This will be our first time filing the FAFSA. I know it’s supposed to be filed ASAP after January 1, but will it make a difference if we wait just a few days? We sent info to our accountant but haven’t received his preliminary estimates yet, though we will in the next few days. We could fill out the FAFSA today based on the information we sent him, but I’d rather wait till we hear back (tomorrow or this weekend, most likely).
Also, does the timeliness of filing matter more (or less) for private vs. state schools? We will only be sending the FAFSA (and CSS Profile and other school-specific forms) to private colleges. Does it make less of a difference for them (because of potential differences in private vs. state schools’ financial aid sources) whether the FAFSA is submitted on January 1 or, say, January 4?
Each school has a priority deadline. You can look it up on the school website. Most of them are Feb 1 on my D’s list of schools. Chances are your FAFSA will sit in a pile at the financial aid office if given too early for your application pool–i.e., they will be working on ED 2 financial aid applications before the RD ones so if you’re in the RD pool a few days certainly won’t make that much of a difference.
How can one fill out the FAFSA on Jan 1 or Jan 4? I will not get my W-2s until Feb.1st at the earliest, I then must hand over all my information for my accountant to do my taxes for 2014. So, how can one fill out a FAFSA before having the accountant do our yearly taxes. This makes no sense.
@Kgos16 Yes I may be able to do that but is it necessary? She has been admitted to Cornell and the finance office states that the deadline is Feb 15th., wouldn’t it be prudent to have my taxes done before the 15th of Feb and have the numbers transferred to FAFSA directly from the IRS? Why should I fill out FAFSA now? It seems to serve no purpose.
Please if I am missing something here somebody school me…She’s my first attending college.
Oh yeah…She does not want to work her first year in college. There is a federal work study on the FAFSA, I assume she should check NO for federal work study? Would that diminish her award, if any?
@lkgrg17 You are going to want to submit the FAFSA by Cornell’s priority filing date. Every school has different dates, some earlier than Cornell’s and some later. As long as you get it in by Feb. 15, it isn’t necessary to submit this early. Also, regarding the work study: I would recommend checking “yes” on that question. Should your daughter change her mind or be presented with a work study opportunity later on she will want work study available should you qualify. It will be better that she has the option to decline the funding through her school when they offer the award.
Lkgrg…there are some forms of federally funded need based aid that have limited funding per college campus. Thses include federal work study, Perkins Loans, and SEOG (if the college has that at all). All are need based aid awards for lower income stidents. They are typically awarded on a first come, first served basis based on FAFSA initial filing date.
So…the early bird gets the worm on these, as the funds could run out.
Okay I am starting to get the idea of the FAFSA. The consensus is that we should check YES for “federal work study” even though she prefers NOT to work her first year, because it leaves the option open and she could decline to work while at school if she so chooses.
The advantage of filing FAFSA early is to have the earlier filing date because some funds run out. I will heed this advice, thank you.
If you have all your data together, it does not take long to file the FAFSA. We had it together from filing PROFILE for one school in November. It is said everywhere not to wait for your W-2’s, etc for 2014. You should file using 2013 numbers and update when you file your taxes. Some money for your campus may run out. It’s first come first served. We did it today.
Thanks, @redpoodles and @4kidsdad. It looks like this thread got off-topic—if anyone else has any input on the original questions I asked, I’d appreciate hearing it.
This is really helpful info! But I agree, I think it’s bizarre that we have to have all this done long before we could possibly have 2014 tax info. My income is variable from year to year, and the tax forms are complicated enough that I’m not sure what the figures will be (adjusted gross income, etc.) even though I basically know how much I made last year. I will go ahead and estimate all the numbers (not based on 2013, though, since those numbers are quite different), and then re-do it all after I get my actual tax info. To make matters even more complicated, I receive my tax forms from my business partner’s CPA, and both the business partner and his CPA are notoriously slow. So I will have to put major pressure on both of them to even get the forms by April 15! Meanwhile the schools are wanting everything by Feb 1. Sigh…
Schools need time to prepare finaid packages by late March/early April before decision time. They don’t have the manpower to do it all in a month. They can get started based on estimates and update later. Yes, it’s more difficult for the self-employed and business owners.
Okay I am starting to get the idea of the FAFSA. The consensus is that we should check YES for "federal work study" even though she prefers NOT to work her first year, because it leaves the option open and she could decline to work while at school if she so chooses.
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Wait!
If your D is awarded WS her first year and then declines it because she doesn’t want to work, then do NOT expect to get W-S award for any later year. Once you decline it, it goes to someone else…and that person will likely get it the following years.
Once you indicate that you’re not going to work the given WS, don’t expect to get it back later.
If you officially decline the work study(through the school portal or otherwise) I don’t know how it affects future work study, it may be by college. My experience is if you don’t decline it but just don’t get a work study job, you’ll still be eligible for work study in future years, assuming you still qualify financially.
You can always accept the ws and then not work it. This isn’t nice to others who want the funds but is allowed. There are so many options that even a student who doesn’t think she wants to work may find a ‘job’ she really wants to take -working for a prof, painting sets in the theater, working in the admissions office. There also could be a job that is a block of time over the intercession so not conflicting with class.
I don’t agree. Need based financial aid is calculated and awarded annually. If the student declines WS this year…in the vast majority of cases, this will have no affect on next year. Next year is a completely new year.
But once the award is declined for THIS academic year, the student can’t expect it to be reinstated the following term, for example.