<p>D will be a freshman this fall - our/her hope is to buy her a used car by next summer. She will use some of her savings to put towards it - let's say around $3000. So, if we file FAFSA in January we wish those $ were not part of the equation of $ she can afford for college - does that make any sense? </p>
<p>My question - is there much of an advantage to buying the car before January? For returning students/FAFSA applications is the deadline different for when we have to submit - typically can they be submitted later - say in spring after we might have purchased the car?</p>
<p>We've/she have put off buying a car, but by next summer it becomes more of a necessity. Any advice appreciated....</p>
<p>To my knowledge, a schools deadline to file FAFSA is a schools deadline whether for new or continuing student, but go to the schools website and check. FAFSA will want to know what cash your D has in her accts on the day FAFSA is filed. So make sure you file FAFSA according to the schools deadline and buy the car the day before.</p>
<p>The deadlines for completing the FAFSA for returning students vary school by school. For DD, the deadline was exactly the same as for incoming freshman. For DS, the deadline was well into March...maybe even April. It was MUCH later (and much more convenient). Regardless...the money you have in the account when you do the FAFSA the FIRST TIME for a year should be reflective of the amount in the bank that day. For example, if you file as a "will file" status in Jan, and then amend later on, you do not change the bank account info, just the info that is reflective of your completed tax return.</p>
<p>Don't know what the tax situation is in your state, but would it be an advantage to buy the car/pay the tax before Dec 31? Just one more variable.</p>