sillysockcat just posted a thread about her FAFSA. I’m the parent of a senior who is now applying to colleges. Are we supposed to file the FAFSA now and update tax info in March or do we wait until 2015 taxes are complete?
The 2016 FAFSA application opens on Jan. 1, 2016. You can fill it out with your estimated tax return if your tax situation will be similar to the previous year, and then revise it once your taxes are done. Depending on the state and the school,!it can benefit you to complete the FAFSA early in order to get the best financial aid. Since both the student and parents need a PIN number in order to sign the FAFSA electronically, you can speed things up by applying for the PIN ahead of time.
No, you can’t fill out the FAFSA now because the one open now is for 2015-16.
When you are applying to schools this year, the college will tell you on the admissions and financial aid pages if they need anything from you now. Many private schools will use the CSS Profile which you do file in the Fall with best estimates of 2015 income. Then when you file FAFSA 2016 they only need to adjust for small changes, if any. They use the CSS Profile to calculate their own financial aid and from those numbers they can easily figure what federal aid you will get and put that in the letter you get with or shortly after an acceptance.
File FAFSA as soon as you can in 2016 and check deadlines. If deadlines are before taxes are finished, then yes file with estimates. Some aid is first come first served, like SEOG, Perkings loan, work/study.
Thanks. I’m very relieved. The other thread had me worried. This won’t be my last stupid question this year. I tried to search but didn’t find the answer. 
And, when you complete your fafsa, be careful that the information is accurate. The two or three threads going on now are because there were errors on the information reported on the FAFSA.
PIN numbers are no longer being used. The student and one parent each need to apply for an FSA ID. You can do that at the link at the top of the fafsa page.
^ Thank goodness for PINs being dropped. I don’t remember mine and I still have 3 more years till DS will apply.