Fill out FAFSA and CSS ASAP and then modify??

Paying for College
1

<p>I'm having a really hard time getting my mind around the idea that I have to put information that is sure to be WRONG into the CSS Profile and FAFSA in order to get them in ASAP. And the CSS Profile cannot even be amended online? </p>

<p>I am trying to work on a preliminary estimate of our 2010 taxes right now but of course the forms and software aren't even finalized yet, and I'm not sure if the preliminary version does or does not reflect the tax cuts which will probably be extended....</p>

<p>So is it <em>really</em> best to do an estimate now and then have to fix it all in February, rather than just doing it all right in early February?</p>

<p>I'm not sure if we missed a priority deadline at Northeastern. My son applied EA and they recommend that you submit the CSS Profile by December 1 for a tentative award, but their final deadline for both EA and regular is February 15. There was no way I could do anything even close to accurate at that time as we had a huge financial detail up in the air until this week. But other than not hearing what his finaid offer would be at the same time as he hears from Northeastern, have we possibly hurt his chances by applying late? (I believe that he will qualify for merit money from NEU on the basis of being a National Merit SF, in which case he probably won't qualify for any need-based aid on top of that anyhow.) </p>

<p>What a pain!!!</p>

2

<p>First, you cannot do the FAFSA until January 1, 2011. It is not available for the next school year 2010-2011 until then.</p>

<p>The Profile IS available now. Yes, you missed the Priority deadline for Northeastern. Many schools like their EA applicants to complete the Profile by the priority deadline so that they can prepare an early estimate of financial aid.</p>

<p>Re: completing the forms now…It’s December 11. There are only 3 weeks (less) left of 2010. To get the estimated information, you need to look at your last pay stubs…and look for “year to date”. This will give you the taxes you’ve paid so far AND your salary so far this year. Just figure out what your weekly amounts are and add those to the numbers on your most recent pay stub to get an ESTIMATE for the Profile. If your financial situation is similar to last year, you can also use the information from the 2009 taxes to help you with these numbers. Just make sure that you are as accurate for 2010 as possible. You should be able to be MIGHTY accurate using your pay stubs.</p>

<p>So…submit the Profile now. Then on Jan 1, submit the FAFSA. In both cases you will be indicating that you have not yet completed your 2010 tax return (on the FAFSA, your status will be “will file”). Send to the schools…this gets YOUR kid’s financial aid application in their queue. Some aid is first come/first served so you want to apply as early as possible.</p>

<p>Print out a copy of the Profile when you do it…you will need this to update at some schools.</p>

<p>Then do your 2010 taxes AS SOON AS YOU CAN after Feb 1 when you will have all the info. This is NOT the year to do your taxes close to the April 15 deadline…do them ASAP.</p>

<p>Call your college and find out how THEY want the Profile updated. They will tell you. In our experience, there were two ways…either the school asked that you send a paper copy with the corrections written on it, OR the school used IDOC and if that was the case, you didn’t make corrections, you just sent the supporting tax documents to the IDOC.</p>

<p>For the FAFSA, you will go online, change the numbers to reflect the accurate numbers from your 2010 tax return, change your status to “taxes completed” and resubmit to the colleges.</p>

<p>I suppose for NEU, you “could” wait and complete your taxes by Feb 10 or so (do them early to allow time for processing of the Profile and FAFSA) and then complete the FAFSA and Profile then. I don’t know if NEU has any financial aid awards that are time dependent (in other words you miss out if you miss the priority deadline). At both of my kids’ schools, EA applicants who wanted to be considered for scholarships were REQUIRED to meet the priority deadline for many of the most generous scholarships. You can call NEU and ask them.</p>

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<p>My husband is self-employed and we have a couple of additional complications to our financial situation right now that will impact the numbers, so I can’t get as accurate a picture as most people with just W2 earnings can at this point. Our income is very variable. I should be able to do our taxes accurately by mid-January, but as of right now this would still require a lot of guesswork. </p>

<p>We also have a house foundation repair that is being completed after which I hope to be able to refinance the mortgage and pay back the loan I had to take from my retirement fund to cover it. It’s going to be important to get that done before I file for financial aid due to the different treatment some schools may give to retirement versus home assets. (I couldn’t take the money for the repair out of the equity in the home initially because you can’t refinance a home with foundation damage – no one will close a loan on it.)</p>

<p>I’ll call NEU and find out whether the date of filing will make a difference for my son’s situation. </p>

<p>Thanks for your input!</p>

4

<p>One more related question – when providing asset information, is it as of Jan 1, or as of the date of filing the form?</p>

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<p>Your asset information is put on the finaid application forms as of the date of initial filing of these forms. The asset portion is NOT allowed to be amended unless you made a mistake.</p>

<p>Someone else will have to comment on the money borrowed from your retirement, paying it back etc. I’m not sure HOW that affects the filing of the FAFSA. Money in your regular savings is counted as an asset. Money in your retirement accounts is not. </p>

<p>I would suggest you use one of the online calculators and see IF the refinance makes any difference at all in your estmated family contribution. You may find it doesn’t. </p>

<p>I know that the self employed often file their taxes much later than those who receive W-2 forms…but really, I think you need to talk to NEU. They may just say “wait and get it done by February 15” and if that is the case, then just wait. But if they say “estimate and then amend”…you should do that.</p>

6

<p>Thanks! We’ll check how the refi might impact things, and may need to wait until it is done to do the initial filing if that is going to be a better financial position to take a snapshot of. We’ll talk to NEU but may need to wait anyhow.</p>

7

<p>mathmom…the most important thing to remember is to file within the NEU deadline they give you. Otherwise you will get NO institutional financial aid, or limited. These schools have deadlines for a reason. Don’t miss the deadline regardless of your foundation money issues. Get the form initially submitted within the deadline.</p>

<p>Remember too…any financial aid award your child gets before you complete your 2010 taxes will be an ESTIMATED award only. Until you complete your taxes and amend the financial aid application forms, your child’s award will not be finalized. So…try to be ready to file those taxes and complete those forms as soon as possible. And remember too…it takes time for the Profile and FAFSA to be processed. Some schools suggest that you file a week prior to their deadline. I have also heard that filing on the deadline is fine too because the schoosl then upload at a later date. BUT personally I would not take any chances…get these done a bit early so you won’t need to worry.</p>

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<p>I will definitely file before their final deadline of Feb 15 (seems to be common across all my son’s schools). The question is really about the trade-offs in trying to apply much earlier than that when (a) I may not have accurate financial data, and (b) our financial snapshot may be distorted by the foundation/refi/retirement issue.</p>

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<p>My son was accepted EA at NEU last year and we did not file FAFSA and CSS Profile early, just met the February deadline. With his acceptance, he was notified of merit scholarships, but of course did not get an early estimate of the complete FA picture. I do not believe that you have eliminated the possibility that your son will be awarded either merit or need-based funds from NEU. You just will not have an early chance to evaluate the affordability.</p>

<p>My husband is also self-employed and it was difficult enough to get all of the financial aid required back-up by February, so I know what you’re going through!</p>

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<p>Thanks for the reassurance archiemom! :slight_smile: We’ve been preparing for this so I am hopeful that I can get everything filed by mid-January, but not sooner with any kind of accuracy.</p>

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<p>I just wanted to update that Northeastern sent us some clarifying information about scholarships and financial aid, and we did <em>not</em> miss a priority deadline. While they will take the CSS early to give you an early estimate of financial aid, their priority deadline is February 15th. Their letter stated:</p>

<p>“In addition, to be considered for financial aid, please submit the CSS Profile and FAFSA by the priority deadline of February 15.”</p>