FAFSA Help

Paying for College
1

<p>My parents are trying to do the FAFSA now that it's out but we're having a problem. It's asking for information about our 2007 tax return, but of course that doesn't come out till later. We can't wait because some schools I'm applying to have very early deadline dates for FAFSA. (The University of Miami's due date for FAFSA is Feb. 1st!)</p>

<p>What are we supposed to do? Estimate? My dad said he could probably calculate all the income stuff himself ahead of time, but we're still waiting for all the information from my parent's employers.</p>

2

<p>Yes, estimate.</p>

3

<p>You file the FAFSA using "will file" as your status. This means you will file your 2007 taxes but haven't done so yet. Use your best estimates on income and taxes based on your end of the year pay stub and your last year's tax return. Submit the FAFSA. Then do your taxes as soon as possible after February 1. Go back to the FAFSA website and amend the form using the numbers from your 2007 taxes. Change your status to "taxes completed" and resubmit.</p>

4

<p>So the estimate used in the "will file" will fufill the Feb 1st deadline but will not give you a completely accurate EFC, correct? Will colleges give financial aid without a "taxes completed" FAFSA? or do they estimate as well and then give a final answer after all is said and done? Thanks.</p>

5

<p>Some colleges require a signed copy of your final 2007 tax return. Some will provide an estimate based on your numbers and confirm it after you submit the copy of your tax return. You should check with the financial aid office to see each schools particular requirements. In fact, some require you submit a signed 2006 tax return now and the 2007 when done. Final awards are not given until you provide your actual, not estimated, 2007 information.</p>

6

<p>Thank you tphssenior~</p>

7

<p>Ugh, this isn't going to end well. Every year, my dad applies for a tax due date extension. (The ultimate procrastinator) Well, I guess he will do it if it's for college.</p>

8

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<p>The years you file for financial aid, you should plan to file taxes as soon as possible. Schools typically award their finaid with their packages, or certainly in time to review before the May 1 commitment date. If you get an extension and don't even FILE until after April 15, you probably will not get a finalized financial aid package by May 1.</p>