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My wife is currently enrolled in Law School, and as a full time student, she has become dependant (with regard to income taxes) on me.

This represents the first time that we will be filing taxes jointly. This also represents only the second time we will be taking out loans for her education. Now my question:

Is it possible to "estimate" answers to the FAFSA based on last years income tax results? I will not have the needed material to fill out FAFSA with "real" info until well after the Feb 01 deadline.

What implications, if any are there if my estimates are way off. (Nore: We are not applying for grants, and are hardly eligible for Gov't guaranteed loans due to our income.)

When we did the loans for this semester in early 2001 we estimated the FAFSA based on an estimated version of her 2000 income tax.
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