The Free Application for Federal Student Aid (FAFSA) is one of the first steps for having the financial support to help pay for college. Students need to submit this form annually. Provide only accurate and detailed information to ensure you receive the compensation owed to you. Is it possible to learn how to get the most out of FAFSA? Is it possible to get more out of FAFSA than you are now? These FAFSA tips and tricks 2022 may be able to help you. How To Get More Money From FAFSA? To get help paying for college, finish the FAFSA. If you provide full information, you are likely to receive the highest amount of funds you qualify for under student financial aid programs. It’s important to remember that many factors contribute to how much you receive, including your family’s income and the assets you own. It may be possible to increase how much you get from FAFSA if you file early and ensure that you get all of the information requested into the organization as soon as possible. How May I Get Extra Funding from FAFSA? As you finish the FAFSA and submit it, the schools go to work to help determine what you qualify for in financial aid. If you do not get enough FAFSA to cover your costs, you may wish to pursue alternatives to help pay for college. This may include the use of scholarships. Some students may also qualify for work study programs on campus to help defray some of the cost of their college education. The following FAFSA tips and tricks 2022 may help you learn how to get more funds from FAFSA, but ultimately if you provide all of the information possible, you are unlikely to run into any problems with the process. Tips on How to Get the as Much as Possible Out of FAFSA The following FAFSA tips and tricks for 2022 may help you to learn how to get more from FAFSA. Use these as a starting point to help you reduce how much you have to pay for school. #1: Apply for FAFSA Right Away Many years, FAFSA opens on October 1st. Of the important FAFSA tips and tricks is to file early. Though it is open for several months, you may receive the financial support you need earlier this way. More so, funds are available on a first come, first serve basis. You do not want to wait to get the funds you need for school. Some states have deadlines that are much sooner than others. You do not want to be unable to apply because the program ran out of funds. #2: Keep Your Income Lower One of the factors that contribute to how to get the most out of FAFSA is your income. The more income you make in the year prior to the school year, the less financial aid you may qualify for. FAFSA calculates your family’s financial strength based on the income and tax information from the previous calendar year. This is called the base year. It is heavily weighted towards income. If you minimize the amount of income you have during the base year, you may increase the amount of support you receive to cover the cost of your education. It may be a great idea for some families not to realize capital gains during the base year, for example. Of course, it is always essential to remain honest here. #3: Save Strategically One of the components of calculating FAFSA is reporting how much you have saved. A student’s savings is assessed at 20 percent, a flat rate. By comparison, a parent’s savings is assessed at a rate of 5.64 percent, which is much lower. If you have a savings account, be sure that it is in your parent’s name, if possible. This could help to reduce how much that applies to your income. #4: Avoid Ownership of Valuable Assets Some students may wish to buy a home or invest in high end stocks. While this may sound like a great idea, it may also limit you on how to get the most financial aid from FAFSA. If you have high worth assets like this, chances are great you have income coming in that could be used to help pay for your college education. That may reduce the amount of funds you need, then, to cover the cost of your education. Avoid any gifts of valuable assets from family during the base year. #5: Know You Need to Fill It Out For those who are considering whether or not they should fill out the FAFSA, remember that it is necessary to do so if you plan to use unsubsidized Federal Stafford Loan or Federal PLUS loans to pay for your education. Even if you are not looking for a substantial of reducing your income through financial aid, you still likely need to finish the FAFSA in order to receive any type of student loan through federal programs. Don’t skip it. #6: Be Sure Information Is Accurate Keep in mind that some information required on the FAFSA may be hard to understand. Sometimes it may be confusing. Be sure what you enter is accurate to what is being asked. Remember, for example, that when the FAFSA is asking questions using “you” or “your,” they are typically requesting information from the student, not a parent. Also, be sure that all of your tax information matches. #7: Don’t Avoid Information Don’t make the mistake of not providing enough of the information requested. Don’t leave out earnings from a side hustle, for example. Be sure to report all income and expenses reported on your taxes (and that of your parents) each year. Leaving out any information could be costly to you later. How To Get The Most Financial Aid From FAFSA? Take the time to accurately fill in the FAFSA. With each line, consider if there is a way to reduce any assets or income you are reporting within the letter of the law. For example, you may wish to use savings to pay down any debt you have. Take advantage of your College 529 plans when using the American Opportunity Tax Credit. Work to minimize any capital gains reported in the base year. Taking these steps may help to increase your need for financial aid. Remember that financial aid is available to help those who do not have the income to cover the cost of their education. Even if you do not have savings that could cover those costs outright, you may be able to pay for your education through a student loan. Ensure that, when you finish your FAFSA, you consider your long term ability to repay your debt even if available funding does not cover the total cost of your college education.