<p>We will not be billed for Spring quarter tuition until March 2009. Do schools on the quarter system take into account that our bank account balance on 1/1 may include a portion of what we still owe for the <em>current</em> school year? Will they back that amount out and assume our available assets for next year (2009-2010) equals current assets (run through the FAFSA/PROFILE formulas) less what we are already committed to paying for Spring Quarter?</p>
<p>Paying two quarters of tuition by the end of the calendar year would be darned tough, but have we screwed ourselves up by <em>not</em> doing so? This could make a big difference to us in future when S2 heads off to school (he is a junior, so this is our baseline year for 2 kids in school for FA purposes), so if I need to strategize or throw more money into the change jar ;), I'd rather know now so we can plan.</p>
<p>FA gurus, please help! :)</p>
<p>No they won't take into account that some of the money in the account is 'earmarked' for paying tuition (or any other upcoming expenses for that matter). Remember your financial information has already been run through the FAFSA formula before the EFC gets to the school.</p>
<p>Timing is pretty important for when you file FAFSA. For instance if you borrow money against your house to fix the roof, don't file FAFSA while the money is in the bank because it is then an asset. Pay for the roof then file, or file then borrow. </p>
<p>What you report as an asset in FAFSA is the assets as of the day you are filing, not on 1/1 (unless you filed FAFSA on 1/1 of course).</p>
<p>how about just paying them now and telling them to put you down as a credit for $XXXXX towards the next semester. I can't imagine they would mind holding onto your money for you (they are going to get it eventually anyway!)</p>
<p>My S is a freshman in the quarter system. The FAFSA and Profile are due by 4/15. His third quarter (spring) bill is due March 15, so no problem. We won't submit FAFSA or CSS Profile until after March 15 for sure, and the amount we report for assets will be the values on that filing day.</p>
<p>OK, so it sounds like we are OK for this year, but we should pay attention to dates next year (and perhaps include a note explaining what's already committed for spring quarter) since we'll have to file FA for S2 early in the years as an incoming freshman.</p>
<p>You all are great!</p>
<p>CountingDown: why not just mail the Spring Q check on Jan 2? Chicago has some smart folks in the bursar's/cashier's office, they can figure out it's a prepayment.</p>
<p>bluebayou, our cash flow isn't quite THAT good! ;)</p>