FAFSA question?

Question

I know they say you can file a FAFSA before filing tax returns, but I'm looking at the FAFSA and how would I be able to enter in some of the info (especially the worksheets A,B,C) w/o having the W-2, IRS 1040 form, etc?

Then, someone told me you would have to update the information, but my parents told me they won't be able to file one or receive any of the tax forms until late February. So if it takes only a few weeks for it to get processed, how would I then be able to update the information??

Yes, I am very confused and I am a first-timer. Much appreciated for any help!!

Answer 1

FAFSA wants your most current tax return. If you file it even by the end of December 2006, your parents December 2005 would be considered the most accurate, especially if they haven't had their 2006 prepared yet. They have until April 15th to do so.

Answer 2

According to the U.S. Department of Education, it's perfectly acceptable to estimate your financial information when filing the FAFSA; however, you will need to do a correction when your parents file their taxes (and consequently, when you file yours, if you are filing in 2007). Remember the U.S. Department of Education will almost never ask for your tax forms; that responsibility is left to the universities. Should a university need to see your parents' tax forms, they probably won't request them until April or so.

Ultimately, it's not a bad idea to "guesstimate" your FAFSA data. Ask your parents to give you ballpark figures for your first FAFSA submission, and be sure to get the final information after they file with the IRS. Then, file the FAFSA Correction.

If you have access to the Internet, it's probably best to file the FAFSA over the web instead of waiting for mail delivery back and forth to/from the Federal processor.

Hope that helps and good luck!

http://www.fafsa.ed.gov

http://studentaid.ed.gov

http://www.finaid.org/fafsa/maximize.phtml

Answer 3

Fafsa is filled out in the begining of every year. The sooner you fill them out, more chances of getting more grants. You can use 2006 tax return to fill out your 2007 application.

Answer 4

Don't fret about the April deadline. Talk to your schools financial aid office about THEIR deadline. I got married in May so in order to file independent, I had to wait until I got married so i did not file mine until June 1st-ish. I go to Georgia Southern University and they usually give us until the middle of July. The April deadline is only strongly recommended in order for them to guarantee that there is still money to award if eligible. Hope this helps.