million in college scholarships and support services. The Dell Scholars Program places greater emphasis on a student’s determination to succeed than just academic record and test scores. We empower students to gain the knowledge; skill-sets and attitude needed to cope with their changing world and the circumstances in which they live.

Preparing more completely for college by taking AP, honors, and additional math and science courses in high school tend to result in increased college completion rates; and, college readiness programs prepare lower performing students for AP and Honors courses. Several studies have shown that completing rigorous academic curriculums in high school may help students overcome socioeconomic disadvantages. The Michael & Susan Dell Foundation currently supports several types of college readiness programs under its education initiatives focus. The foundation believes that higher education is a key component to achieving one's potential as an adult. 

More Than a Check
The Dell Scholars Program is more than a check. Rather, the program aims to provide students with everything they need to begin and complete college. Dell Scholars receive $20,000 each to complete their higher education over the course of six years. In addition, the Dell Scholars Program provides its students with technology, a private scholar networking community, resources, and mentoring to ensure they have the support they need to achieve their college degrees. Scholars become part of a support network for each other that is made up of themselves, their schools, families, peers and a dedicated Dell Scholar team at the Michael & Susan Dell foundation.

The Dell family foundation believes that funding a significant percentage of their college expenses will enable these students to focus on their college studies and complete their bachelor program.

The educational tools we provide our Scholars not only lessen the financial burden of purchasing these services and equipment, it also helps alleviate logistical constraints in accessing educational resources. By providing wrap-around services and add-ons such as notebook PCs, printers, textbook credits, etc., we are also able to strategically and directly intervene to help lessen the daily challenges of being successful in college.



Criteria for Application
To be eligible to apply for the Dell Scholars Program scholarship, you must meet the below listed criteria:

• Participating in a Michael & Susan Dell Foundation approved college readiness program for a minimum of two of the last three years
• Graduating from an accredited high school this academic year
• Earning a minimum of a 2.4 GPA
• Demonstrated need for financial assistance
• Planning to enter a bachelor's degree program at an accredited higher education institution in the fall directly after your graduation from high school
• U.S. citizenship or permanent residency
• Dell Scholars are students who demonstrate their desire and ability to overcome barriers and to achieve their goals. Your application will be evaluated on your:
• Individual determination to succeed
• Future goals and plans to achieve them
• Ability to communicate the hardships you have overcome or currently face
• Self motivation in completing challenging coursework
• Demonstrated need for financial assistance

If you do not meet the criteria to apply for the Dell Scholars Program, you may want to click on the sites listed below to help you continue on the path to a college education:

• To get a head start on your financial aid for college, please visit Fafsa4Caster.
• For additional information on financial aid, please visit www.finaid.org.
• For information on the Free Application for Federal Student Aid (FAFSA), visit www.fafsa.ed.gov, where you can complete the application online.
• To search scholarships you may be eligible for, visit Scholarships.com and www.fastweb.com.
• If you do not have a college access program in your area, you may wish to visit an online college access program at www.xap.com.
• To learn more about college access programs and how they help more students attend college, visit www.collegeaccess.org.

College Financial Aid Is Great At These Schools: Princeton Review College Rankings 2012

With many seniors applying to colleges across the United States, one of more important factors when selecting a school will be the type of financial aid given. The Princeton Review takes a look at the best schools in the United States that give out the best financial aid packages. 

To take a look, click here.

Financial Aid and Paying for College

The cost of college is both a political issue highlighted in President Obama's State of the Union address, and a personal issue for students and their families seeking to balance debt and educational opportunity. In a live, interactive "Office Hours" webcast Thursday, Feb. 2, Duke's director of financial aid, Alison Rabil, answers viewer questions about paying for college. Duke admissions officer Valerie Schwartz moderates the conversation.

Rabil has worked in university financial aid for more than 20 years. She was in charge of financial aid at Barnard College in New York before taking her current position at Duke in 2008.

"I did not grow up thinking, 'I want to work in financial aid,'" Rabil says, "but I have found that it is a good place for me and what I like to do. I am passionate about access to education."My mission is to be fair, accessible, open-minded and as generous as possible given the parameters within which I must work," she says. "I see myself as an advocate and a voice for those who cannot afford the full cost at Duke."

Duke's Financial Aid website explains the financial aid process in a video, text instructions and an animated presentation. The site also has a link to a financial aid calculator and answers to frequently asked questions.

Duke's "Office Hours" webcast series allows members of the Duke community and others to engage in live conversations with faculty about their research and scholarship. Visit the Office Hours website to see a schedule of upcoming topics, watch past episodes and sign up for email reminders.