<p>If you fill out the Profile for ED (due 11/1) that would be based on 2007 income and tax return. Do you refile in January based on 2008 numbers? We have less income this year so would have a lower EFC.</p>
<p>You do not "refile" the profile. You do, however, need to make the corrections. Every school has its own procedure on how this is done. In our cases, the schools asked that we print out the Profile, and write in the corrections next to the items that had changes...then they told us the mailing contact information for their school. Call your school and ask them. They will tell you how to amend that Profile with the curren info.</p>
<p>Just to clarify. When you fill out the profile in November you use estimated numbers for 2008, you do not use 2007 income. This is why you need to make corrections</p>
<p>You do both. You'll be asked about 2007 income and also estimates for 2008. You'll also be expected to submit copies of your 2007 tax return. You'll follow that up with submission of your 2008 return early next year.</p>
<p>Thank you. And am I right that it costs money each time you send your Profile to a school?</p>
<p>Whoa!!! Just because you file the Profile does NOT mean you will be asked to submit your tax returns. In our experience, that was true at some schools but not all. You need to check with each college website to determine what you need to submit (FAFSA, PROFILE, Tax returns...and which year(s), etc.). The policies very wildly from college to college as do the deadlines.</p>
<p>Regardless...if you submit a Profile in November, you should make very good estimates of you income (based on pay stubs etc) for 2008, and assets.</p>
<p>BTW...DD applied EA to two schools and filed the Profile in by November 1. In neither case did they ask for the tax returns when the Profile was initially filed. Later on, one school asked for them and the other school didn't want them at all.</p>
<p>DD applied RD to most schools. One school REQUIRED copies of tax returns for ALL students applying for financial aid (even merit aid) along with the Fafsa and Profile. One school used IDOC and the tax returns were sent there. Another school only asked for the current year return. And the rest didn't ever ask for tax returns at all.</p>
<p>Check the websites.</p>
<p>Interesting to hear some schools didn't want returns. In our case and the case of all the friends here whom we know well enough to discuss such things, tax returns from both years were requested. (Sometimes sent to school, sometimes to IDOC.) Good advice to check the websites. There are questions on the Profile, however, about last year's income and also asking for estimates of this year's income.</p>
<p>There is a fee by the College Board to submit the Profile each college. I can't remember what is it, though. Somewhere around $10?</p>