FAFSA Help??

[altaskier]

---

Members do not see this ad.

Okay everyone, I really suck at this kind of stuff. I was wondering if someone could give me some pointers on the FAFSA application. Do I need both parent's TAX returns for last year? What about for this year, because they don't file them until april? Any other type of advice?

Thanks all!

 

[SMW]

Where've you been, altaskier? You haven't been paying attention! Check out <a href="http://www.studentdoctor.net/cgi-bin/ubbcgi/ultimatebb.cgi?ubb=get_topic&f=1&t=007872" target="_blank">this thread.</a> Then do a search about FAFSA, you'll find all kinds of useful information. love, Mom had a quite useful post/thread a while back. And, of course, there's SwampMan's and my current threads about FAFSA school codes. As far as which parents' info is required, the FAFSA help menu (click on "Need help with this page/" in the bottom left corner) is full of helpful definitions and information.

Shhhhh......don't tell anyone, but this years' tax return (that gets filed this April) is really last years'!! Unfortunately, that's the information they want. You can fill out the FAFSA with estimates if you and your parents haven't gotten around to filing yet (and who has?), but will eventually have to produce copies of the actual tax returns, if you use estimates now.

 

[altaskier]

Thanks..... I actually just got back from a long ski trip.... So now I'm back in the loop again.


Thanks again..
Altaskier

 

[altaskier]

Another question to ponder on.... When putting down your parent info, what if they haven't filed their taxes yet? Do you just estimate their income for this year?

 

[E'01]

altaskier I was thinking of doing that - but upon one medical school's advice, its best to wait until you get all you and your parents' W-2s then fill out the form - even if you haven't done your taxes.

 

[SMW]

UWSOM says to use estimated info if you need to in order to meet their deadline (2/28). I think it's fine to use estimates if you have some realistic way of estimating (FAFSA even has an income estimator worksheet) like W2's. You may have to send copies of the actual returns later, but why hold up the process if some schools are willing to proceed on estimates?
I talked to my Dad's accountant and got some pretty realistic numbers.

Albany says the student's return may or may not be requested later (depending on whether that application is selected for verification) and that the parental return will be required if applying for other than federal Stafford loans.

 

[E'01]

Wow. I guess each school is going to give different advice then. Sinai said to use actual information since they find that estimates aren't as reliable.

 

[SMW]

Wish I had Mt. Sinai to worry about! Wish they'd hurry up and make a decision on my file!! 🙁

 

[altaskier]

Hmm.....this just got even weirder. I guess the best thing to do would be to call each school you are interested in and ask if they require verification of tax returns by their respective financial aid deadlines, huh?