FAFSA without W-2's?

[majahops]

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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.

 

[armybound]

you don't have to complete it yet, but there is an option to estimate your income before you get your taxes back

 

[236116]

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.

 

[skiqueen]

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.

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...

 

[TexanGirl]

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)

 

[236116]

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...

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)

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.

 

[vadd0]

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.

 

[236116]

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.

IDK, I'm going to have to be verified for basically the rest of my life, so I might as well.

 

[vadd0]

IDK, I'm going to have to be verified for basically the rest of my life, so I might as well.

Me too. Sucks that I grew up poorer than dirt with my mom, but at least I made it out!

 

[skiqueen]

Me too. Sucks that I grew up poorer than dirt with my mom, but at least I made it out!

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.

 

[phospho]

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.

please do! 🙂

 

[skiqueen]

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!

 

[phospho]

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!

that helps a lot, thank you! 👍

 

[chad5871]

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....

 

[armybound]

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....

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

 

[TexanGirl]

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....

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.

 

[tessa108]

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.

 

[linguini]

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.

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.

 

[vadd0]

I am waiting until Jan 30th to turn in my Fafsa and need access assuming my dad can get me his 1040 by then.

 

[funkymunkytoes]

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?

 

[ami1983]

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?

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!

 

[funkymunkytoes]

Amen.

 

[TexanGirl]

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!

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.

 

[linguini]

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.

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.

 

[Jolie South]

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.

 

[Soccerdoc11]

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.

 

[TexanGirl]

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.

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.

 

[funkymunkytoes]

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?

 

[efitzpat]

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.

My dad never does his taxes before October and I've never had a problem.

 

[Soccerdoc11]

My dad never does his taxes before October and I've never had a problem.

Then did he just file predicted values based on the previous year?

 

[efitzpat]

Then did he just file predicted values based on the previous year?

I'm assuming thats what he does.

 

[wedogogirl]

.

 

[TMP-SMX]

My dad never does his taxes before October and I've never had a problem.

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.