<p>There is no way we will have the tax return done before March. I estimated the CSS and the FAFSA for early action and as far as I can tell, the estimates are still pretty accurate. I understand the urgency of needing to get the tax return filed. Unfortunately, there is a lot of oustanding information and we just can't file ours yet. Also, our child will almost certainly be attending a state school that offered a tremendous amount of merit aid, but still wants to see if these other schools (Top 25 privates) offer admission. </p>
<p>My question is what is the impact if the tax return isn't filed? Worst case scenario, it isn't filed before decisions. Will a decision still be given, but only have estimated financial information that could then be firmed up with the tax return? Would an admission decision not be given? On another note, what happens when you indicate you will apply for financial aid but don't even submit the CSS or FAFSA? </p>
<p>Thank you for your insight.</p>
<p>I can only tell you OUR experience.</p>
<p>We had a kiddo who applied EA to twoschools, and rolling admissions to one. We completed the FAFSA and the Profile using estimates. Her EA schools gave her a financial aid package based on those estimates. The rolling admissions school also gave her a financial aid award based on those estimates.</p>
<p>We thought our estimates were pretty accurate, based on end of year pay statements etc. BUT it turned out our total income was about $2800 more than we had estimated. We sent the updated info to the schools and here is what happened:</p>
<p>School #1 reduced her grant from $12,000 to $3000 (no you are not misreading that). The school flatly refused to discuss this decision This was a FAFSA only school. Guess what…they dropped right off of the list.</p>
<p>The other schools didn’t touch her aid at all. Go figure.</p>
<p>In our kid’s case, none of the schools met full need anyway. Perhaps that factored into the aid “adjustment” or not.</p>
<p>I personally would be VERY nervous about making a matriculation decision without a finalized financial aid award…which would be based on those exact figures from the 2011 tax return…but that’s me.</p>
<p>Wow, that’s scary, Thumper1! Goes to show that applying to a bunch of schools is prudent when it comes to FA.</p>
<p>In our case, we didn’t expect much aid…but that $9000 change was a bit of a shock. In the end, DD didn’t want to go to that school anyway…I think the aid thing was an omen.</p>
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<p>No, it shows that it’s a good idea to get the financial aid forms and taxes done so everything is final at the college’s due date.</p>
<p>Yes…we did not dilly dally getting those taxes done. We wanted to be sure that we had final financial aid awards based on the REAL data before she had to make a May 1 matriculation decision. We did the forms with estimates but updated the first week of FEBRUARY…immediately when we had all of our tax info. </p>
<p>The year your child is going to be a freshman it is critical to get your taxes done as soon as possible. It is NOT the year to wait until April 15 to file.</p>
<p>But for those who think it will never end…it does. This year (two years post graduation of our youngest) we can just take our sweet time. BUT we NEVER did so when our kids were in college.</p>
<p>I hear ya. 7 years of finaid…5 more to go…</p>