Dismiss Notice

Interview Feedback: Visit Interview Feedback to view and submit interview information.

Interviewing Masterclass: Free masterclass on interviewing from SDN and Medical College of Georgia

Dismiss Notice
Hey Texans—join us for a DFW meetup! Click here to learn more.

FAFSA without W-2's?

Discussion in 'Pre-Medical - MD' started by majahops, Jan 4, 2009.

  1. majahops

    majahops YOU are great.
    10+ Year Member

    Joined:
    Feb 18, 2006
    Messages:
    1,727
    Likes Received:
    23
    Status:
    Resident [Any Field]
    I have a question. How are we expected to complete our FAFSA when W2's haven't been released yet (at least they haven't by my two employers)? I'm confused here.

    Thanks so much.
     
  2. Note: SDN Members do not see this ad.

  3. armybound

    armybound urologist.
    Physician Moderator Emeritus 10+ Year Member

    Joined:
    Jan 1, 2007
    Messages:
    4,777
    Likes Received:
    386
    Status:
    Resident [Any Field]
    you don't have to complete it yet, but there is an option to estimate your income before you get your taxes back
     
  4. 236116

    Joined:
    Dec 8, 2008
    Messages:
    1,327
    Likes Received:
    3
    Status:
    Pre-Health (Field Undecided)
    If you're the same as last year, stick those numbers in. If they've changed, shift them a little. Once your initial FAFSA is processed, you can make changes all you want.
     
  5. skiqueen

    2+ Year Member

    Joined:
    Aug 19, 2008
    Messages:
    199
    Likes Received:
    1
    MDApps:
    Status:
    Non-Student
    I'm working on my FAFSA right now. Ugh. I'm also entering estimated data. I'm wondering, does it really help to submit the FAFSA now as opposed to early february when we actually have our W-2s? Also, it looks like most schools have a mid-March deadline for "priority" review (to get the most optimal package I guess). I wonder if it really helps to submit well in advance of this deadline...
     
  6. TexanGirl

    TexanGirl runs away from trees
    5+ Year Member

    Joined:
    Sep 18, 2007
    Messages:
    1,798
    Likes Received:
    1
    Status:
    Pre-Medical
    Correct me if I'm wrong, but don't corrections made to FAFSA delay processing? Like even if you put in 2008 estimates, wouldn't you have to go back and correct the 2008 FAFSA tax figures, thereby re-submitting the FAFSA to go through processing all over again?

    Anyways, I think it's best just to wait for W-2's and file tax returns immediately in early Feb. I've always done that and have still managed to get priority grants. (For undergraduate though)
     
  7. 236116

    Joined:
    Dec 8, 2008
    Messages:
    1,327
    Likes Received:
    3
    Status:
    Pre-Health (Field Undecided)
    Depends on school, status, etc. :( I haaaaaaaaaaaate financial aid paperwork so much. I think my deadlines are mid-Feb, so if I have a file open it gets processed faster.
     
  8. vadd0

    Physician 10+ Year Member

    Joined:
    Sep 7, 2007
    Messages:
    1,337
    Likes Received:
    0
    Status:
    Resident [Any Field]
    Aren't most schools deadlines not for another two months? I want to get this out of the way just as much as everybody else, but I do not think getting it done before I have everything in my hands would be beneficial at all.
     
  9. 236116

    Joined:
    Dec 8, 2008
    Messages:
    1,327
    Likes Received:
    3
    Status:
    Pre-Health (Field Undecided)
    IDK, I'm going to have to be verified for basically the rest of my life, so I might as well.
     
  10. vadd0

    Physician 10+ Year Member

    Joined:
    Sep 7, 2007
    Messages:
    1,337
    Likes Received:
    0
    Status:
    Resident [Any Field]
    Me too. Sucks that I grew up poorer than dirt with my mom, but at least I made it out!
     
  11. skiqueen

    2+ Year Member

    Joined:
    Aug 19, 2008
    Messages:
    199
    Likes Received:
    1
    MDApps:
    Status:
    Non-Student
    Yeah, I'm definitely thinking about waiting until I get my tax forms. But I think I'll call the fin. aid office at a couple of my schools tomorrow and just make sure it won't hurt me. If they tell me anything useful I'll post here.
     
  12. phospho

    phospho SDN Lifetime Donor
    Lifetime Donor Classifieds Approved 10+ Year Member

    Joined:
    Jun 4, 2006
    Messages:
    2,178
    Likes Received:
    25
    Status:
    Medical Student
    please do! :)
     
  13. skiqueen

    2+ Year Member

    Joined:
    Aug 19, 2008
    Messages:
    199
    Likes Received:
    1
    MDApps:
    Status:
    Non-Student
    So I talked to two fin. aid offices today. The first (UCSF) said it didn't really matter if we wanted to wait to do the FAFSA in February, but they said it might be best to just do it now (they actually weren't too helpful and sounded like they weren't sure one way or the other). The next (Hopkins) said it wouldn't hurt at all to wait to do the FAFSA. Their deadline is the 15th of March, and they said everyone who submits their financial info before that date is considered equally for fin. aid and scholarships. So I think I'll wait to fill mine out until myself and my parents do our taxes. Hope this info helps!
     
  14. phospho

    phospho SDN Lifetime Donor
    Lifetime Donor Classifieds Approved 10+ Year Member

    Joined:
    Jun 4, 2006
    Messages:
    2,178
    Likes Received:
    25
    Status:
    Medical Student
    that helps a lot, thank you! :thumbup:
     
  15. chad5871

    Physician Moderator Emeritus 10+ Year Member

    Joined:
    Apr 6, 2006
    Messages:
    5,276
    Likes Received:
    10
    MDApps:
    Status:
    Resident [Any Field]
    Is it beneficial to pay off any credit card debt before applying for financial aid? Because I should have it all paid off by the end of February....
     
  16. armybound

    armybound urologist.
    Physician Moderator Emeritus 10+ Year Member

    Joined:
    Jan 1, 2007
    Messages:
    4,777
    Likes Received:
    386
    Status:
    Resident [Any Field]
    they don't ask anything about credit card debt, though I think they do ask about how much you have in savings, so if it's beneficial to you to empty your bank account, go ahead. I doubt it will make much of a difference
     
  17. TexanGirl

    TexanGirl runs away from trees
    5+ Year Member

    Joined:
    Sep 18, 2007
    Messages:
    1,798
    Likes Received:
    1
    Status:
    Pre-Medical
    It would be. They ask for the currents balance of your savingsand checking accounts as of the date the FAFSA is completed, so waiting to maximize your financial aid eligibility might be useful.

    Also, if your family qualifies for the Simplified Needs Test (income <$50,000, generally), assets are disregarded on FAFSA and you won't need to enter that info.
     
  18. tessa108

    2+ Year Member

    Joined:
    May 20, 2008
    Messages:
    88
    Likes Received:
    0
    Status:
    Medical Student
    I got a financial aid e-mail from Michigan that specifically said to wait:
    "Complete the FAFSA after you and your parents have completed your 2008 income tax forms. Do not use estimated information."

    From what I remember, pretty much all the financial aid info I got recommended the same thing. As long as you do your taxes in a reasonably timely manner, it doesn't seem problematic to wait until you have all the related info.
     
  19. linguini

    linguini Hopeful member
    7+ Year Member

    Joined:
    Aug 5, 2008
    Messages:
    914
    Likes Received:
    3
    MDApps:
    Status:
    Pre-Medical

    Hmmm, I heard that you can estimate your parents' tax information from previous years. I am hoping this is true for my schools (didn't apply to Michigan) because I doubt I can convince my mother to file her taxes well before the deadline.
     
  20. vadd0

    Physician 10+ Year Member

    Joined:
    Sep 7, 2007
    Messages:
    1,337
    Likes Received:
    0
    Status:
    Resident [Any Field]
    I am waiting until Jan 30th to turn in my Fafsa and need access assuming my dad can get me his 1040 by then.
     
  21. funkymunkytoes

    2+ Year Member

    Joined:
    Jun 27, 2008
    Messages:
    639
    Likes Received:
    1
    Status:
    Medical Student
    Just filed FAFSA with projected numbers. It's interesting, because I called FAFSA and they said they recommend filing with projected numbers, and to update accordingly as the W2s and 1040s get filed. Also, as soon as you file, your expected family contribution is immediately given to you. Do you guys think I will get much aid, considering my expected family contribution was 17000 a year?
     
  22. ami1983

    7+ Year Member

    Joined:
    Jul 16, 2008
    Messages:
    877
    Likes Received:
    0
    Status:
    Medical Student
    umm, my EFC was almost 17k and I am "independent" and barely making it financially. my EFC all throughout college was 0. so I don't know how they come up with these numbers!
     
  23. funkymunkytoes

    2+ Year Member

    Joined:
    Jun 27, 2008
    Messages:
    639
    Likes Received:
    1
    Status:
    Medical Student
  24. TexanGirl

    TexanGirl runs away from trees
    5+ Year Member

    Joined:
    Sep 18, 2007
    Messages:
    1,798
    Likes Received:
    1
    Status:
    Pre-Medical
    Yeah, student income and assets are weighed more heavily than parents' income and assets in EFC calculation, doesn't matter if you're dependent or independent. The expected contribution from a student's assets is 20% annually (whereas only 5.6% of a parents' assets are considered), so if you have $5000 in a checking account, for instance, your EFC increases by $1000. Also, for student income, there's an income allowance threshold of a couple thousand (I THINK ~$4000). Beyond that, student income is weighed at 50%, which is probably why your EFC is so staggering, even though you barely make anything. In college, family income was weighed much, much lower than student income, so it's not surprising to see the disparity. Good luck, ami.
     
  25. linguini

    linguini Hopeful member
    7+ Year Member

    Joined:
    Aug 5, 2008
    Messages:
    914
    Likes Received:
    3
    MDApps:
    Status:
    Pre-Medical
    This is very useful info on how one's EFC is deduced. Not great news for me exactly, but informative none the less. I guess I should be expecting the same when I fill out my FAFSA (I'm also in the independent yet barely making it category). Thanks for shedding some light on this.
     
  26. Jolie South

    Jolie South is invoking Domo. . .
    Physician Moderator Emeritus 10+ Year Member

    Joined:
    Jun 4, 2007
    Messages:
    11,491
    Likes Received:
    444
    Status:
    Resident [Any Field]
    I'm a little confused about what differences percentage-wise were being quoted above. You are not required to put parental information on the FAFSA for med school and it's not figured in if you do. All graduate students are considered independent for Federal financial aid purposes.

    The only reason people put parental information on FAFSA in this case is for consideration for institutional aid/grants that do look at parental resources.
     
  27. Soccerdoc11

    2+ Year Member

    Joined:
    Apr 9, 2008
    Messages:
    195
    Likes Received:
    0
    MDApps:
    Status:
    Pre-Medical
    My father is a CPA and obviously does his own and my taxes. He said it was physically impossible to have his own done until late april due to some partnership reasons but mine will be done early Feb. I wonder if estimates will be ok for my parents since it will be much past the deadline.. Probably something I should call each school about.
     
  28. TexanGirl

    TexanGirl runs away from trees
    5+ Year Member

    Joined:
    Sep 18, 2007
    Messages:
    1,798
    Likes Received:
    1
    Status:
    Pre-Medical
    No, no, no, I was commenting on the disparity in EFC among independent students applying to graduate school and independent/dependent students applying to undergraduate schools. If you read ami's post, her EFC increased by 17k from undergraduate to graduate, and that's because of an increase in student income (which many college grads will have).

    The percentages I included for family income (family assets weighing 5.6%) are indeed only relevant if one were listed as a dependent. It's not relevant for graduate students, but I included it to shed light on the disparity of the FAFSA's valuation of student versus family income/assets. A student has a greater responsibility to contribute to his/her own education, so their wealth will weighed more heavily than parents.

    Hope this makes it clear.
     
  29. funkymunkytoes

    2+ Year Member

    Joined:
    Jun 27, 2008
    Messages:
    639
    Likes Received:
    1
    Status:
    Medical Student
    If I have a joint checking account in mine and my mom's name, would that value go under my parent's assets, or my own?
     
  30. efitzpat

    2+ Year Member

    Joined:
    Jul 23, 2008
    Messages:
    469
    Likes Received:
    0
    MDApps:
    Status:
    Medical Student
    My dad never does his taxes before October and I've never had a problem.
     
  31. Soccerdoc11

    2+ Year Member

    Joined:
    Apr 9, 2008
    Messages:
    195
    Likes Received:
    0
    MDApps:
    Status:
    Pre-Medical
    Then did he just file predicted values based on the previous year?
     
  32. efitzpat

    2+ Year Member

    Joined:
    Jul 23, 2008
    Messages:
    469
    Likes Received:
    0
    MDApps:
    Status:
    Medical Student
    I'm assuming thats what he does.
     
  33. wedogogirl

    2+ Year Member

    Joined:
    Sep 3, 2006
    Messages:
    90
    Likes Received:
    0
    Status:
    Medical Student
    .
     
    #32 wedogogirl, Jan 7, 2009
    Last edited: May 23, 2010
  34. TMP-SMX

    TMP-SMX Senior Member
    Moderator Emeritus Gold Donor Classifieds Approved 10+ Year Member

    Joined:
    Jun 12, 2006
    Messages:
    3,624
    Likes Received:
    73
    Status:
    Attending Physician
    It's a different story in med school if you are applying for campus based aid. Most schools won't give you Perkins loans or need-based aid without copies of the actual 1040s/W2s for the year. Stafford loans you will be fine for though.
     

Share This Page