<p>Can anyone let me know how far back your information is requested when filling out the FAFSA form. The reason I am asking is for 2 reasons. I want to work some overtime to add to my savings for my son's college but don't want it to affect getting FA. Also, because of SANDY I have had larger amounts of money in and out of bank and I don't want that to be a red flag. I know when you get a mortgage they look years back and bank statements for them to look at your money coming in and out of your accounts. Is applying for FA the same. If he is going to college sept of 2015, what year should show the least amount of money to increase your FA.</p>
<p>You will fill FAFSA out in January 2014 - as soon as possible for Financial Aid for Sept of 2015. You will need your income and tax information from 2013 and will report on your savings and assets etc - for the DAY you fill out the form. So it is never good to fill out on payday when your entire paycheck is in there.</p>
<p>If your kiddo is going to college in fall 2015, the 2014 tax year will be the information you use on the FAFSA. That is ALL you will use on the FAFSA. It does not ask for any information from other tax years.</p>
<p>BUT…some colleges DO ask for tax information from previous years. When our first kiddo went to college, we were asked to send tax returns for the previous year. So in your case…that would be 2013 AND 2014. I’m not sure how this was used…if at all. But we did have to provide them. And I don’t know if this is even still the practice at his college.</p>
<p>For our second kiddo, we did not have to give any info about previous tax years to her FAFSA tax year.</p>
<p>Njmissy, if this student is going to college in fall 2015, the FAFSA will be completed ASAP after Jan 1 2015, not 2014. The 2014 tax year info will be used.</p>
<p>The FAFSA is completed ASAP after Jan 1 of the students senior year in high school…which will be Jan 2015.</p>
<p>sorry for the spelling error on the title…</p>
<p>So I can work as much as I want in 2013 and then limit it during 2014. Also, buy everything we need to decrease the savings account for January, 2015. I guess all xmas presents for 2014 will be paid in cash…no credit cards. And if anyone wants to give gifts for college savings, it should not be in the account as of January 2015?</p>
<p>Collegenj…without knowing your usual income, it is very hard to say what will or won’t be to your benefit. The FAFSA formula is heavily weighted using income. If yours is above a certain amount, you might not qualify for need based aid anyway. </p>
<p>Also, the FAFSA is used primarily for the awarding of federally funded need based aid. To qualify for the Pell Grant, you would have to have a VERY low income with a FAFSA EFC of less than $5000.</p>
<p>Most colleges do NOT meet your full need anyway…so your FAFSA EFC is actually the minimum you would be paying for your child to attend college annually.</p>
<p>Some people go through these financial gymnastics when their likelihood of receiving need based aid is very small anyway.</p>
<p>By the way…even cash you have is supposed to be reported as an asset. So if your kiddo gets $2000 for Christmas, it doesn’t matter whether you stuff your mattress with it, or put it in a bank…if you still have it when you file the FAFSA, it IS a reportable asset.</p>
<p>I know when I did the EFC it didn’t show much, so you are probably right.</p>
<p>Thank you</p>
<p>When you did the EFC it “didn’t show much” …what do you mean?</p>
<p>Here is a suggestion. Pick a couple of colleges (maybe start with your instate flagship)…run the net price calculator using your current figures, and then again using the figures you anticipate for 2014 tax year. See what the projected aid will be.</p>
<p>sorry, that’s what I meant, the NPC. I tried it for a few engineering schools. It did show we were responsible for about 70% of tuition with last years figures. I didn’t put in anticipated figures but I didn’t see too much change in our salaries. My S is trying to make sure his grades stay up and does well on his SAT’s for merit aid.</p>
<p>Good idea! There are merit aid awards that are not dependent on your income. Especially when there are large fluctuations in income, merit is a good thing to look for.</p>
<p>Good luck. He is a finishing his sophomore HS year, right? There are lots of options for him to consider.</p>
<p>yes, he is a sophomore. keeping my eyes and ears open for any scholarship’s he will be able to apply for, even if its for $100.00…every bit counts. Thanks for the info.</p>
<p>If NPCs showed that you’re 70% responsible for college costs at privates, then you’re not going to get a dime in free federal grant money after filling out FAFSA. FAFSA is an application for federal aid. Once your EFC is beyond about $5000, you don’t get free money from the feds.</p>
<p>When I see people doing financial gymnastics, it worries me. In your case it won’t matter much, but some move money around only to find out that no matter what, they’re not getting free money. </p>
<p>BTW…If you are responsible for 70% of costs at an eng’g private, then likely a good bit of the other 30% will consist of student loans and work study, and maybe a little bit of free money.</p>
<p>YOu may want to look at some financial safeties or schools that give assured large merit as financial safety schools. </p>
<p>Do you know how much you can pay each year? </p>
<p>Are you also looking to see if these schools require CSS Profile?</p>
<p>*yes, he is a sophomore. keeping my eyes and ears open for any scholarship’s he will be able to apply for, even if its for $100.00…every bit counts. Thanks for the info.
*</p>
<p>That’s all good and fine, but could be a waste of time. You’re talking about private scholarships, which are usually small and hard to win… Yes, they may help a bit here or there, but they’re “one time only” awards that don’t really reduce the cost of 4 years in college.</p>
<p>AND, those small awards get appled to “need”, not your EFC. </p>
<p>You’re better off looking for the SCHOOLS that give ASSURED large awards for ALL four years. Those can reduce your EFC if they’re large enough to cover your “need” and then "cut into’ EFC.</p>
<p>Sorry for the incorrect information - I knew that - just wasn’t thinking clearly when I posted.</p>