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FAFSA 2008-09 question: What if my parents haven't done their tax for 2007 yet?

  • All the tax related questions on FAFSA are for the year 2007, which my parents haven't even done their tax. They do have their tax return forms from 2006 though, do I just fill in the 2006 numbers?

  • Answer:

    While you can use your 2006 taxes to complete an estimator 08-09 FAFSA, understand that when you make corrections from the actual numbers on the 2007 taxes........you will throw your FAFSA into Verification. Understand that when the Guardian says: you can go back into the FAFSA and make changes were there were significant difference......You need to use the actual tax numbers.........you're making corrections, you're going to be flagged for verification. If you only make changes 'where there were significant differences'........the director of financial aid will catch this in the verification process........thus delaying the whole process further. While schools have 'deadlines' to get FAFSA completed, it's more of a threat then anything. A school cannot deny you entry for waiting to complete a FAFSA. Think about it, if your schools deadline for FAFSA is Jan 15 (employers are not legally obligated to have W2's to employees until Jan 31) then how do students start in the fall and winter terms? I would rather work with a clean FAFSA any day of the week than one in verification. Good Luck.

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Corona, Founds answer is not exactly correct. While you can't finalize the FAFSA form, you can submit estimates of what you anticipate the amounts will be. The best way to do that is use the figures from the 2006 return. When the 2007 taxes are complete, you can go back into the FAFSA and make changes were there were significant difference. Just make sure you get it in on time. also, copy the schools to which you are applying and ask if they have any alternative loan programs. My son goes to school in connecticut. The state has a financial aid program supported by the use of municipal bond issues. It's available to all Connecticut residents and all students attending school in Connecticut, regardless of the students state of residence. The interest rate is exceptionally low. Ask the Financial Aid office at each school to which you are applying whether they have a list of preferred lending providers. Also, almost every college will allow your parents to set up a payment program year to year, through which they can pay all or a part of the tuition, room and board over a 10 month period without any interest payment at all. Ask questions and keep asking the questions until you get the answers you're looking for.

The Guardian

No, don't use your taxes from 2006. when they do their taxes (Early Feb, at least by valentines day) complete your fafsa. You can enter guesses in now, but you are just going to have to go back and correct it.

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