What if I cannot get all the parent info in time?

[clinicallabguy]

The school that I would like to attend next year wants me to give them the following info:

FAFSA (with parent's info)
Needs Access online form (with parent's info)
Copy of my 2008 tax return
Copy of my parent's 2008 tax return

The deadline for this info is April 16th.

But, my parents never file their taxes on time, because they are self-employed. I have told them that I really need them to at least compile the information so I can send a copy of the return before April. I have contacted the school, and they are not very flexible with this.

My question is what if I can't get my parents to do this and can't get need based aid? Which loans are need based?

My assumption is that I would still be able to get loans to pay for school, but they would be higher interest rates and would be unsubsidized. Is that correct?

Thanks for any info.

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[TMP-SMX]

Without parental info at all, you can get subsidized staffords (no interest until out of school but the maximum is a measly 8500 a year) or unsub staffords at 6.8%, grad plus loans at 8.5%, and private loans if needed.

Need-based aid includes Perkins loans at 5% (usually limited to 5000 a year), grants, and scholarships. They do require parental info.

If your parents really can't get numbers in prior to the deadline just run an estimate in the Finaid EFC calculator as a dependent on a rough estimate of your parental plus personal numbers. Wayne has a cutoff of 18k EFC for need-based aid. I would assume most schools are around the same. You can use that estimate to see if it is worth nagging your parents to get it done in time.

 

[abbaroodle]

My parents never file their taxes anywhere close to on time. (They still havent dont 2007 not to mention 2008!) I had to send in a copy of their application for an extension and then submit an update after they filed.