FAFSA Heads Up and Questions...

You can submit anytime after you have your final 2012 data and don't "need" to wait to file your return, (the student clicks 'my parents plan to file) however, IMHO it is better to have the final returns done prior to submitting FAFSA just in cacse you miss anything as you are going through the details of your tax return.

And, new as of last year, the IRS data can be pulled into the FAFSA forms saving folks the time of redoing work and decreasing possible errors.

However, sounds like you have already done most of the work.
Once you know your final pay stub info you can submit; just know you may be updating this later once you file, if any data changes.

Filling the FAFSA early is a wise move of course.

If your son already knows where he is going, you should call the fin aid office - they are very helpful.

Some schools may also require the CSS profile. Quite a bit to fill out.



http://student.collegeboard.or...inancial-aid-profile

Link to there guide:
http://media.collegeboard.com/...file-application.pdf

List of schools:
https://profileonline.collegeb...stitutionServlet.srv

Check with the schools you have applied to for their preference on estimate vs actual. And as to their approach to applying aid. For some, they make all their decisions at once and for them waiting to do your taxes, early of course, may be best. For those with a rolling approach and limited funds, you may be better off going with the estimate.

For the average American, your estimate should of 2012 income should not be dramatically different from the actual. The problem with waiting for the actual is that most places providing forms that you need to do your taxes will not be mailing them to you until January 31 or for some items the first weeks of February. The question is, can you afford to wait.

Again, talk to a FinAid counselor at the schools you are applying to.

Oh yeah.... FAFSA time. The ONE thing I will not miss! had 3 going at once.

I thought it was odd that a school would list a deadline for filing that was early.... I tended to get my return done as quickly as possible to have the actual numbers.
But, as I recall, you can go back and update the estimated #'s when you do get your return complete.

The important thing is to not miss the school's deadline.

FAFSA - once you submit, you can correct later on. The earlier you submit the better it is for the finaid dept at school to get their first package to you. That package can change if your FAFSA changes. I found last year that the school can also submit a correction as I put the right data in the wrong field and they corrected it. I had also forgotten to include my son's minuscule $ from work study, but they were sure to put it in there. Oh and when it says your expected family contribution (EFC) is some outrageous number which is like 30-40% of your annual income - don't be surprised. There is a formula and it is possible to come up with their numbers, but I think they live in a fantasy world over there in the government where they are used to spending 20-30% more than they take in and living with a deficit is the norm.

CSS/Profile - like a colonoscopy of your finances - be prepared to have 2 years of data available the first time you do it (current and prior).

quote:

T-town posted...Oh yeah.... FAFSA time. The ONE thing I will not miss! had 3 going at once.

I can't imagine 3 at a time. That has just got to be downright painful. Next year will be the first time we'll have two in college at the same time, and I'm not looking forward to that. I'll be thanking my stars I don't have three.

quote:

JohnF posted....CSS/Profile - like a colonoscopy of your finances - be prepared to have 2 years of data available the first time you do it (current and prior).

You got that right. Makes FAFSA look like a walk in the park.