<p>OK, so my parents haven't filled out their 2007 tax returns officially yet. I asked my mother, she said that the information was "raw", and I'm not totally sure how legitimate this information is because she hasn't seen the person she usually visits to do her taxes. Both of them are self-employed, if that means anything.</p>
<p>For this reason (and U.Chicago's lenient finaid date) I've been reluctant to do the FAFSA and didn't realize that the deadline was so close (Cornell's finaid application date is the 15th). There's not much I can do to get them to do their taxes sooner, other than saying how ashamed I am to be their son or something similar. My mother said she "talked to a financial aid lady" who says that I could use their 2006 tax return on the 2008-2009 FAFSA, which I doubt but I'm asking you guys anyway.</p>
<p>Is she right or should I use the 2007 information regardless? Am I screwed?</p>
<p>You estimate the 07 numbers, submit to meet the deadline, and correct it later when you have the actual 07 income and tax numbers. It's OK to use the 06 numbers as estimates.</p>
<p>You can use the 2006 numbers as an estimate on the 2008-2009 FAFSA. You will have to file the correct 2007 numbers before any financial aid will be disbursed. Don't those schools require css/profile as well?</p>
<p>Schools seem to vary as to how the estimated number are used. The conventional wisdom is to estimate and file early and the school will give you an estimated financial aid offer and correct it up or down when you file the correct numbers. Our experience this year (with a State U which may make a difference) has been that we filed FAFSA in january with estimated numbers. Our FAFSA was *d for verification and by the time the school asked for forms, we sent them, they asked for some they forgot, we sent them, they corrected something on FAFSA (no clue what), still waiting for it to be processed - and well here we are in March. My daughters school will not even look at the financial aid until everything is complete so the estimating did not work for us. But that is me venting :rolleyes:</p>
<p>Either use your 2006 numbers for now or, if thing may have changed substancialy up or down, use good 2007 estimates.</p>
<p>I see. Thanks tremendously.</p>
<p>When will I have to fill in the correct numbers? In other words, what's a definite date I should have them in by? (I realize the immediate response is "as soon as possible" but that translates to "next week" with my mother and "whenever" with my father, so definite dates would be nice.)</p>
<p>Also, is there any way to indicate that the numbers are estimates? I don't want to accidentally make any financial aid people think that they're definite and award financial aid accordingly.</p>
<p>
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Also, is there any way to indicate that the numbers are estimates?
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FAFSA asks if you have already filed tax returns or 'will file' them. You will check the 'will file' box. You don't need to do anything else to indicate the numbers are estimated.</p>
<p>No financial aid will actually be disbursed until you finalize the numbers so they must be finalized before school starts. Other than that - yes I'm going to say it ' as soon as possible'. You will not know your true financial aid package until the numbers are finalized and if financial aid is an important issue in making decisions then you will need the final numbers before you have to make those decisions. Each school approaches financial aid differently so the changes when you correct your FAFSA may be different for one school than another.</p>
<br>
<blockquote>
<p>You will have to file the correct 2007 numbers before any financial aid will be disbursed. >></p>
</blockquote>
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<p>Swimcatsmom gave you good information. However, I will add that until you amend your finaid application forms (FAFSA and Profile) to reflect the accurate numbers from your 2007 tax returns, your financial aid award will only be an ESTIMATED one. You will not get a finalized award until the finalized numbers are received and reviewed by the colleges.</p>
<p>Different colleges handle these differently...at one of my daughter's schools, her finaid award was reduced by over $9000. At the other schools, it didn't change at all.</p>
<p>So...you DO want to get the taxes done and the forms amended as soon as possible. When you do this, you will change the forms to reflect your 2007 tax information AND change your status to "taxes completed".</p>
<p>In the meantime, do the form with estimates. Your parents should have some indication of their actual numbers for 2007 and you want to use that information to put down your best estimate.</p>
<p>And lastly...if all else fails, you may want to contact the finaid office. I'm quite sure you are not the only one who has this situation...with a perhaps legitimate reason for filing 2007 taxes a bit on the later side. Ask when they absolutely need to have the finalized information. They will tell you...</p>
<p>Thank you all, you've been extremely helpful and I would be lost without your information. I appreciate it very much.</p>
<p>(Also, I couldn't resist...</p>
<p>
[quote]
her finaid award was reduced by over $9000.
[/quote]
)</p>
<p>!!!</p>
<p>Again, thanks so much.</p>
<p>I get it!<br>
It took me a minute, though...</p>
<p>I didn't get it. Now I do - took me way more than a minute!!</p>