<p>So I'm currently in the process of dealing with financial aid, and was wondering when the FAFSA would be available for the 2011-2012 school year. I visited their site, but only the 2010-2011 application was available. I was, however, able to make a PIN. When would be the best time to start working on and submitting the FAFSA?</p>
<p>I was also wondering if anyone knows what kind of Fin Aid would be available for a family with $90,000 AGI and small assets/savings. I calculated Federal methodology and we had a pretty low EFC of $13,000 per year I believe. This would be manageable for us in monthly payments, and I would still be willing to take maybe another $10,000 in loans per year. But would schools that offer decent fin aid (statistically) be willing to fill in a gap of $20,000+ for the average applicant?</p>
<p>It becomes available Jan 1st, as posted above, and it’s recommended to fill it out ASAP, as in THAT DAY if you can. I spoke with a current student at FSU and she told me how her freshman year, she submitted it right away, but her sophomore year she waited a little bit and got less aid… then her junior year she did it right away and got more again. She said time is really crucial with the FAFSA.</p>
<p>You will need your 2011 tax information to fill it out. You can use estimated numbers based on prior years information but will have to go back in and fix it once your taxes are completed.</p>
<p>It is good to fill out FA as soon as possible. However, what you and your parents will find is that for fr applicants, you usually need to submit FA forms before their taxes are completed, often substantially before. So they will need to fill it out with estimates based on their previous year tax returns and any tax information they have for 2011. With FAFSA, they will then later go in and make corrections on line after they file their taxes.</p>
<p>If you apply to any Profile schools, corrections cannot be made on line. The Profile is available in Oct. I believe. </p>
<p>Be aware that while FAFSA gives an EFC that applies to Federal aid for any college you apply to, schools that use the Profile allocate Institutional funds according to their individual policies and calculations. So the amount they expect you pay and the distribution of your FA package (grants, WS and loans) can vary a little or a lot between schools.</p>
<p>Relatively few colleges cover 100% of need, and this is the need THEY calculate, not what you think you need. Most schools may leave a gap between your calculated need and their FA package.</p>