<p>For the High School Class of 2009 which year Tax returns will be looked at 2007-2008(April 2008) or 2008-2009(April 2009).
What is the upper limit to get any aid? Does it make any sense to control 2008-2009 income in order to increase chance of getting financial aid or is it pretty much no-no above 150K.</p>
<p>First, you'd be better served by looking in the Financial Aid/Scholarship forum. There have been previous discussions concerning the latter two points of your query, and posters far more knowledgeable than I able to address them.</p>
<p>Please also consider the differences between the FAFSA and CSS profile methdologies.</p>
<p>Regarding your first point, I'm assuming an '09 hs graduate matriculating at college for Fall '09. In that case, the financial aid is calculated based on the '08 federal tax info.</p>
<p>Both. For graduates in 2009 (currently juniors), the FAFSA, unless it changes, will ask about your 2007 taxes. Then you will estimate your 2008 taxes for the FAFSA to submit in February or March. Once you've done your 2008 taxes, you will amend the FAFSA with the actual numbers.</p>
<p>If the school requires the Profile, you also be asked about 2007 and 2008 taxes.</p>
<p>Of course, things may be change between now and then - this is the situation for the high school class of 2008.</p>
<p>"is it pretty much no-no above 150K."
It can be pretty much a "no" at a lot lower level, depending on the school's endowment, how they calculate "need", and their ability to give financial aid.
And 2007-2008 is the tax year financial aid offices will be looking at.</p>
<p>Thanks for all the responses; I'll look into the Financial Aid/Scholarship forum.
I won't sweat about making changes.
Does it make any sense applying then?</p>
<p>This is a good time to start seeking information on this -- at least you know what is coming up. There is a book called "Paying for college without going broke" -- it is worth reading, it explains the system very well. Get the latest edition -- 2008. </p>
<p>Thanks hsmomstef; I'll try reading it but after visiting a
Expected Family Contribution website just now I don't think it will make any sense applying.</p>
<p>probably not -- but the book also contains good information about how the process works, merit vs. need awards, and more. Might help when adding safeties to the list.</p>
<p>I'll certainly try to read the book to familarize myself with the process. But I didn't get how it will help adding safeties? We are looking at UC's for safeties.
We will stop at UCSD if her SAT1 is inline with her PSAT otherwise we will move down to UCD, UCSB, UCI in that order.</p>
<p>It is always good to understand how the process works -- profile vs. FAFSA only schools, schools which require FAFSA for merit aid, etc. I am not familiar with the UC's -- I just know that other posters have recommended the book, regardless of whether you think you qualify for aid or not. Especially when it comes to state universities.</p>
<p>OP</p>
<p>If you are looking for $$, I would apply to the mid-tiered UCs too. For example, my son was offered UCI's Regents Scholarship ($9K/yr). Although accepted at UCB, UCLA and UCSD, he was not offered Regents at those schools.</p>
<p>The FAFSA you complete for financial aid for September 2009 will be the 2009-2010 FAFSA which will be available for filing on January 1, 2009. If you do it in January you might use estimates based on your 2007 taxes, but it is better to use actual estimates based on your final pay stubs and statements from December 2008. You will do your 2008 taxes to enter the corrected info on the 2009-2010 FAFSA once your taxes are completed.</p>