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We went through the exercise of filing Fafsa in Eldest's senior year in high school, but have not bothered for the past couple of years since the only thing it was getting us was loans that we did not consider advantageous. In 2015, however, when Youngest graduates high school and Eldest will be a senior in college in the fall, our income should go down through retirement. Between reduced income and two in college, it may be worth filing the Fafsa again. Should we do this in 1/2015 based on 2014 income, and then amend it when we retire, or just wait until 1/2016? Do they need a prior year to compare to when you modify a filing?

IP
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I believe they have proscribed time windows to do this. We had to do ours a few months ago, and they specifically instructed us to estimate based on 2012 and then update with 2013 when we had it. (And on April 15 they sent a reminder email to update.)

Of course we just have the one kid. It's possible (probable?) that you can log into your same account and add the new kid who will be graduating. I'm not sure. Might be worth calling them and asking how to handle it.

But I'm pretty sure they expect things done within certain time windows (i.e. when they "open" and "close" the application process).

1poorguy
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