Change in financial circumstances

Paying for College
1

<p>Hello all,</p>

<p>My family and I moved back to the US last year after an extended time abroad, so we had a whole lot of financial changes going on last year. This means, according to my father, that our earnings are recorded in the 2012-13 tax files as MUCH lower than this year. To give you an estimate, the difference in EFC between our info for the last year, and our info for this year, is a jump from 7000 to 24000 dollars.</p>

<p>Money is going to be a problem, because my dad told me that he can only pay about 7000-10000 for my tuition. I've applied to quite a few merit scholarships, but still, I want to be able to compare and fully understand my financial aid packages so that I don't get a brilliant package this year based on the 2012 info, and then not be able to afford college the next year based on the 2013 info.</p>

<p>How should I deal with this on the FAFSA? Is there any way to make sure that the FAFSA matches our current financial situation, and not the old one?</p>

<p>(Also - how do I breach the money conversation with my parents? I'm personally puzzled at the disparity between our earnings and what my dad says he can pay, but I'm not sure how to ask without seeming really rude. I want to know the facts but I feel that my dad wants to take care of it without telling me.)</p>

2

<p>I’m not clear on what you mean by 2012-13 tax files. Each year is it’s own tax year. The fafsa for the 2014-15 school year will want 2013 income and tax info. You need to make the best estimates possible for 2013 using year-end paystubs and whatever other doc there may be. If 2012 was significantly different than 2013, don’t use the 2012 info by itself as your estimate. After taxes for 2013 are done, you go back into fafsa and update it with the actual 2013 income and tax info. Asset amounts should be accurate as of the first fafsa filing and not updated the 2nd time.</p>

<p>If you’ve already done fafsa for 2014-15 with just the 2012 info as the estimate, go back into it once it’s been processed and put in better estimates for 2013 and resubmit. Don’t change the assets.</p>

<p>Please clarify the situation.</p>