Tips for those applying for Federal loans

I’m sure that many are going to sign up for Federal student aid. If you haven’t already filled it out then here are some tips that I want to share with you guys that I am sure will help you guys when applying as they did to me. I hope that they are useful and remember the sooner the better.

1. Skipping deadlines

Colleges impose deadlines on families to submit their financial aid forms, and these dates can be much earlier for students applying through early decision. Find out what the deadlines are, and don't miss them.

2. File early

Although there are essentially no federal deadlines for seeking financial aid, states do impose deadlines for families who hope to qualify for financial aid through their state programs. State deadlines can be as early as February. In some states, aid is given out on a first-come, first-served basis, so it's best to file your FAFSA well ahead of the state deadline.

3. Seek help

Confused? FAFSA staffers can help. You can contact the Federal Student Aid Information Center via online chat, phone or email.

4. List the most current marital status

You need to provide your marital status -- divorced, separated or married -- on the day that the FAFSA is filed. Separated and divorced parents will sometimes enjoy a financial aid advantage.

5. Have the right parent complete the FAFSA

In divorced families, the parent who has taken care of the child during the majority of the 12 months dating from the day the FAFSA is submitted is considered the custodial parent. This can be especially advantageous in families when one ex-spouse earns significantly less than the other. Ideally, the child would live with the lower-earning parent for at least six months and a day. This parent would complete the FAFSA, and the other parent's income would not be included. If the custodial parent remarries, however, the income from the new spouse would also be included on the FAFSA.

6. 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.

7. Pay attention to graduation rates

When you complete the FAFSA and designate that the application be sent to specific schools, the FAFSA website will provide you with the graduation rates of each school on your list. Try to avoid schools with low graduation rates.