<ol>
<li><p>When does the FAFSA come out for the Class of 2014?</p></li>
<li><p>How time consuming is it? Should my parents and I start filling it out now, or can we get it all done over Christmas break this year?</p></li>
<li><p>What documents and tax forms will we need to have on hand when we start filling it out?</p></li>
</ol>
<p>(And if you know the answer to these questions in relation to the CCS Profile, that'd be great also)</p>
<p>THANK YOU!</p>
<p>It comes out January 1st 2014.</p>
<p>Apply now for PIN numbers (one for the student and one for one of your parents). That way if you run into any snags you can get them sorted out.</p>
<p>In recent years, you could fill out FAFS4caster now to get an early estimate - I believe it automatically populates your actual FAFSA with your personal data leaving you with only financial info to do.</p>
<p>You will need your 2013 tax returns (parents and yours if you will have, any income info if you are not required to file). Of course you won’t have the 2013 returns as early as 2013 but you can use your 2012 one and update it with estimates for 2013. You can update the FAFSA with actual numbers later. PLAN TO DO TAX RETURNS EARLY. Estimate as accurately as possible. You will also need asset information for the day you are going to file - bank account balances, investment accounts (not retirement accounts like IRAs or 401ks - they are protected), 529 accounts, real estate other than primary home.</p>
<p>Don’t know about CSS but I believe it asks for more info and the school deadlines may be earlier that FAFSA.</p>
<p>Check your schools for deadlines. Don’t miss them.</p>
<p>^1. 2014-2015 FAFSA will be available on 1/1/2014</p>
<ol>
<li><p>It depends on your family’s income (and asset).</p></li>
<li><p>Your parents’ and your 2013 federal income tax returns (filed or estimated Form 1040/1040A/1040EZ will be ok). Also the balance of your parents’ and your asset on the filing day of your FAFSA.</p></li>
</ol>
<p>CHECK THE DEADLINES FOR FAFSA AND PROFILE FOR EACH SCHOOL TO WHICH YOU APPLY. The deadlines will vary by school. Do not miss those deadlines.</p>
<p>You can gather the information you need over Christmas break for the FAFSA…but you can’t complete the FAFSA until after January 1.</p>
<p>Related…when that FAFSA becomes available, you should complete it using the best estimates possible based on end of year pay stubs, and using the 2012 numbers as a guideline (adjust up if income has increased…for example). You will file using a “will file” status meaning you will file taxes but have not yet done so. Then…get those taxes done ASAP after February 1 when you should have all necessary w2 forms, etc. once your taxes are filed, go back into the FAFSA and amend your FAFSA, changing ONLY the fields that reflect accurate numbers from your 2013 tax returns. Change your status to “taxes filed” and resubmit.</p>
<p>Get those 2013 taxes done ASAP. This is NOT the year to wait until March or April to file your return.</p>
<p>The CSS Profile becomes available on October 1, I believe.</p>
<p>But there’s no reason to wait until then to look at these forms. Download the current versions of both the FAFSA and the CSS Profile and go over them with your parents now - that way, there won’t be any surprises when it’s time to fill out the actual forms in October and January.</p>
<p>And, no, the numbers won’t be the same now and in January - the January FAFSA will require your 2013 income (and the CSS Profile will require an estimate of that income). But there’s still no harm in doing a dry run. It’ll save you some anxiety later.</p>
<p>And, as suggested above, do get your FAFSA pin numbers now - they’ll still be good next January when it’s time to fill out the form.</p>
<p>Also, as Thumper pointed out, make sure your parents understand the importance of filing their taxes EARLY this year - and of making sure their 2013 taxes are paid in full no later than the date of filing. If they can file and pay electronically, that will help also. Some schools will require verification of your 2013 tax info, and if taxes aren’t filed until April, or any money is still owing for 2013, that can delay the verification process by MONTHS!</p>
<p>re: post 3… You have to fill in the SAME fields regardless of your income and assets…so doing the FAFSA takes the SAME amount of time regardless of your income. For first time FAFSA filers…you might want to allocate a couple of hours…although if you have the information you need, it really won’t take you that long to fill in the blanks!</p>
<p>The higher and more diverse your income and assets the longer it takes to file the fafsa. The prep work is the hard part. I wouldn’t recommend anyone except with the most simple financial situation look up info in the process of filling out the fafsa. Doesn’t it time out if you don’t enter something within a period of time? Download a paper of copy of the 2013-14 fafsa, look at the questions it asks, set up a spreadsheet with the answers that take time to look up and then fill out the online fafsa after Jan. 1. But asset balances need to be of the day you file fafsa, they shouldn’t be estimated and updated later like income.</p>
<p>Here is the current FAFSA formula. Print it out, and work through it on paper so that you know what your family’s results are likely to be. The formula does change a bit from one year to the next, but this will give you a good estimate. The formula for 2014-2015 will become available in the next month or so. If you google “EFC formula 2015” periodically, you will be able to pick up the link after the formula is released.</p>
<p><a href=“http://ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/091312EFCFormulaGuide1314.pdf</a></p>