<p>I understand the sooner you send in your FAFSA, the more money is available to you. Some say send in a guesstimate even if you don't have your taxes done and others say it's ok to wait until they're filed in Feb. And then there's those who file at 12:01 New Years to get an early number. Me, it's not the filling out either that's the hold up, but just the waiting on employers to get out the W-2s. </p>
<p>Do we want the absolute earliest number with an incompleted form or is a completed-the-end-no-more-changes in Feb. ok?</p>
<p>I don't think anyone really knows for sure (except maybe financial aid officers). If you are low income there are certain aid items that are very limited. For instance, school are given a limited amount of SEOG (a federal grant), Perkins (a federal loan), and Work Study funds. Once they are awarded they are gone and there is no more to award. Other aid such as the Pell (a federal grant), Stafford loans etc, are not limited funding so you can get what you are eligible based on your EFC.</p>
<p>We file early because we are low enough income to qualify for the limited funding items. But on my daughter's school website it always shows her completed FAFSA filing date as after everything is finalized and we have been verified (we are always verified). For instance the first year we filed in January but the FAFSA completed date on the school site showed March (which was after we had applied for and been granted a special circumstances adjustments, and provided verification documents).</p>
<p>We still file as early as possible 'just in case', but I would not swear that a couple of weeks makes a vast difference. This year we will probably file early Feb when our taxes are complete. Our taxes are pretty simple and should be completed early Feb as soon as all the relevant bits of paper arrive.</p>
<p>we filed and send the Fafsa very soon( it was i guess january 1st! )anyway we did not have yet the taxes done because it was too soon... so we estimated from last year taxes, and we gonna plug the good numbers at the end of January when we are going to have the real numbers from this year( the Fafsa lets you come back and do the changes you need)this method allows you to at least get the absolute earliest number.. it's ok to estimate, but don't forget to give the real taxes before Feb 1st! I think the Fafsa is first come first serve... it's why it was important to do it fast even if it was with an estimate! what you guys think? maybe i can be wrong? but it's the way they told us to do ( my D's hs)</p>
<p>I can come very close to the numbers just guessing on Jan. 1, but we never have our W-2s before the middle of Feb. Is that Feb. 1st date the last date you can make changes if you sent it in early or what?</p>
<p>Right now we're on the low end income-wise but I'm thinking it will go up within the next six months but still considerably below three figures.</p>
<p>Also, if D gets a little part time job this year but doesn't make enough to file income taxes will her income still be counted or not?</p>
<p>As long as you submit by the date the school sets it makes absolutely no difference. The funds are there, they distribute them as they see fit. You don't get any advantage by filing early.</p>
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I can come very close to the numbers just guessing on Jan. 1, but we never have our W-2s before the middle of Feb.
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I thought all documents for taxes, such as W2s and 1099s, had to be mailed to you by Jan 31st?.</p>
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Is that Feb. 1st date the last date you can make changes if you sent it in early or what?
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No. You can correct it any time.</p>
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Right now we're on the low end income-wise but I'm thinking it will go up within the next six months but still considerably below three figures
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Below 3 figures? That would be very low.</p>
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Also, if D gets a little part time job this year but doesn't make enough to file income taxes will her income still be counted or not?
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It has to be reported whether she files a tax return or not. Whether it will affect the EFC depends how much she makes. A dependent student has a protected income allowance. For 2009-2010 it is $3750. It increases a little every year. it also ends up a little higher because of allowances for FICA taxes and state taxes. 50% of anything over the protected income allowance goes to the EFC. If she gets a work study award then earnings from WS do not affect the EFC.</p>
<p>I have always done an estimate filing in early January and estimate on the low side to make sure I have 'dibs' on any funds available. Then I correct the numbers in April. This year I feel remiss, the due date is May 1 and I will not be doing anything until the taxes are done, no estimate, which might mean no verification??</p>
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no estimate, which might mean no verification??
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30% of FAFSA's are randomly selected for verification. Every FAFSA we have done (4) has been selected for verification. 2 were estimates with will file. 2 were not estimates. We will have 3 this spring (I am in school now). I am expecting 3 for 3 verifications, so will just copy extras of everything as I copy tax returns for my files. Then it will all be ready to go when requested.</p>
<p>I have been doing fin aid forms since 2001 and have three in university. One year one kid was NOT verified, I found out when I sent in the tax returns and was asked why....I was so used to doing it I did not even notice they did not need it ;)</p>
<p>Yes, every year at this time I'm constantly mumbling, "they haven't sent it yet? they were supposed to by midnight the 31st, grrr." We haven't recieved any so far this year. Work never gets them out before Jan. 31. Last year we didn't get our bank's until the end of ... are you ready... April, sigh. </p>
<p>Ok, so it's agreed to estimate as early in Jan. as possible (pay bills first) and make any corrections once you get your taxes done?</p>
<p>At my son's college the FA office says that they would actually prefer you not file your FAFSA (or CSS Profile) until after you have done your taxes and have accurate numbers. I guess it saves them having to go back and do adjustments of lots of aid awards. (This is for returning students.)</p>
<p>We haven't gotten any W-2s yet, not a one... and we get quite a few because of the nature of my husband's work. It's nearly impossible to complete a tax return before mid-February. Even then, it seems there's always one or two that haven't arrived and we have to call and have them re-sent.</p>
<p>I may file my daughter's FAFSA with estimates, though, and get it in by Feb. 1st and then correct it later. She's at a state school where there isn't much other aid available for her other than what she gets in Pell, work study, etc. My son is at a private with ample insitutional funds and they meet full need, so if they don't want me to file until everything is complete and accurate, then I guess I won't.</p>
<p>Does FAFSA verification just mean you send in tax returns? I thought you had to do that anyway. Or does it mean you have to make copies of all statements, receipts, medical records, etc. That would be A LOT of copying!!</p>
<p>i am a first year student and first timer filing Fafsa. Well I filed in Dec. i am fixing to fill my Fafsa again for the second time. Anyways, when i filed I was selected for verification. My college is local so I did not have to send anything. They just made copies of tax papers, id, and car reg. and that was it.</p>