In October of 2008 I will lose my job. If this form is filled out before then, my income goes on it right? Is there somewhere to make a change later, when I lose my job so that her EFC will be smaller?
2007-09-06 12:30:06 · 7 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
people people people...
The FAFSA is based on tax information from the previous year for financial aid in the year it is prepared. The earlier you complete the form, the more likely you will be to get a favorable financial aid package. Fill it out in June or October and you can forget getting anything worthwhile.
Complete the FAFSA as soon after Jan 1 of each year as you have completed your taxes for the previous year. Repeat this sentence several times. Even if you don't know where you're going to go - complete the FAFSA early. (for some reasons why, search this forum for questions about "all my classes got cancelled because my financial aid didn't come in wahhhh"
So, if she's going to attend school in the Fall of 2009, you'd complete a FAFSA for that as close after Jan 1 2009 as you can. There is provision for "special circumstances" such as losing a job that you can discuss with the FA counselor where she'll attend school. The question they're going to ask, "do you intend to remain unemployed?"
2007-09-06 12:57:24 · answer #1 · answered by CoachT 7 · 1⤊ 0⤋
She is going to need to fill it out as soon after January 1st as possible. You can use your previous years tax forms for the time being. She will then recieve her SAR(student aid report) and EFC(expected family contribution). You can make all the necessary corrections with the current years tax forms on that. Make sure you file your taxes early. Unfortunately the FAFSA will not be able to do anything about you losing your job. Your daugther could file a letter with the financial aid office of her school, stating that her mother lost her job.
2007-09-06 19:48:16 · answer #2 · answered by yvetteb93021 3 · 1⤊ 0⤋
Yes. Listen to CoachT. He is 100% correct. As soon after Jan 1, 2009 as possible with your 2008 income tax return. Her fin aid eligibility will be based on your, your hubby's, and her income and assets from 2008. Will your company give you any money upon you leaving? This may need to be reported as income as well.
And just as CoachT says, after she files her fafsa she could apply for unusual circumstances - if you expect the family income will be humongously different after the lay off. (My experience is sometimes it helps a great deal, especially if you are a single parent. Sometimes this method doesn't help a bit. Example: Your Hubby is still earning the same amount of decent money.)
Hint: Before you leave in October, be sure to get a letter from your employer stating you were laid off and when. Just in case you need to provide that documentation to the schools fin aid office.
2007-09-06 22:03:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
She doesn't need to fill out the FAFSA until her Senior year of HS, my guess is by the end of June, 2009 when she graduates. You can get more information from her HS Guidance Office to be sure.
2007-09-06 19:34:06 · answer #4 · answered by Miss Alexis 4 · 0⤊ 0⤋
The FAFSA is based on your income taxes. Unless you plan on being unemployeed for an extended period of time, at least a full tax year prior to her enrollment, then it wouldn't help. Worth mentioning, you need to apply to FAFSA every year, with the current tax return.
As for when to apply for FAFSA, it should be right after she gets accepted.
2007-09-06 19:45:07 · answer #5 · answered by Cysteine 6 · 0⤊ 1⤋
go to www.cashforcollege.com for a lot of college and fafsa information FREE info
2007-09-06 19:33:17 · answer #6 · answered by wingspawsnmagick 2 · 0⤊ 1⤋
can file in October i believe but will be so depressingly late to get her books for classes, try to save money for those.
2007-09-06 19:36:08 · answer #7 · answered by Anonymous · 0⤊ 1⤋