<p>Hi,
I'm going to be a rising senior in high school this fall. I already have a list of colleges I want apply to. So I started thinking about FAFSA and after checking the FAFSA website I still can't figure out the date when I can start applying for FA. I heard people saying that it's Jan 1, 2011. </p>
<p>1.Is it so? </p>
<ol>
<li><p>When can I expect to receive the answer from FAFSA and from colleges I apply to(about FA)?</p></li>
<li><p>And do colleges look at the amount of money FAFSA gives me in order to offer me the right amount of scholarships/grants/loans?</p></li>
</ol>
<p>Yes, January 1st is the first day you can file the FAFSA.</p>
<p>You can expect a response as early as the day you get accepted (if after the school receives the FAFSA) or for my school it was in April.</p>
<p>FAFSA does not give you the money, it provides the information to the schools to make their own decisions on scholarships/grants/loans. The only reason it goes through the government is for Federal grants and verification of the truthfulness of the data.</p>
<p>sxe- “When” to file your FAFSA usually depends on the college’s deadline for FA. Most are March 1st, but some are earlier - check each school you are applying to. The earliest is as said - Jan 1st. Since your parents won’t have their taxes completed by then - there’s a box to check that these are estimates and they will file. You might have to do an amended FAFSA after taxes.</p>
<p>Note - if you are applying to any colleges which require the CSS Profile - sometimes the colleges require that form “earlier” especially if you are applying ED, or EA. E.G. BC EA requires the CSS Profile by Nov 16th.</p>
<p>See the below site to get an idea of what’s involved in the FAFSA.</p>
<p>Re: taxes…this year, your senior year in high school…your parents will want to complete their taxes AS SOON AS POSSIBLE after Feb 1 (which is when they should receive all W-2 forms). </p>
<p>You can file your FAFSA any time after January 1, 2011 for the 2011-2012 school year. If you file it before your family has completed the FAFSA, you will complete your FAFSA using a “will file” status meaning that you WILL be filing your taxes but haven’t yet done so. BUT use the very best estimates on income/taxes for 2010 as you can using your last pay stubs from the 2010 year, and current bank statements for assets.</p>
<p>You can submit this FAFSA and you will get an EFC from this submitted “will file” FAFSA. However, you really MUST complete your taxes ASAP and then go back into the FAFSA and amend it, changing the numbers to reflect those from the 2010 tax return. You will then change your FAFSA filing status to “taxes completed”.</p>
<p>The colleges might process an estimated financial aid award based on your “will file” estimated FAFSA. BUT your aid will not be finalized by your school until you amend the FAFSA to reflect the figures from your 2010 tax return and change your filing status to “taxes completed”. And yes…if the estimates are different from your final FAFSA, the aid can change.</p>
<p>Another very important thing…do not miss the DEADLINES for filing all financial aid application materials. Check EACH school as deadlines vary…as do required forms and supporting documentation.</p>
<p>What do I need to fill out the CSS Profile? And what is the deadline for regular decision?</p>
<p>Btw, quick off-topic, should I apply ED to a reach school? I will not be able to pay for it (40k+) in case I’m admitted and I don’t want to have 20k in loans left either, should I bound myself with that top school? I don’t know how the process works, it says that I will have to go to that school if all my needs are met, but as I already have said I don’t need huge loans.</p>
<p>You will need your completed tax returns or excellent estimates of income and taxes paid, bank statements, mortgage loan statements, any investment income information. If you complete the FAFSA first, you will have the bulk of the info you need. You will need both YOUR information AND your parents’.</p>
<p>Re: the deadline…you will have to check EACH SCHOOL. The deadlines vary by school…and also vary for regular vs early decision/action.</p>
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<p>If financial aid is a very significant consideration, I would suggest you NOT apply early decision anywhere. ED means you will not have multiple financial aid offers to compare. Some offers could be significantly better than others.</p>
<p>thanks thumper1, the colleges I’m going to apply to only have ED and no EA… so I guess I’ll be applying regular.</p>
<p>let’s take RPI, for example. OCTOBER 1: As soon as possible after October 1, 2009, complete and submit a 2010-2011 College Scholarship Service (CSS) Profile This is going to be tough to estimate our income,taxes,etc for the 2010 year prior to receiving all the info in February. How is it usually done? They want it as soon as possible after October 1 but I don’t think February is early enough…</p>
<p>If you are receiving pay checks…EACH check should have your gross pay and all deductions for that period listed on it AND your Year to Date gross pay and deductions. Your deductions would include taxes and perhaps contributions to things like 401K accounts for retirement…all things you need.</p>
<p>Anyway…you would take the MOST RECENT pay stub to when you file the Profile and then look at the number of pay periods until December 31. You should be able to take your pay and deductions and figure out how much to add on to provide good estimates of your end of year earnings and taxes.</p>
<p>OP - Are you applying to Rennselear? Did your school name you as their medalion nominee? If your school did not name a medalion winner, see if you qualify and if RPI will let them name you at the beginning of senior year. If you are accepted to RPI it will be an automatic merit award of 60K (but you must be nominated by your high school and you need high stats to qualify).</p>