Filling out forms is never fun, especially when they deal with family finances, but the aid ordeal is particularly intimidating because the stakes are so high. More often than not, confusion reigns. Part of the problem is that the aid process serves two masters. Paper copies are available in college financial aid and high school guidance offices. The former is the probably easiest of the two, and both electronic versions deliver the added bonus of automatic checking for common errors.
Deadlines vary depending on the college.
Annual income primarily determines whether a family qualifies for aid. Large households receive favored status, as do those with more than one student in college. Older parents get a break because they are closer to retirement and, in cases of divorce, the finances of the non-custodial parent are not included in the calculations. Family assets also play a role in determining aid eligibility, but the federal formula excludes equity in the family's primary residence and the value of life insurance policies and retirement plans. Income and assets in the student's name take a larger bite out of aid eligibility than those in the parents' name.