Hi,I hope I'm at right place for this question.I am working on FAFSA document online with my son.They ask a lot of questions about adjusted gross income for 2006, wages for 2006, etc. I can't supply that because I don't have my W-2 forms yet from my employer. So, how can you complete the form, unless you wait until you get all required info? The FAFSA document does ask if you have completed your taxes yet or if you will complete them in the future. So, can you just say you plan to do your taxes in the future and then make an estimate for 2006 tax info based on your 2005 tax info, and then come back later and update when you have your 2006 taxes completed?I don't get it. They say to do the FAFSA form as soon as possible after 01JAN07, but then they require you to have info that you can't possibly have until middle of January, at the soonest. Then, they also say it is first come first served as far as getting financial aid. I want to move quickly, but I don't want to make any errors either. Any and all help is appreciated. Thanks.
Every year I wait until after my taxes are done to complete my FAFSA for that reason. I have never run in to any issues where I was denied financial aid that I qualified for because my FAFSA was completed too late. I also would be very uncomfortable making estimates on that form - it is an official document, and if your estimates end up being off enough that it would affect whether you qualified for financial aid, then it could be trouble in the long run. If it were me, I would wait until I got my W-2s. I've never had a problem with that.Good luck.Matthew
Usually if you fill out the FAFSA with estimates, then file your return, your FAFSA will just be flagged to get further documentation. Which means eventually, you will have to send a copy of your signed tax return to the financial aid office. If the your estimate and your tax return weren't too far off, you usually don't have any problems, even small differences weren't too bad. A major difference like $5K in income you missed reporting might lead to you getting a recalculated EFC, but you would at least be starting with an aid package that gets reduced. It's rare that you would completely overestimate your income to the point that you miss out on money. It's not that big a deal to wait at most colleges, but in some schools, discretionary institutional grant money goes FAST and the earlier applicants can get better aid packages.I used to fill out my FAFSA estimates by using my last pay stub of the year to fill out the tax form so I could get it in early, then when I did file my tax return, I kept a copy to give to the financial aid office. Ask your school if they give out institutional money on top of the federal pell grant and any state grant, and if that money is first come first served.
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