AliMalik

I want to get straight to the point and tell you guys how to maximize your Financial aid by going over common mistakes people make in FAFSA, how to adjust your assets, dealign with separated or divorced parents and how to appeal for additional aid. To make sure you guys get the absolute most amount of money possible ahh from the government and the school you plan on going to. I really wish I had seen this video before I went to college because not knowing these things, costed me around 12,000 in aid I could have gotten. So if you guys are interested go ahead and tap that like button and let’s hop into it. So obviously the first thing right off the bat is to fill out the FAFSA and fill it out as soon as possible. Even if you think your family won’t qualify for anything the process takes less than an hour and not all financial aid is based solely on family needs. IF later you choose to apply for scholarships through your school or take on student loans a lot of time you cant be awarded that money without having a FAFSA on file. Now additionally you want to fill out the FAFSA as soon as possible. Student aid is given out on a first come first serve basis. The difference from applying in the first month that the portal opens versus the last month before the portal closes can give you twice as much aid. So October first set time aside with your parents to fill out the form and if its past October and you haven’t already filled out the form asap. Last year I filled out the FAFSA just a week before it was due and despite my mom’s income not changing from the year before I lost a ton of money. Now on the FAFSA, there are a couple of common mistakes that people make which mostly revolve around them inaccurately filling out their income and assets. So firstly to fill out your parent’s income correctly I highly recommend you guys use the IRS Data Retrieval tool that the FAFSA provides. In the Financial Information tab, there’s going to be a pop up that asks if you would like to pull you come from the IRS since you’ve already filled out your taxes for that previous year. I highly recommend you guys do this as it gets rid of the risk of any misinformation you might write down about your income. After you pull your parent’s income, the form will then ask for information about your parent’s assets. Now the big thing to remember here is DO NOT list the house you live in, your parent’s retirement money or your retirement money as an asset. Again the home you live in is not an asset and should not be reported on the FAFSA. And again Your parent’s retirement money and your retirement money should not be listed on the FAFSA. You are not required to report these things and if you do, it can drastically reduce the amount of student aid you are supposed to be getting. Now, Addiontalty if you or your parents are self-employed or own a business that has less than 100 employees you do not need to report your business as an asset. You do need to report the income that business made you as a profit or loss but the IRS data retrieval tool again does that for you by pulling your tax records. Now another note here if your parents are divorced or separated, it does not have to be a legal separated by the way as long as your not living together. Only the parent you live with needs to provide their information on the FAFSA. Even if your parents filed jointed taxes last year, the FAFSA will lask you as of today are your parents divorced or separated. And again it does not have to be a legal separation. The next tip I have is if you the student, have money in your bank account, anything over 1,000, transfer it to your parent’s bank account. FAFSA calculations anticipate that any assets the student has 20% of that can be contributed towards their college. However, the FAFSA calculates that only 5% of the parent’s assets can be contributed towards their child’s college. SO transferring your money into your parent’s accounts is guaranteed to save you money. And the last tip I have for you guys to appeal the financial aid letter that your college gives you. If you have some circumstances like parents unemployment, uninsured medical costs, major home repairs etc. There is just not enough money for you to go there. They’ll ask you for some supporting documents for your claim and review our case. Most financial aid offices set aside money because they expect people to appeal their financial aid offer. There’s really no downside to appealing so if you feel like you fall into any category on your school’s financial aid website, send in an appeal. ----------My Camera Gear---------- Main Camera: https://amzn.to/2Hy5Qsq Main Mic: https://amzn.to/3mvC5XI iPhone 11: https://amzn.to/3e22IAB iPhone mic: https://amzn.to/3mro5OJ Ring Light: https://amzn.to/3juHoot Thank you guys for watching! Instagram: https://www.instagram.com/alixxmalik Business Inquiries Only: alimalikfinancial@gmail.com