please clarify this for me (easy question)

Paying for College
1

<p>Can someone please confirm if my understanding of this is correct?
the the sticky on "preparing for fin aid" says...</p>

<p>"8. The FAFSA is available online for filing on January 1 of the year your child is applying for finaid (e.g. Jan 1, 2008 for the 2008-09 school year). Plan to file very close to Jan 1 using accurate estimates using a "will file" status, meaning you will be filing your taxes for the 2007 tax year. Then complete your taxes ASAP after Jan 31, and you can amend the FAFSA online and resubmit indicating that you have filed."</p>

<p>--Q: So, does that mean that if you fill out the FASFA on Jan 1st 2007, you will get (if they grant aid i mean) your aid package in September of the same year?</p>

<p>So, apply on 1/1/7 and your aid starts in september 2007, is that right?</p>

<p>thanks</p>

2

<p>Yes. As long as you're using the 2007-2008 FAFSA for your example. There's always more than one available so make sure you choose the right one. So this coming January, 2008 when you go to the FAFSA web site, you will be able to choose between the 2007-08 and the 2008-09 form. If your child is a senior in high school right now, scheduled to graduate in 2008 and start college in the fall, fill out the 08-09 FAFSA.</p>

3

<p>If you are planning on starting in August or September 2007, you would complete the 2008-2009 FAFSA application as close to January 1st as possible, making any necessary corrections once you have submitted your 2007 tax return. If you are starting in the Summer, you will want to check with the school to see whether you need to complete the 2007-2008 or the 2008-2009 FAFSA. It is important to follow their guidelines and complete your FAFSA with "will file" as soon as the 2008-2009 FAFSA is available...this may prevent loss of eligibility for some funds. Waiting until closer to the school year to begin will almost mean certain funding will already be distributed to other students.</p>

4

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<p>I think Nikki means that if you are starting college in August/Sept 2008 (not 2007...that went by already), you complete the 2008-09 Fafsa. You will be using tax year information from the 2007 tax year. When you complete your FAFSA as close as possible to the 1st of the year (with estimates and "will file" status), it puts you in the queue (line) for finaid. At some schools that is important as they award finaid monies until they are gone...first come, first better served.</p>

5

<p>Thanks for the catch, thumper....I did mean August/Sept 2008.....there are so many years packed into my brain right now, I sometimes misspeak and mistype.</p>