<p>My parents tell me they don't have any of the information for year 2006 yet. They have 2005 stuff, and that's what I have on my Fafsa right now.. what should I do?</p>
<p>You can file the fafsa, but you must update with your 2006 information. In addition it is important that your parents gather their information and file their taxes, asap because they will have to send their 2006 information in addition to their 2006 w-2s along with a signed copy of their 2006 tax forms in order for you to get FA. Since you are an incoming freshman, you do not want to wait until the last minute to file your fa forms.</p>
<p>Very few people have their finalized 2006 tax documents yet. Employers are required to get info to their employees by Jan 31. SO...you file your fafsa indicating "will file" as your status. Use estimates but try to make them realistic. If income has changed, for example, try to reflect that. Submit the estimated FAFSA.Then you and your parents will do your taxes as soon as possible after Feb 1, amend the FAFSA online and resubmit. The ONLY THINGS you amend are items having to do with your taxes. Other items (savings accounts, investments, etc) are NOT changed...only the income and tax information...to reflect the information on your 2006 tax return.</p>
<p>Additionally, send a copy to school of parents' last pay check stub for December 2006, this has the year to date info which you will also use to estimate 2006 income on the FAFSA. If you worked in 2006 you should also send a copy of your last pay stub too.</p>
<p>Mizo - I have never heard of a requirement to send a copy of pay check stubs to the schools. I thought the only time you send them anything additional to FAFSA was if you are selected for verification.</p>
<p>Only send documentation to a school when it's requested.</p>
<p>And Thumper, I disagree with the advice to only correct tax/income fields when doing FAFSA corrections. It's a snapshot of the family's assets on the day it's filed, as well as a statement of income for the previous year. If the asset situation has changed between initial filing, and subsequent filing, seems prudent to reflect that (particularly since you're certifying that the info is correct on the date you submit).</p>
<p>That said, I've not seen specific guidance from the govt on this point-- if you have, I'd welcome it. I will say that for each of the last two FAFSA cycles, when we submitted the FAFSA correction to reflect actual tax/income info, we also corrected and updated our asset information. This resulted in a lower contribution to EFC from student assets. So the FAFSA online does allow for asset corrections.</p>
<p>swimcats-
Wellesley which has a 1/22/07 financial aid deadline (expect for the 2006 taxes and W2s due 3/107) as that all applicants for fin aid to send in the last pay check in '06 for parents and the student.<br>
So, I figure it is good evidence for other school of your 2006 earnings if your taxes are not completed.</p>