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Financial Aid application Deadline?

So the FAFSA aplication is due on March 2, 2008, and I have heard that you need to apply as soon as possible for better chances. What do I do if my parents haven't filed thir taxes and won't be getting them until late February? Will that make a difference on how much money i will get? Please, HElp

Public Comments

  1. It is possible to file your FAFSA without your parents having completed their taxes. I did it four years in a row with my parents. It is, however, MUCH easier to fill out the FAFSA if the taxes have already been filed because the application tells you exactly what lines of the tax forms to get the information from. Not filing the FAFSA by the state deadline does affect the types of financial aid you can get. I believe the students who get them in earliest get priority to receive grants and state scholarships. Go ahead and fill out the FAFSA as best you can based on you and your parents' W-2s and other tax information BEFORE that deadline. Once your parents have filed their taxes, fill out an amended FAFSA so the schools receive the most accurate information. Hope this helps.
  2. You should file your FAFSA application as soon as possible, especially if you are an incoming freshman, since financial aid is many times awarded on a first come, first served basis. This, of course, makes it virtually impossible for your parents to have their tax return completed prior to filing. That is why the colleges expect to only get estimates of your income and taxes paid when you file. You can provide the final numbers when you have them (either by filing a Correction FAFSA or submitting your completed tax return to each of the colleges you are applying to.) Here is a simple online income tax estimator your parents can use to come up with an estimate of their 2007 federal income taxes to use for the financial aid forms. http://www.dinkytown.net/java/Tax1040.ht... Have them use their year-to-date gross (before tax) income figure from their last paystub from 2007 to estimate their income; that way they won't have to wait for W2 forms to arrive from their employer.
  3. yes its so stupid because my parents filed the 2006 taxes but will not do the 2007 until february. but i already filed my FAFSA. i used the 2006 taxes. if they say that i lied, i had a legitimate reason because they ask you online "if not filed 2007 taxes, will you file, not file, or filed already." but you can use your 2006 taxes. gosh, scholarships should be more considerate about these situations
  4. I filed 07-08 FAFSA and of course use the 06 taxes, which I was suppose to. You need to fill out the 07-08 FAFSA if you're going to attend school before June. But my FAFSA was due Jan 4th. Yes it will make a diff on how much money you will get.
  5. While you can do an 'estimator' FAFSA using last year taxes this is what will happen. VERIFICATION When you go back into your FAFSA to put your parents actual 2007 tax numbers in ( this is called a correction) your FAFSA will more than likely get flagged for verification. It will cost you time and effort and quite honestly, I'd rather work with a 'clean' FAFSA. It's not going to make a difference this early in the year. If your parents had pretty much the same income in 2007 as in 2006 i would recommend you do the 4caster first. You will have an idea of the aid you might qualify for and then when the taxes are complete do a clean FAFSA for 08-09. Your financial aid officer will appreciate it. Good Luck.
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