Oct. 1 — the day when your college-age child can start applying for loans and grants to pay for school — is around the corner. Be sure to avoid these three common blunders that could put a dent in your potential financial aid package.
One of the worst mistakes students and families can make is not applying via the FAFSA at all, said Todd Weaver, treasurer of the Higher Education Consultants Association.
In one case, Weaver said he consulted with a family with annual income over $355,000. They were still eligible for aid because they had three children attending college at the same time. That's because state aid is finite. "There are over a dozen states where it's on a first-come, first-served basis until it runs out," said Kantrowitz.
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