Pitfalls to Avoid

Overview
Pitfalls are most often myths that someone has heard from a friend of family member, or careless errors made because people simply didn’t spend the time and effort necessary to effectively navigate the process.
Regardless of which are mistakes way made, they can be very costly (both in time and money) to both the student and the parents. In this section we cover both types of mistakes (myths and the unwillingness to devote the necessary time and energy to the process).

Overlooking a College
This is a very common pitfall. It is vital to remember that most actually pay far less than the school’s advertised Cost of Attendance (COA), or what is commonly referred to as the “sticker price.” In fact, less than thirty-five percent (35%) of all students attending college in the United States actually pay the institution’s advertised Cost of Attendance.

Assuming Funding Ineligibility
Although some financial aid is designed to help families with financial need, there is also an abundance of aid available for other students with families of all income and asset levels.
It is important to remember that students may receive financial aid based on their high school achievements (academics, athletics, or other talents) regardless of their parents’ income and/or assets. “Financial aid is only for the poor” is the biggest misconception among students and parents searching for college money.

Missing Deadlines
This is a mistake that simply cannot be overcome. Without question, the most important item to remember regarding the entire college preparation and funding process is that funding is awarded on a first come, first served basis. There are no exceptions to this rule. It is vital to be first in line when applying or college funding. Paying close attention to all details and deadlines is vital.

Disorganized/Incomplete Apps
In most cases the college or university, the scholarship sponsor, and the federal government will determine a student’s eligibility for admission and funding based on one basic piece of information - their application. It is vital that all applications be as complete and organized as possible.

Being Dishonest
Students should always give an accurate, detailed account of their high school achievements and current financial situation. Adding items or information beyond the actual situation and/or accomplishments will cost.
Financial aid applications are commonly verified (audited) and if a discrepancy is discovered due to deliberate misinformation contained in the application, funding may be forfeited and other penalties may be assessed.

Omitting Recommendation Letters
Most all colleges require at least two letters of recommendation (one form the student’s high school counselor and the other from a high school teacher). In fact, a large number of institutions commonly ask for several recommendation letters.
In most cases, students will be able to pick the people who write their letters of recommendation (exception to this rule is that the student generally has very little control over which of their high school guidance counselors writes their recommendation letter). Remember that the colleges are attempting to discover as much about the student as possible and recommendation letters are a very valuable and often overlooked method of doing this.

Not Completing the CSS/Profile
The CSS/Profile financial aid application is similar to the Free Application for Federal Student Aid (FAFSA); however, the CSS/Profile goes into greater detail regarding specifics of the family’s financial history - such as the equity of the family’s home, the value of life insurance policies, etc. The approximately 350 institutions that require this application commonly have additional funding to give. These institutions are specific in who receives their awarded funding and require more information than is contained in the FAFSA to make their final decisions. Remember, the CSS/Profile does not take the place of the FAFSA. It is a separate financial aid application that is requested in addition to the FAFSA. All students who are applying for any type of college funding must complete and submit the Free Application for Federal Student Aid (FAFSA) to the
Federal Government regardless of what other application may be required.

Misunderstanding the SAR
The SAR has several sections and contains several different types of information. Do not mistake the terminology that may deny one particular type of funding. For example: the SAR will commonly say that based on your submitted information you are not eligible for a Federal Pell Grant. This simply means that the student is not eligible for a Pell Grant; however there are several other forms of financial aid for which the student may qualify.