Preparing for Finaid Applications - Page 4

thumper1 · 09-14-2008, 01:10 PM

Paceckafecker...if your daughter worked at all her income MUST be reported on the FAFSA. If she received a w-2 and the college requires that you send in all tax documentation, her tax return (if one is filed) and her w-2 (whether a return was filed or not) will be required, as well as your tax returns and w-2's. No exceptions. Required.

momager · 09-21-2008, 07:10 PM

The Profile asks "enter the amount your parents think they will be able to pay for your college expenses" I don't know how to answer that. It there a formula that i could use. I don't want to overestimate.

Also, if the PRofile comes out in October and not apply early early, should I submit it it October anyway?

thumper1 · 09-21-2008, 07:52 PM

Re: that amount your parents think they can pay"...I'm not sure how often or if the colleges actually consider the answer to that question.

Re: when to submit...check the deadline(s) for your school(s). Be sure to submit the Profile before the deadline and allow a week or so for processing. Just my opinion...it is easier to do the Profile and the FAFSA once you have all of the end of year information (income, etc). Personally, I would file them at the same time since much of the info is the same. So...if you can wait until after the first of the year when the FAFSA is available, just wait...and take the time to gather up your information. If you file before your taxes are completed, you will still be using estimates and you want them to be as accurate as possible.

TrinSF · 09-21-2008, 08:21 PM

I always take that question as "How much do they *want* to pay?" When we fill out the profile, I put $0. But that's just me. :-)

bco09 · 09-28-2008, 06:51 PM

So i will be applying to quite a few schools this fall/spring. Some schools, such as MIT, explicitly state:

If your parents' 2007 federal income return is not available by our February 15, 2008 financial aid deadline, submit your parents' 2006 federal income tax return, including all schedules and W-2s, directly to Student Financial Services by February 15, 2008 and submit the 2007 federal income tax return, schedules and W-2s through IDOC as soon as they become available.
MIT - Student Financial Services

Yes, that info is a year old, but i have to assume that MIT will have the same policy for this coming application season. However, I am not sure if it is safe to assume that this policy applies to ALL colleges out there. Are there any schools that will not accept estimates even when their February deadlines make getting all of the 2009 tax info on time impossible? If so, what does one do in that scenario?

To give one other school's perspective, CMU sent me a brochure that explained the reason for their deadline is that students are allowed to submit their 2009 tax info later than Feb 15th, but by doing so they risk not having an aid decision before the May 1st deadline to commit. While that is not an ideal situation, it is at least better than being barred from recieving FinAid alltogether simply for not being able to meet an impossible deadline

thumper1 · 10-02-2008, 07:21 AM

Do not miss DEADLINES. They are there for a reason. Get your information in on time. Do not delay doing taxes this year. Get them done as soon as possible after February 1.

DEADLINES...do not miss them.

britbrat1961 · 10-21-2008, 11:30 PM

PROFILE is due by Nov 15th!!! That is REALLY soon!! FAFSA cannot be done until after Jan 1! It can be confusing as heck!!

thumper1 · 10-22-2008, 06:43 PM

>>PROFILE is due by Nov 15th!!! That is REALLY soon!! FAFSA cannot be done until after Jan 1! It can be confusing as heck!!>>

Britbrat...that is not the deadline for ALL applicants. Typically the November 15th profile deadline is for EA, ED or priority financial aid applications. Folks should absolutely check the deadlines for THEIR schools. They are not the same for every school.

FAFSA can't be done until January 1, but even that is not the deadline for many schools.

When in doubt...check EACH college website for their deadlines. They vary wildly.

britbrat1961 · 10-22-2008, 08:11 PM

My apologies. It is the deadline for all of the ones that my s is doing. Here is the link for the deadlines of the schools that participate in the CSS PROFILE

https://profileonline.collegeboard.c...nstServlet.srv

thumper1 · 10-22-2008, 08:34 PM

Folks...please check the deadlines for applications on the school website. While the College Board attempts to keep their information accurate, there have been times when the deadlines and info on their site and what was on the college website differed. Just make sure that you check the college website as that is the deadline you must adhere to.

britbrat1961 · 10-22-2008, 08:47 PM

thumper1....do you recommend doing the CSS PROFILE as soon as possible even if it is no where near the deadline date? In other words if the actual applications are due before Jan 1 would you recommend the financial aid information go in at the same time as the application or does it matter at all? There are a couple of schools that my s is considering applying to that want his app and his performance audition done before the financial aid is due. How does that affect anything or are they completely seperate issues, the acceptance and the financial aid?

thumper1 · 10-22-2008, 09:16 PM

Britbrat...the only important thing is not to miss any deadlines...either admissions or finaid. You just need to check. If your child is applying early or for a school with a priority deadline for some reason (usually this is a scholarship thing...or for ED or EA...), you will want to apply meeting that deadline. If your child is applying regular decision, you want to meet those deadlines.

The reality is that it is far easier to complete both the FAFSA and Profile once your taxes have been completed which you really should do as quickly as you can after February 1 (when you should have all the 2008 documentation you need). If your financial aid deadlines are after Feb 1, you can complete your taxes first, and then do the finaid forms.

Sadly...this isn't usually the case and you end up using your best estimates to complete these forms prior to completing your taxes...then you amend.

With regard to when to do the forms...doesn't matter as long as you DON'T MISS THE DEADLINES (did I say that already??).

britbrat1961 · 10-22-2008, 09:20 PM

Yep...got it thanks!

bijou3owl · 10-26-2008, 12:52 AM

My daughter is appling ED to Cornell. On the CSS Profile should we list all the schools she will be applying to (if she does not get into Cornell) or just Cornell?

thumper1 · 10-26-2008, 11:33 AM

I'm certainly glad people are reading this thread and hope it is providing some helpful information. However, as the OP, I started it with the idea that information would be posted here that would HELP all those who are getting ready for financial aid applications. If you have a specific question (as above), you may find that you get more responses if you start your own thread with THAT question.