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Updating my fafsa

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Financial aid awards are funded and regulated by federal and state governments, so applying for and receiving financial aid is a process.

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Your housing status will be updated and financial aid awards will be reevaluated.

Students living off campus or at home with relatives will still be offered financial aid to help with living expenses such as rent, utilities, etc.

Tuition/fees and health insurance (if that applies) will be directly charged to your UC Merced Student Billing Account.

That leaves ample room for parents and students to trip up along the way, creating a trail of tiny errors that could delay or even disqualify them from receiving aid. FAFSA requires all sorts of tax-related information, so a lot of parents wait till they've filed their taxes by April to start working on the form.

We tapped Mark Kantrowitz, publisher of and Fastweb.com, for advice on some of the most common missteps applicants make. That's a big no-no, especially as many states have their own specific deadlines (usually in the early spring) and late-comers will have to make due with whatever money's left on the table – if there's anything at all.