<p>I just sent in my early decision application to Cornell. I'm really confused about the financial aid forms though. On top of the application, which is due Nov. 1, they also require a financial aid application with 2007 and 2008 tax returns by Nov. 1. Then they require the FAFSA by April 15th.</p>
<p>Cornell says it's need blind. Why do they want my family's tax records that early? And what year determines aid package for the 2010-11 school year? I guess I assumed the FAFSA asked about the most recent year (2009 in this case), and the school based their package on that...</p>
<p>Did you mean to say 2014? Assuming things have not changed by then FAFSA would want tax info from 2013. I believe profile usually wants the 2 previous years so that would be 2012 and 2013.</p>
<p>For 2010 FAFSA will want 2009. Profile will want 2008 and 2009. If you are applying ED they are probably asking for 2007 and 2008 tax info initially to give you a preliminary financial aid offer. This will just be an estimate and you will probably be expected to update your information once the 2009 taxes are complete. Your aid will then be changed to reflect and changes in the updated information provided by you.</p>
<p>A need blind school is need blind for admissions but still needs your FAFSA and CSS to calculate your need to give you a financial aid offer. They are asking for numbers now so they can give you a preliminary FA offer. They cannot do that if they don’t have an idea of what your financial need will be. Any Federal aid you are eligible for will be based on the financial information provided on FAFSA. Any institutional aid (money out of Cornell’s own wallet) will be based on the more detailed CSSprofile information.</p>
<p>Ahh, so the 2007 and 2008 that I send in time for admissions decisions will just be the estimate for me to be able to tell if I can afford it before I send in the deposit. The FAFSA I submit after the 2009 tax year will determine the exact amount for the 2010-11 school year.</p>
<p>Yes. It will be an estimate and will be finalized once you submit 2009 taxes. Also you do have to reapply every year for financial aid. So you will submit FAFSA again with 2010 taxes, 2011 taxes etc.</p>
<p>They will probably also use the 2007 & 2008 data when determining institutional aid since it will show a bigger picture of your family’s finances than just one year. Did income go way down for some reason, did you buy a more expensive house, sell a house, etc. - things that also affect assets. It can also show if people are trying to hide money at the last minute and such.</p>
<p>They want your financial information so they can give you a financial aid award with your acceptance.</p>
<p>At a need blind school, the financial aid office will not look at your financial situation until AFTER the school accepts you.</p>
<p>Now…to your question. Send Cornell what they are requesting. If you are starting college in fall 2010, the tax year for your FAFSA and Profile will be the 2009 tax year. BUT at this point, your family hasn’t completed those taxes yet. They want the 2007 and 2008 returns because those show the most RECENT two years of completed tax returns. When you do your Profile (soon), you should use the very very best estimates your family has based on their pay stubs to date for the year.</p>
<p>Also…remember…just because the last day for filing the FAFSA for Cornell is April 15 (according to your post) doesn’t mean that is when you should complete it.</p>
<p>This year…your parents and you should complete your taxes AS SOON AS POSSIBLE after February 1. This is NOT the year to delay filing your taxes until April 15. Any financial aid award you receive prior to completing your taxes and updating both the Profile and FAFSA with the figures from those completed tax returns…and indicating you have filed…will be an ESTIMATE. AND yes…sometimes the awards are adjusted (and sometimes DOWN). </p>
<p>You mention financial aid a number of times in your posts. Is this a signficant issue for you? If so, why are you applying ED? Hopefully you and your family have discussed college finances and they have agreed to pay the difference between your financial aid and the cost of attendance at Cornell.</p>