So my parents filed their 2014 taxes. I haven’t accepted my FA package which was based on 2013 taxes. This year my parents’ income went up by $9,000 and their total income taxes paid went up by about $3,000. Should I correct my FAFSA and wait for a new estimate before accepting the tentative offer? Or should I accept the offer and then correct it. Btw, it’s pretty certain that I’m attending this school.
Well, it would certainly make more sense to get a more accurate estimate, as opposed to relying on one that you know to be incorrect. But if you’re going to accept their offer no matter how much (or little) they give you, then I guess it doesn’t matter.
Well…the school is likely waiting for you to update your FAFSA to reflect the 2014 tax return. What you have now is an estimate based on your 2013 return.
So yes…update…
Unless a reduction in aid doesn’t matter to you.
It is very possible your aid will change.
Do both. If the change int eh package won’t matter, and you plan to attend anyway, accept and file the 2014 tax update.
Update the FAFSA as soon as possible. In the mean time, try the NPC again with both the new and old numbers to get some idea how much it may change. It is likely your EFC may go up a couple thousands. However, it is not clear how much it would affect your financial aid if the school does not meet need anyway.
@billcsho so I updated my FAFSA. I got an email that my EFC is now $15,998 up from $13,450…