<p>I am 41 and have just applied to my local community college to begin classes in January 2010 as a freshman. Not sure of the best course of action regarding financial aid and would love some advice in this area. </p>
<p>I worked full-time in 2008 and 6 months in 2009. I was wondering if it would be better for me to pay for the classes I take in January and wait until after 1/1/09 to submit my FAFSA app for summer and fall classes as it would then be based on my 2009 tax return (taxable income approx. $24K)? Or, if I submit this fall for spring semester will I be able to resubmit the app in 2010 and received an updated financial aid status for the rest of the year?</p>
<p>I plan to seek a master's degree so I will be attending full-time at the community college and then transfer to a 4-year school. I will need loans to pay for tuition and to supplement current savings for living expenses. I plan to attend full-time until I finish as I need plenty of time after graduation to work and repay loans and am already in my 40's!</p>
<p>You have to reapply for financial aid every school year. Aid runs on the school year not on the calendar year. For most schools for financial aid the school year runs fall through summer. But for some schools it is summer through spring.</p>
<p>If you start school in Spring 2010 you will be starting during the 2009-2010 school year. You will have to file the 2009-2010 FAFSA for aid for Spring 2010 and possibly summer 2010 (depending on how your school counts summer). Then for Fall 2010 you will have to file 2010-2011 FAFSA (which will be available Jan 1st). You will continue to file FAFSA every year.</p>
<p>Thank you swimcatsmom! I was hoping you would reply as I read some of your posts before signing up; you have a lot of knowledge on this subject! </p>
<p>So, each time that you file FAFSA your eligibility will be reassessed to be based on your current conditions (ie., income) at the time of the application?</p>
<p>You will need to file the 2009-10 FAFSA using 2008 income for any term that the school considers to be in the 2009-10 financial aid award year. Summer session may be in 09-10 or in 10-11, depending on the school. If you have had a drastic income reduction that resulted from layoff or company closure, you can request that your school review your income based on the changed situation. Contact the school for info.</p>