Accurate Information Needs to be Reported on Financial Aid Applications

An article dated July 31, 2006 discusses several aspects of the financial aid application process that families of college students should know.

While it is not uncommon for parents to make adjustments to their assets in an effort to maximize their college-bound child's potential aid eligibility (for example, using savings to pay down a mortgage on their home), applicants need to be aware that they can be charged with fraud if they do not accurately report their finances on the Free Application for Federal Student Aid (FAFSA). Because each family's situation is unique, financial moves that benefit some could hinder others; families need to look at their own circumstances and make decisions that will be best for them, both now and in the future.

The potential danger of financial aid scams is also mentioned in the article. Be skeptical of unsolicited offers for fee-based scholarship or financial aid searches. In many cases, financial aid information and applications can be obtained at no charge.

The article is available at the MSNBC.com Web site.