Exactly how do you do this?

Paying for College
1

<p>Hi CCers,</p>

<p>One of the colleges I'm applying to has a FAFSA due date of 2/1. Of course youre spposed to use 2006 tax returns. But, they do not come until end of January. I got some advice from a fellow CCer, </p>

<p>you estimate your numbers, submit FAFSA, and go back and correct them when you complete your tax return. Do not wait.</p>

<p>How do you do this exactly? Do you use 05 numbers?</p>

2

<p>You need to use 2006 numbers. Perhaps use your family's final paycheck stubs from December, the year-to-date totals, assuming everyone has traditional jobs. </p>

<p>If the income is from business ownership, use the 2005 tax return as a baseline, and calculate an approximate percentage of change (whatever is appropriate depending on what kind of year you had).</p>

3

<p>you use 05 numbers and update when you get 06.</p>

4

<p>In our case we know our '06 income is going to be considerably lower than our '05 :( so we will not use '05 but are trying to get together enough information to make an educated guess.</p>

5

<p>Estimate income conservatively. Rather start with a lower EFC and higher tentative aid package, than vice versa. Then when you correct the FAFSA, you won't be in the position of hoping that the college increases your aid package.</p>