Advice from 11 Financial Gurus

August 23, 2016

Receiving sound financial advice can change a person’s world, and fortunately, there is no shortage of advice from people who have already lived through and learned how to successfully navigate the financial waters. In fact, simply seeking financial advice can be one of the easiest ways to learn how to save money, pay off debts (like student loans) early, save for the future, or generate enough money for fun expenses.

To help you along your financial journey, we have rounded up information from some of the most well-known and well-loved financial gurus on the planet. Please keep in mind that even as well-known authorities in their field, each person’s advice — or simply their delivery style — may not be for everyone. Therefore, even with different, overlapping, or similar financial philosophies (and their delivery methods), it is ultimately up to each reader to decide which style or kind of advice rings true.

In this quick guide, readers will find eleven of the most well-known financial advisors, accompanied by a quick biography, at least one of their most defining, bestselling financial advice books, and possibly some insightful advice.

11 Financial Gurus

(In Alphabetical Order)

Gary Belsky

Gary Belsky is a columnist for Time.com, the author of several books, and a frequent lecturer to business and consumer groups on the psychology of decision-making. Belsky was a regular commentator on CNN’s Your Money and a frequent contributor to various well-known talk shows and radio programs. He is the former editor-in-chief for ESPN The Magazine and ESPNInsider.com, as well as a former writer at Money magazine, and a former reporter for Crain’s New York Business and the St. Louis Business Journal. In 1990, Belsky won the Gerald Loeb Award for Distinguished Business and Financial Journalism, administered by The Anderson School at UCLA.

Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons From the Life-Changing Science of Behavioral Economics

This book, which Belsky co-authored, explores how informed people might make more rational investment decisions through behavioral economics. Money magazine describes it as: “A terrific introduction to the emerging science of behavioral finance.” Looking for financial advice from Gary Belsky? Look to psychology and behavioral economics.

James M. Dahle, MD

James M. Dahle, MD, is a full-time, emergency medicine physician. After trusting a lot of the wrong people and getting ripped off repeatedly, he started The White Coat Investor, a blog that offers doctors and other high-income professionals advice on personal finance and investing. Since its inception of May 2011, the blog has grown into the most widely-read physician-specific personal finance and investing website in the world, and 95 percent of the advice is actually applicable to anybody.

The White Coat Investor: A Doctor’s Guide to Personal Finance and Investing

Dahle’s book, which followed two years after the blog, responds to the trickiest questions and financial dilemmas shared by thousands of people, especially those in the medical field. His book is considered a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. The White Coat Investor fills in the gaps and teaches readers what they received little to no training in: business, personal finance, investing, insurance, taxes, estate planning, asset protection, and more. This book is considered great for financial learners of all levels and contains physician-specific tips that cannot be found in other financial books. Extra financial advice from James M. Dahle can be found in this expert interview from Mint.com.

Wayne W. Dyer, Ph.D

Wayne W. Dyer is the author of over 40 books — including 21 New York Times bestsellers — related to self-help, finances, development, and spiritual growth. “His main message was that every person has the potential to live an extraordinary life,” and each person can reach their deepest desires by consciously honoring their “highest self,” clarifying their goals, and using their gifts. This message was applied to several books, including these related to finances:

Your Erroneous Zones: Step-by-Step Advice for Escaping the Trap of Negative Thinking and Taking Control of Your Life

Originally published in 1976, this first book acts as a positive and practical guide for breaking free from the trap of negative thinking or self-destructive patterns, and to instead enjoy life to the fullest. The “erroneous zones” are whole facets of a person’s approach to life that act as barriers to success and happiness. These zones are targeted so readers can learn to become self-reliant, as well as change and manage how much they will let difficult times, people, needs vs. wants, self-image, and more affect them.

It’s Not What You‘ve Got!: Lessons for Kids on Money and Abundance

The concepts presented in this illustrated book include: Money does not define who you are, it doesn’t matter what others have, and abundance comes in many forms. “It’s Not What You’ve Got is not a how-to manual on spending and saving for kids, but rather a positive, spiritual approach to the meaning of money.”

Financial Tip From Wayne W. Dyer:

“If you want to be financially independent by the time you’re 30 years old, pay yourself first…When you get your paycheck, take a percentage — between 10 percent and 30 percent — and put that away…You’ll be rich enough to be financially independent within a short period of time.”

Neale S. Godfrey

Neale S. Godfrey is an acknowledged expert on family and children’s finances and is considered the creator of the topic of “kids and money” in the United States. Her main goal is to help people raise financially responsible children and grandchildren by providing learning opportunities through life circumstances. To help people achieve this, she has written 27 books and created three, free iOS money games, all of which are related to financial education and empowering families and their kids to take financial responsibility. Her work has received numerous literary awards, and she has spoken on numerous well-known talk shows. Neale S. Godfrey opened The First Children’s Bank at FAO Schwarz in 1988 and was also part of the Institute for Youth Entrepreneurship in Harlem. Godfrey then created the Green$treets kids cartoon characters in order to entertain and educate kids about money.

Money Doesn’t Grow on Trees: A Parent’s Guide to Raising Financially Responsible Children

Money Doesn’t Grow on Trees is considered the book parents turn to when teaching their children about money, as it offers concrete examples on everything from responsible budgeting to understanding the differences between “wants” and “needs.” The book itself is targeted at children and young adults of all ages, and the newly revised edition has sections that discuss the power of the internet, the tactics of television advertisers, and the world of eBay.

George Kinder

George Kinder, a Harvard-trained, certified financial planner and tax advisor, is internationally recognized as the father of the Life Planning movement and is the founder of the Kinder Institute of Life Planning.

The Seven Stages of Money Maturity: Understanding the Spirit and Value of Money in Your Life

This book is intended to help readers discover a powerful new way to look at their money and their life, including questions surrounding personal attitudes about money and how these factors influence lives. The book attempts to help readers approach financial issues with honesty, and without fear, so that they can gain peace, freedom, and security.

Life Planning for You

This book is considered an inspiring step-by-step description of “how life planning, either as a self-help phenomenon or as a global movement in financial services, transforms people’s lives.” Along with personal stories, the book allows readers to access the skills necessary to life plan for themselves, as well as find financial advisers they can genuinely trust.

Financial Advice from George Kinder:

“It’s about the meaning, not the money. If my investing is not really deeply tied to what I think is most important in my life [then] the asset allocation, the estate plan, the retirement plan might as well be thrown out the window.” Furthermore, “hire a registered life planner [a financial planner with additional training in helping clients identify and reach life goals] to help you through this, [as they are] trained in how to elicit from a client what is meaningful and how to keep their eyes on the prize.”

Robert Kiyosaki

Robert Kiyosaki is an investor, self-help author, educator, entrepreneur, motivational speaker, financial literacy activist, financial commentator, and radio personality. He is best known as the author of the #1 personal finance book of all time (Rich Dad Poor Dad), but is also well-known for his part in the co-creation of the CASHFLOW® board game, founding the financial education-based Rich Dad Company, his appearances on several well-known talk shows, and as the author of various financial books. While Kiyosaki often conveys perspectives on money and investing that contradict conventional wisdom, he has earned a respected reputation for his form of financial straight talk.

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

This #1 personal finance book of all time tells the story of Robert Kiyosaki and his two dads — his real father and the father of his best friend (“his rich dad”). In the book, both men shape his thoughts about money and investing, proving that a person does not need to earn a high income to be rich. The book also intends to explain the difference between working for money and having your money work for you.

Unfair Advantage: The Power of Financial Education

This book takes a hard look at the factors that impact people from all walks of life as they struggle to change and challenge the confines and preconceptions that impact their financial world. Readers are advised to push aside the belief that they are ‘disadvantaged’ people with limited options, and are instead encouraged to take actionable steps to move beyond what they believe are limited options. Included are actionable steps that any individual can take to move beyond their current financial situation or way of thinking.

Financial Advice From Robert Kiyosaki:

“My rich dad gave me lots of advice. One of the better ones: There’s good debt and bad debt. Bad debt is debt you have to pay for and makes you poor. If I use credit cards to buy new shoes, it makes me poor. Good debt makes me rich and someone else pays for it.” One example: “I’m closing on a $17 million property and financing $14 million. That $14 million is good debt. It makes me richer every month by putting $20,000 in my pocket.”

Rieva Lesonsky

Rieva Lesonsky is an author at Small Business Trends (along with an editor and contributing author to several other sites), the President and Founder of GrowBiz Media, and a nationally known speaker and authority on entrepreneurship. Before co-founding GrowBiz Media, she was an Editorial Director of Entrepreneur magazine. She has appeared on hundreds of radio and talk shows and has written several books about small business and entrepreneurship. Along with her six year service to the Small Business Administration’s National Council, Rieva Lesonsky was honored by the Small Business Administration as a Small Business Media Advocate and a Woman in Business Advocate. In 2003, she was inducted into the Business Journalism Hall of Fame.

Start Your Own Business: The Only Startup Book You’ll Ever Need

This book, written by Lesonsky and the editors of Entrepreneur magazine, has helped hundreds of thousands of readers start their own businesses. The sixth edition features amended chapters on choosing a business, adding partners, getting funded, managing the business structure and employees, and also provides ways to understand information and legalities related to the latest tax and healthcare reform.

Startup 101: Quick Tips for Starting a Business

This ebook contains all the insider advice needed to form a startup business, including: secrets, shortcuts, and smart ideas to help get any business up and running—fast!

Peter Navarro Ph.D

Peter Navarro holds a Ph.D. in economics from Harvard University and has been a professor of economics and public policy at the University of California-Irvine for more than 20 years. He is a distinguished author, keynote speaker, corporate trainer, and has appeared frequently on various well-known financial talk, news, and radio shows. He also often produces investment videos for thestreet.com. His business-related books, among others, are listed here.

Financial Advice from Peter Navarro:

“Take every piece of advice you get from any investment adviser with a barrel of salt. Most are trying to sell you things you probably don’t need or want. Think for yourself.”

Dave Ramsey

Dave Ramsey is a nationally recognized, best-selling author, radio host, television personality, and motivational speaker. His show and writings strongly focus on encouraging people to get out of debt and save money along the way. After rebounding from a financial crash of his own, Dave Ramsey formed Ramsey Solutions in 1992 (to counsel those hurting from the results of financial stress), followed by his first book (Financial Peace) and the local radio show called The Money Game, which is now nationally syndicated as The Dave Ramsey Show. After six bestselling books, the 400+ members of Ramsey Solutions are continuously coming up with ways to help people reach their financial goals.

The Total Money Makeover: A Proven Plan for Financial Fitness

Dave Ramsey’s seven, organized, and easy-to-follow steps are aimed at leading the reader out of debt and into a total money makeover.

Financial Advice From Dave Ramsey:

“A friend of mine who is a billionaire told me he reads a book to his grandkids and I should read that book. The book is ‘The Tortoise and the Hare.’ Every time he reads the book, the tortoise wins. Slow and steady wins the race, and consistency matters. Get-rich-quick never wins…If you try to impress other people, you’ll lose the wealth race, as well,” Ramsey says. “It’s a reminder to somebody like me to keep me in check. It has implications for debt, mutual funds, budgets — an overlay for everything.”

Thomas J. Stanley Ph.D

Thomas J. Stanley was a highly regarded authority on America’s affluent and wealthy. He wrote over 40 books on the subject, several of which were award winning and New York Times’ bestsellers. Dr. Stanley made appearances on several well-known talk shows, is cited in several well-respected journals and news reports, and served as chairman of the Affluent Market Institute, which develops research-based marketing and selling strategies for identifying, attracting, and retaining wealthy clients.

Author: The Millionaire Next Door

This bestselling book identifies and chronicles the seven most common traits and patterns that frequently show up among those who have accumulated wealth…and they are not always what others might assume. This newest edition (since 1998) includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.

Suze Orman

Suze Orman is a two-time Emmy Award-winning television host for the Suze Orman Show, a New York Times bestselling author, a magazine and online columnist, a writer/producer, a motivational speaker, one of the most well-known experts on personal finance, and the winner of numerous awards. Suze Orman’s philosophy is “People first. Then money. Then things.”

The Money Book for the Young, Fabulous & Broke

This book was written to address the specific financial realities that young people face today. In essence, it is “Generation Debt” and “Generation Broke’s” cry for help. Those who are part of this “young, fabulous, and broke” generation will find the following contents especially helpful: a personalized action planner, step-by-step instructions to improve financial futures, an interactive online community to share thoughts and questions, ongoing advice from Suze, and free online resources.

The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying

This personal finance classic changes the way readers think, feel, and act about money by approaching money from both a spiritual and an emotional point of view. Suze Orman’s advice leads readers through nine simple steps to reclaim their power and embrace her philosophy: you are worth more than your money.

Financial Advice and Continued Learning

Becoming a financially independent individual may take some time and plenty of research, but it is well worth the effort. The good news is that when you start with sound advice, strategic help, and personal education, the journey towards financial success can be much smoother and shorter. At Education Loan Finance, we hope that you (and your family) are able to find the perfect financial guru for your long-term financial plans.

How Much Of Your Income Should Go Toward Rent?

Disclaimer: Any information shared on ELFI.com does not constitute financial advice. This blog and website are intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. Readers are advised to discuss specific plans with independent financial advisers and lenders. This website has not been compensated by companies mentioned through advertising, affiliate programs, or otherwise.

Find a Credit Card

While in college, you may see a credit card offer dropped in your mailbox every week. Actually reading through the information and what the card offers is KEY. Look at interest rates and cash back rewards. Some cards have cash back rewards on points earned by using the card on things such as gas and groceries. By using a credit card for necessities and paying it off, you are earning easy credit while still in college. Some cards offer cash back opportunities on travel. If you’re going away to college, using a credit card could be a great way to earn points for a visit back home or a weekend getaway. Remember, use a credit card on things you will be able to pay back on time. This way you will be building credit while also gaining reward points to redeem on things you want to do. If you’re attending college you may want to check out student credit cards. Student credit cards can be a really great way to start building credit while you are in school. Be warned that you will still need to demonstrate a decent salary to qualify for a student credit card, simply being a student is not enough. Most student credit cards will not charge an annual fee and many offer additional perks.

Learn How Completing College Early Can Save You Money

Secure Credit Cards

If you don’t qualify for a student credit card or any traditional credit card because you don’t have a credit history look into secure credit cards. They work just like other credit cards but require a cash deposit, first. This deposit is usually in the hundreds or low thousands. If you make every payment in full and on time you’ll receive back your down payment. If you do not make payments on time or in full the lender keeps your down payment.

Rent

While being in college you will likely be moving into your FIRST apartment. An apartment can be a great way to start earning credit. Putting the rent in your name and paying it on time can assist in building credit. In order for rent to go towards your credit history, your landlord must be reporting the rent payments to one of the credit agencies. If your landlord isn’t reporting your rental payments it will not help you to build a credit history. In today’s society, it is also pretty uncommon for landlords to report rent payments to a credit agency. If your landlord isn’t reporting your rent payments to a credit agency it can’t hurt to ask if they could start! When sharing an apartment with roommates, it is vital for everyone living there to pay their share of rent on time. Finding roommates that share accountability is important when you are building a good credit score.

Get a Credit Builder Loan

A loan that is in place to IMPROVE CREDIT?! Sign me up! When you have a credit builder loan, you make payments into your savings account. After one year, you will get the amount you paid back and increase your credit score! A credit builder loan does not require good credit to begin, you just have to show proof of income. Start by applying for a credit builder loan, and begin to make payments on time. In order for you to be benefiting from a credit builder loan, you must be paying on time. The pros to a credit builder loan include getting the money you put in and having a better credit score at the end of the year!

Become an Authorized User

Becoming an authorized user is a smart and easy way to embark on creating credit while in college. Being an authorized user means that you can use another person’s credit card and your name will be included on the account. The process simply has the account user add your name to the credit card account. As an authorized user, you will not be responsible for paying back debts on the credit card. This responsibility will legally be in the original account holder’s name. The main goal for being an authorized user is to increase your credit score by having an account holder with an outstanding credit history. If you have an account holder who is known for paying their debt on time, this will increase your score, because you’re on the account. Keep in mind that you should ask someone who is trusted and reliable when becoming an authorized user.

Start on Student Loan Payments

As a former college student, I know that going to school full time while working enough to have money to start paying off student loans can seem impossible. Remember, you do not have to pay off large amounts right away. While in college, consider putting money aside to start paying off loans when you can. If you start loan payments early you will start to see positive growth on your credit score. The benefits of having student loans include helping build your credit score. If you decide to start paying off loans while in school, it will be before your loan deadline and will create less to pay off later. Even if you are not able to pay off large sums, these small amounts can make for fewer payments later on and a better credit score when you graduate from college.

Credit Utilization

A top way to build credit is not to utilize all the credit that is available to you. For example, if you have a credit card with a credit limit of $2,500 and the balance is $2,500 that would be 100% credit utilization. Credit utilization is important because it impacts your credit score. The maximum recommended credit utilization is about 30%. Therefore, if your credit card had a maximum limit of $2,500 then 30% of that would be $750. In this example, to avoid negatively impacting your credit score you should not spend over $750 on your credit card.

It can be difficult to be disciplined as a college student, but it’s important to remember that this money is not free. It’s also likely that this is probably your first credit card ever! Exciting, but this is a really important rule of thumb! This is a credit that you will eventually need to pay back. In an effort to build credit you want to be sure you’re creating good financial habits for yourself too. Be sure to stay disciplined and not utilize over 30% of your credit card.

BONUS: Credit Reports

While we are on the topic of creating good financial habits, the number one habit you can create is looking at your credit report. If you talk with any financial expert, this will be their number one piece of advice! Yearly, check your credit score and your credit report. Think about it like an annual physical at the doctor, but for your finances. Review your credit report to make sure that there are no errors or fraud to your credit history. If you visit AnnualCreditReport.com you can receive a free credit report from all three major credit agencies in the U.S. and a free credit report can be requested every 12 months. Having paid off debt or using credit in college will prepare you for future payments on cars, houses, and throughout your adult life. Knowing your responsibilities and taking care of payments on time is key to achieving a better credit score by the end of your college career. Consider these options when deciding how to build credit and choose one that will benefit you in the long run.

Are Student Loans Impacting Your Credit Score?

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2019-05-07

What is a Prepayment Penalty? What’s the Catch?

Imagine finally paying off your loan just to find out you owe the lender more money! All because you’ve paid your debt off early. Instead of your lender rewarding you for paying the loan off earlier than your contract states, they charge you extra. Here’s what that is, how to avoid it, and what you can do.

What is a prepayment penalty?

A prepayment penalty is a fee charged to a borrower. If you pay off your loan earlier before the date planned in the contract the lender could charge you a prepayment penalty. A prepayment penalty is charged once you’ve completed paying your debt, if it was paid it off early, or it could be a fee for overpaying the scheduled amount set per year. A prepayment penalty can be a fixed amount or based on what the remaining balance of your loan was set to be. For example, certain loans may allow you to pay off 20% extra each year before facing a fee.

What are prepayment penalties for?

When you borrow from an institution, they assume that it will take you a certain amount of time to repay the debt back, with interest. If you pay back your debt sooner, that institution may lose out on the interest that they collect. For this reason, loans like a mortgage might have a prepayment penalty to discourage people from refinancing or selling within the first few years. You can think of a prepayment penalty as a way for the institution to ensure that it makes an adequate return amount for the credit they lent. Additionally, lenders charge prepayment penalties because if they place the loan in security and sell it, they need verification that the loan will be outstanding for a particular period of time. Having the security outstanding for a period of time will provide the buyer of the security a yield.

Student Loans

There are so many benefits to paying extra on your student loans each month. One of the main benefits - you’ll pay less interest over the life of the student loan. When it comes to student loans, you may be surprised to find out that there are no prepayment penalties. That’s right no prepayment penalties for both federal and private student loans. According to the Higher Education Opportunity Act of August 2008: “It shall be unlawful for any private educational lender to impose a fee or penalty on a borrower for early repayment or prepayment of any private education loan.” Before you begin making extra payments towards your student loans, you should contact your servicer. Verify that the additional payment is being applied to the principal balance of the loan and not to the interest. If the overpayment is directed to the principal you’ll be able to pay down the debt faster.

Mortgage Loans

Mortgages don’t always have prepayment penalties, but some do. If there is a prepayment fee on your mortgage you should be able to review the details in the mortgage contract. It’s vital when signing a contract that you pay attention to the fine print. If you don’t understand something or need further clarity, be sure to ask questions. When dealing with Mortgages, if you chose to refinance your loan there could be a prepayment penalty. Typically if you choose to refinance within the first three or five years of having the loan there may be a prepayment penalty fee that applies. If you ever have any questions about prepayment fees you should contact your mortgage lender for clarity.

Auto Loans

When taking out an auto loan there are two types of interest that may be used in your contract, simple interest or pre-computed interest. Simple interest works similarly to a student loan, it is calculated based on the balance of the loan. Therefore, if you have an auto loan with simple interest, the sooner you can pay your loan off, the less interest you’ll pay. The other type of interest is pre-computed interest. This interest is included in your agreement. It is a fixed amount calculated and added on at the beginning of the contract. Using a pre-computed interest rate is typically when you encounter prepayment penalties. Similar to mortgage loans it isn’t guaranteed that these loans have a prepayment penalty, but if so, it should be in the contract. Be sure to contact your lender or institution that services the loan to find out if there are any prepayment penalties before paying extra towards your debt.

Personal Loans

Personal loans can be used for a number of different reasons, from medical expenses to travel or even wedding expenses. When it comes to the prepayment penalty for personal loans, most companies will charge a percentage of the remaining balance. Though it’s likely your personal loan won’t have a prepayment penalty, you could still have one. Check with your lending institution or be sure to closely review your contract to see if there are any penalty fees for paying your debt down earlier.

Soft Penalty vs. Hard Penalty

You may have heard of two different types of prepayment penalties: soft and hard. A soft prepayment penalty would charge you a fee for refinancing, but not for other situations. A hard prepayment penalty would charge you for refinancing, prepayment, or selling (in the case of a mortgage - selling your house).

How can prepayment penalties affect you?

First, assuming you have multiple bills and debts that you pay each month, knowing whether any of them have a prepayment penalty can change how you pay. Imagine you have a student loan and a mortgage loan, you know the student loan doesn’t have any prepayment penalties, but the mortgage loan does. Let’s say that you’ve received some additional income and you want to put it towards one of the loans, but you aren’t sure which one. You’ll want to pay additional money toward the student loan debt because you won’t get penalized for paying it off early. Knowing a loan you’ve applied for has a prepayment penalty might motivate you to find a different borrower and give you the freedom to pay off that debt sooner without a fee. Does this mean you should never pay off debts early? No way! There are plenty of loans and other types of debts that won’t have a prepayment penalty. The important thing is to know what you’re getting into. Read the fine print and ask questions during the application process. Also, for loans like a mortgage, there is typically a page you sign toward the end of the process that includes disclosures on things like whether there is a prepayment penalty, balloon payment, and so on. Always be aware of those disclosures before you take on new debt.

What is lifestyle creep? Is it affecting you?

Girl looking to complete her FAFSA application before deadline while outside enjoying the sun and ocean.

2019-05-01

Why Completing FAFSA Early Is Critical

The process of completing the FAFSA application might be something you’ve complained about. If you haven’t complained about it yourself, it’s likely you’ve heard others mention as not their favorite thing to do on a Saturday night. Though difficult, it is a crucial step for college attendance each year. Sorry—it’s unavoidable! Doing your FAFSA early can be a huge benefit, it makes it a little easier to get motivated and start the process as soon as you can. Why is it so crucial to complete your FAFSA early each year? Here are the reasons why completing the FAFSA early each year are imperative to your financial future.

An early application means a better chance at more money.

If you do your FAFSA early, you’ll have a better chance at more federal financial aid or school financial aid. The FAFSA application can be submitted for the next year of college starting October 1. That sounds early, but the sooner you get it in the better your chances for getting financial aid. For example, some colleges award their aid on a first-come, first-serve basis. If you wait too long, the school’s available financial aid may have been awarded to other students that did the FAFSA sooner. The same applies for federal financial aid. Only so many funds are available, and the institutions can’t wait until the last minute to select who gets awarded the aid. They often dole out aid earlier in the window. Meaning the earlier your application is submitted the better chance you will have at receiving financial aid.

Get your Student Aid Report faster.

If you file closer to that October 1 deadline, your Student Aid Report will arrive sooner. This gives you a better idea of where you stand for aid awards faster. The faster you have that report, the sooner you can start planning for how you’ll pay for the rest of your upcoming academic year. Having more time to apply for loans or look for other forms of aid will take the weight off of your shoulders!

Skip the stress of procrastinating.

Get it out of the way! There are so many things that you have to do to prep each semester. From registering for classes to picking up housewares and finding a roommate to getting your parking permit. Preparing for the upcoming academic year can usually mean a long to-do list. Plus, you will be wrapping up the previous semester. Do you really want to be worrying about FAFSA when you’re trying to study for exams? Not a chance! You don’t want to be overwhelmed with the amount of work it takes to complete the FAFSA. Be wise and get it out of the way and clear yourself up for focusing on other tasks.

These deadlines are real.

There’s not a lot of leniency if you don’t get your FAFSA done in time. Those deadlines are serious, and even being a little late could mean that you’re not eligible at all. Yikes! You don’t want to miss out on aid that could have saved you money on student loans just because you flaked on the application process. Plan ahead and get it done.

Other FAFSA Tips

Even if you don't think you'll qualify for aid, it's still a good idea to complete the application. Some schools have increased their income levels for aid. The application may be required to qualify for other types of scholarships at some colleges.
You generally have until the end of June to file, but some states and schools have earlier deadlines. Know what those deadlines are so that you’re not kicking yourself later!
Does your school use the CSS Profile? That’s an additional application required by 400 major colleges and it’s just as important as FAFSA. Check with your financial aid office to verify.
When FAFSA changed a few years ago from the January 1 start date to October 1, this also changed the tax information you need to submit. You don’t have to wait until January 1 to file because you use the previous tax year’s information. For example, taxes from 2018 won’t be used until October 1, 2019, which will apply to the 2020-2021 school year.

If you have any questions about FAFSA or any other aspect of financial aid, don’t wait to talk to an advisor or someone in your school’s financial aid office. They specialize in these topics and are there to help make sure you get as much aid as you deserve. All you have to do is listen, be on the ball, and get all of your paperwork in order to make this happen!