<p>Hi,</p>
<p>I know most people suggest filing as early as possible and then ammending if necessary. If we know our tax return is going to be reasonably different from last yeat doesn't it make sense to file the return first, get the correct numbers, and then file? We could probably still file FASFA by the end of January. It seems like if we were awarded any money they could just take it away - is there any reason filing early and ammending is a good idea?</p>
<p>I'm a first timer also. My understanding is that aid is handed out on a first come first serve basis. If money available for financial aid is limited it is better to file early and ammend later on the premiss that it is easy to take money away from you but not always easy to give you additional money later on. That said I am not sure if it makes much difference as long as you file by the priority deadline. I am sure if I am wrong someone will come along and correct me :) (which is fine as I am trying to educate myself on the process also)</p>
<p>Yeah- just make sure you meet the school's deadline. Swimcatsmom is right about some aid being awarded first come first served, and also about it being easier to reduce the aid package than increase it.</p>
<p>End of January is still pretty early, and well before most FAFSA deadlines (Profile deadlines are often earlier). But many people don't even have their W-2's and 1099's until the end of January-- so you may want to plan on estimating and amending. If you're going to estimate and amend later, estimate income conservatively. Use the FinAid calculator to test various income/asset combinations to get a feel for how the formula works.</p>
<p>Can I apply for the 2006-2007 and 2007-2008 FAFSA on the same day? I need the 2006-2007 FAFSA for the summer session at one of my school which takes place this coming summer.</p>
<p>A Princeton Review Financial Aid book my mom has recommends waiting till later because of a lower chance of having it audited. They equate it to taxes: the closer to April 15th you file, the lower the chance it'll be checked out (greater volume).</p>
<p>Not sure if they're right, just giving you what they said.</p>
<p>So here is what happened to us: BCC (Before College Confidential)</p>
<ol>
<li><p>A couple of kid's schools had a deadline of Jan 15 for FAFSA. I talked to aid office and they said to not to worry too much, that they are still are trying to catchup on current student's FAFSA (Winter quarter/Spring Semester) but try to get the FAFSA/aid forms in ASAP. </p></li>
<li><p>We were 100% pay and we were filing FAFSA to qualify for Unsubsidized Stafford and PLUS Loans. If any Scholarships to be offered, then we would pleased but the FAFSA and aid forms had to be filed as early as practicable.</p></li>
<li><p>Amazing things what computers and data bases can do. Junior college year, I missed a 1099-int statement, and the DOE (people who run FAFSA sent me a correction to the FAFSA that corrected my 1040 tax form by <$2.00, had no affect on the merit scholarship or on our taxes, and duly noted by son's school. The IRS sent me a like notice of the correction to our taxes but a month after DOE. </p></li>
<li><p>FAFSA may be corrected after filing either by the filer, the school, IRS, or by DOE. I am not exactly sure who corrects the data, but I am 100% positive that the data is checked. </p></li>
<li><p>We were audited (1040 for both us, the parents, and son) every year (4 years) even though son had a merit, institutional, grant that had no restrictions, and we did not qualify for financial aid. </p></li>
<li><p>Never, Never, NEVER forget, misplace, lose, your FAFSA pins.</p></li>
<li><p>I'd file early and correct as data is collected. You can make unlimited number of corrections. Most corrections will have little bearing on the outcome unless they are some unusual situations such as winning lotto, job lose/gain, illness, etc.</p></li>
</ol>
<p>killer:</p>
<p>I've not tried it-- just be sure that you complete the year FAFSA that your school requires by their deadline.</p>
<p>Both the 06/07 and the 07/08 are currently available for completion now-- I think the 07/08 just came online today. The 06/07 will remain available to complete until July '07. So I THINK you can complete the 06/07 now, and then go back in and use it as a template for the 07/08. I know when we did our second year, we were able to use the previous year as a template and it saved some time.</p>
<p>toomuch: Audited (income taxes), or verified (FAFSA was compared with 1040)?</p>
<p>no need to rush -- just make sure it is filed by the college's deadline.</p>