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In this video, Tina, the FAFSA guru, discusses three common FAFSA mistakes that can lead to significant financial losses for families. She emphasizes the importance of completing the FAFSA, as research indicates that 40-50% of families don't apply, often due to the belief that they won't qualify for aid. Tina highlights that not all financial aid is solely need-based, and some colleges offer institutional scholarships that rely on FAFSA information. She stresses that every family should fill out the FAFSA to maximize their chances of receiving aid. The FAFSA season opens on October 1st for the 2020-2021 school year, making it essential for families to prepare in advance.