<p>Ok, I'm new here so I'm sorry if these questions have already been asked, but here they are anyway. Colleges and teachers tell college-bound students to apply for financial aid as early as possible. But, the FAFSA isn't available online until January 1. Are we supposed start filling out the FAFSA before January 1 and then submit it online on January 1? I don't think that's possible though. Or, is there like a "mad rush" of college bound seniors who start to fill out the FAFSA online at 12:00 am, January 1? </p>
<p>Also, how do they expect families to fill out the FAFSA if most families don't file their taxes until later in January or even February? My families financial situation has changed pretty drastically from the previous year so I can't exactly use the information from last year's tax return. If I end up not submitting my FAFSA until late January or even February, will I be receiving the short end of the stick when it comes to financial aid? Can somebody please help me out? </p>
<p>Also, both my sister and I will be attending college next year. How does that affect our financial aid?</p>
<p>You can file a provisional FAFSA on January 1, with a status of "will file taxes". Or you can wait until your taxes are done and file a final FAFSA. Companies have until January 31 to mail out W-2 and 1099 forms, so federal taxes can't necessarily be filed before then. However, you'd have most of the information you'd need by January 1 based on end-of-year payroll stubs and banking/brokerage statements.</p>
<p>See this thread for more info, and search through this forum as there's lots of information on the timing of filing here:</p>
<p>With 2 children in college, your Expected Family Contribution will be divided more or less in half and allocated to each student. So if your total EFC is $10,000, then each student's EFC will be roughly $5000.</p>
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<p>Are we supposed start filling out the FAFSA before January 1 and then submit it online on January 1? >> </p>
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<p>No...but you CAN complete the fafsa using a "will file" status in January prior to completing your 2008 taxes. You will use estimates for income and things like interest for your bank accounts. The ASAP after Feb 1, complete those 2008 taxes and then go and amend the FAFSA to reflect the accurate info from your 2008 tax return. This is NOT the year to wait until April 15 to complete your taxes!!</p>
<p>In January, you will submit the FAFSA using that "will file" status. When your taxes are completed you go back IN to the FAFSA website and you amend the FAFSA that you completed with the infor from the taxes and send again. You do NOT complete a whole new form...you just make the necessary corrections. In fact...there are fields you will NOT be able to change when you go in to amend. DO NOT DO A SEPARATE FORM...amend the one you submit as a will file.</p>
<p>You can actually go online now and complete an estimated FAFSA: FAFSA4caster</a> - U.S. Department of Education. This will allow you to get an idea now about what your EFC will be. This will answer your question about how having 2 in school will affect your EFC (it cuts it in half for each of you --- and you BOTH have to fill out your own FAFSA). The info you input will roll over onto the "real" FAFSA when you go to fill it out, and you'll just have to update the financial info and add school codes.</p>
<p>In January, you can go back to the estimated FAFSA you filled out. Have your parents give you info based on their "best guess" if they will be dragging their feet to file taxes. Update your numbers, add in your school codes for where you want the FAFSA info sent, and you will be all set. You'll need to finalize the info once your parents file their taxes.</p>
<p>Let me say this, though. There is no need to "rush" on January 1st. As long as you submit your 2009-10 FAFSA before the priority date for your schools, you will be able to receive the maximum amount of aid possible. If the priority date is Feb.1 or March 1, filing January 1 doesn't help you in any way. Every school is required to post its priority date, and all students who file by that date (and complete all additional requests for info, if any, as required) will receive priority consideration. WRITE DOWN the priority date for each school to which you are applying, then MAKE SURE you submit your FAFSA before the EARLIEST date on your list. That way, maybe your parents can get their taxes complete by that time. If not, then you can just submit it as "will file" and update later.</p>
<p>Kelsmom is correct....you don't need to complete the FAFSA on January 1. But do check the DEADLINES for your schools. CHECK THE DEADLINES. Some schools have early to mid January deadlines...they really do....and you should adhere to those deadlines. If the school says the FAFSA deadline is January 15...get the thing submitted as a "will file" by January 15. DO NOT MISS THE DEADLINES. (there have already been too many threads here about folks missing early deadlines for the Profile filings...If this keeps up, we'll be hearing the same about the FAFSA). Check the DEADLINES and don't miss them.</p>
<p>DD's FAFSA deadline was Jan 15 as a Freshman, soph and junior years. For some reason (and I'm not complaining) they've changed the FAFSA deadline for returning students to March 1. WOOHOO!! But I sure did CHECK FOR THAT DEADLINE...on the school website...and more than once.</p>
<p>IF YOU ARE ASKED FOR ADDITIONAL DOCUMENTATION BY A SCHOOL AFTER YOU FILE YOUR FAFSA, SEND IT IN AS SOON AS IS HUMANLY POSSIBLE!!!!!</p>
<p>I know students who applied on time, but they ignored the school's requests for additional documentation (such as verification forms). They lost out on SEOG and work study as a result.</p>