<p>I am confused. I thought that income from the year immediately preceding the college year was the income considered by colleges with regard to financial aid. However, I see that Tufts requires 2007 tax returns for this year's seniors who would like admission in 2009. Is this the case everywhere?</p>
<p>Most schools will want you and your parents to estimate your 2008 taxes and then amend the numbers as needed.</p>
<p>Check and make sure that the Tufts website has been updated for this year...it might not be (some are not). Some schools will suggest that you estimate your Profile using 2007 return information (for completion for priority deadlines that are in November) if the information is not too different. If you do that, you will have to make changes to the Profile at some point to reflect your completed 2008 returns. Perhaps Tufts wants the 2007 returns and then wants the 2008 ones when they are completed. </p>
<p>I believe the Tufts finaid info was posted on another thread here....but you can check the website also.</p>
<p>My parent's self-employed income is uneven. So 2007 income looked high, (but was used to pay off loans). 2008 has been a low-income year. This is why I need to know if the 2007 income year is considered. Tufts is not the primary school I am looking at; I'm just trying to understand the general policy. Thanks in advance.</p>
<p>When my son applied early last year they wanted the Profile (with estimated figures for the current year -- that time it was 2007) AND our taxes for the previous year (2006).</p>
<p>I believe they just use those to see if they support something remotely resembling your estimates for the current year. In your case, I would include a note to the financial aid office (your parents should probably do this since it pertains to their income) explaining the reduced income this year. Your parents are not going to be the only self-employed people in that situation.</p>
<p>My son had a friend in a similar situation of reduced income from the year before --his father had lost his job-- and his school was understanding of that and took it into consideration. You get a tentative award with an ED acceptance, and then a final one later in the spring after your FAFSA is filed, Profile corrected (if necessary) and you're working with definite figures for 2008 income.</p>
<p>But, no, it's probably not a mistake or a lack of updating on Tufts' part. This isn't uncommon for ED applicants.</p>