<p>I realize if my s applies and is admitted ED, the financial aid is based on previous year tax return since the application predates the next year's return. just curious, if the college then adjusts the aid based on the following year's return. Anyone have experience with this process?</p>
<p>It doesn’t matter whether you apply early or RD, all FA is based on the year before matriculation. So if your S applies for fall 2014, then it is 2013 taxes that are used for FA calculations. As an ED/EA applicant, the Profile can be filled out as early as Oct and many deadlines will be early, so you will use estimates, usually based on the previous year’s taxes.</p>
<p>Sometimes you have to give a previous year tax return. For example, U of Chicago’s EA applicants who are applying for financial aid had to provide a 2011 return in the November timeframe, and a CSS Profile (which estimated 2012 #s). U of C provided an estimated FA package with the EA decision if the student was accepted. But then we had to send 2012 returns when they were available, and the FA package is finalized based on actual 2012 #s.</p>
<p>For most schools, when you apply ED, you are asked to complete a PROFILE or other form for the previous year, since the FAFSA and other forms may not be available for you to complete at the time the ED apps are due. They also tell you to use the prior year’s info, changing it where you know there will be changes, to the best of your ability. The form is estimated by necessity since the year end info is not yet available as some of it has not even happened yet. PROFILE schools sometimes ask for the previous year’ return any ways.</p>
<p>So when a student gets an ED acceptance, usually with the acceptance letter or shortly afterwards, there is an estimate of finanicial. It is an estimate only and later when the year has ended, you will be asked to send in the actual information and some form of check (often through IDOC) is made against your tax returns for that year ending, just like everyone else. The final financial aid package will be based on the actual numbers and the estimate you got is as accurate as the information you gave.</p>
<p>thank you very much, I was somewhat misinformed…certainly makes sense that final financial aid package would be based on actual numbers on new tax return.</p>
<p>appreciate the explanations…</p>