ОБ ЭТОМ ЭПИЗОДЕ
FAFSA season is officially here—but when should you actually submit it? Do you need to rush to file on October 1? And which mistakes could potentially cost your family financial aid?
In this episode of Old College Try, Matt Carpenter and Peg Keough dive into all things FAFSA, walking families through what they should be doing now, how to approach the application, and some of the most common mistakes they see year after year.
Before getting into the FAFSA, Matt and Peg also discuss college ROI and why families should look beyond rankings and prestige when deciding whether a college is worth the investment. They break down why the real question isn't simply where a school ranks—but what your student is likely to pay, how much they may need to borrow, and what their financial picture could look like after graduation.
In this episode, we cover:
📊 Why college ROI should be part of your family's college decision—and why rankings don't tell the whole story
💰 How to think about college costs, potential borrowing, and expected earnings after graduation
📅 Why you don't necessarily need to submit the FAFSA the moment it opens
⏰ The difference between FAFSA opening day and a college's priority financial aid deadline
🚨 Why financial aid deadlines and admissions deadlines aren't always the same
🔑 What an FSA ID is and who in your family needs to create one
👯 What parents of twins and multiple college-bound students need to know about FSA IDs
👨👩👧 How FAFSA contributors work for married, divorced, separated, and remarried families
📋 Why CAP recommends completing the student section first and then inviting the parent contributor
🪪 What families should know about potential identity verification—and why your student should be nearby when completing the FAFSA
🏦 Why retirement accounts should not be reported as FAFSA investments
💵 How parent-owned 529 plans should be reported—and why putting them in the wrong place matters
🏠 Why the equity in your primary home should not be reported as an investment on the FAFSA
📈 Why knowing your expected Student Aid Index before filing can help you catch potential mistakes
💼 What business owners should know when they reach the business asset section of the FAFSA
⚠️ Why submitting accurate information and meeting each school's deadline can be far more important than racing to file on opening day
Key Takeaway: Don't let FAFSA opening day create unnecessary panic. Get your FSA IDs ready, understand which contributors your student needs, check the priority financial aid deadlines for every college on the list, and know your expected SAI before you submit. Filing correctly matters more than simply filing first.
The FAFSA may look straightforward, but seemingly small reporting mistakes—like including retirement accounts, reporting a 529 incorrectly, or including home equity—can change the financial picture colleges receive. Preparation now can make the process much smoother when it's time to hit submit.
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