<p>hey, so I know I was supposed to have done FAFSA as soon as I could after Jan 1, and it's probably bad that I'm only starting now. My dad just told me that he probably won't get this year's taxes done in time for one of my school's deadlines, so could I just submit the form with the tax information that we have from last year, and then when he gets this year's taxes done, somehow update the form, or inform the school that our income has changed? The change in income from last year to this is supposed to be a pretty big one, and I think it could help me in terms of getting more aid if I could update it...</p>
<p>Is the income LOWER this year? If so, PLEASE tell your dad to get his taxes done as soon as possible. You can go ahead and file before the deadline using last year’s numbers - then update when taxes are done. However, it is best to either get a good estimate for this year or get this year’s actual numbers prior to the school’s deadline. The reason I say this is because there is not always extra grant money to hand out later. Let’s say you qualify for a $2000 need based grant when you file with the estimates. You will get that. Then let’s say your EFC is a lot lower when you update it with actual info, and you could qualify for a $6000 grant. If the school’s pool of grant money is gone by the time you update your information, you might not be able to get that extra $4000. Or if you have an EFC of 1000 at a school that only gives SEOG (federal money) to students with a 0 EFC, you wouldn’t get it … then when you update your FAFSA and get a 0 EFC, the SEOG could already be gone (it’s a limited pool of money). So plead with Dad to get his taxes done ASAP!!</p>
<p>My nearest deadline is February 1st, and then February 15th after that. He says he’s going to try to finish them before the 1st, but will definitely file them before the 15th. Do you think that two week period will make much of a difference?</p>
<p>There’s no way to tell. It depends on the school, it’s policies, your EFC, etc. It is just always best to make the deadline and to have “good” numbers. A good estimate will work, if that is the best your dad can do.</p>