When should I submit my FAFSA and CSS applications?

Paying for College
1

<p>The FAFSA form came out yesterday, and a lot of people (and college websites) are telling me I should "Submit it as soon as possible." Most of my colleges have deadlines of 2/15/13 and later.
I have the 2011 tax returns but my mom said the 2012 tax returns will come around February.</p>

<ol>
<li><p>So when exactly should I submit it? Technically, I can submit FAFSA today. I already filled it out according to 2011 tax returns already. Does that mean I should submit it already? I am super confused. </p></li>
<li><p>Will I get more aid if I submit it super early? If so, won't people be fighting to submit it on the exact day it comes out (1/1/13)? I don't get it. Same question for the CSS profile. </p></li>
<li><p>Am I supposed to update using the IRS data retrieval tool on FAFSA when I get my 2012 tax returns? Even AFTER I SUBMIT my application?</p></li>
</ol>

<p>Someone, PLEASE guide me on this. Preferably someone who is a freshman in college who dealt with this last year so it's still kind of fresh in your head or someone who's an expert/knowledgeable about the financial aid process. This is extremely important to me. Please do not provide any misleading information. Thank you!!</p>

2

<p>bump, anyone?</p>

3

<p>If the income from 2011 is representative of 2012’s income, submit the FAFSA as soon as you can.</p>

<p>Both the FAFSA and Profile work off of estimates when you have an early priority filing deadline. Once the taxes do come in, you can file a corrected FAFSA using the IRS Data Retrieval tool, but you will still have ‘submitted’ the FAFSA on the first date.</p>

<p>The earlier you submit the FAFSA, the better chance you will have for federal aid that is limited, like work-study, especially if you are applying to schools that rely heavily on federal aid (state schools).</p>

<p>I’m sure a parent with much more detailed knowledge will come around, but a lot of your questions have been answered already on this board-- look at a couple of the most recent threads in this forum-- they have the answers you need.</p>