2007 Tax Returns for 2009 Aid?

_rentof2
Tue, 14 Oct 2008 22:21:13 +0000

When my son applied early last year they wanted the Profile (with estimated figures for the current year – that time it was 2007) AND our taxes for the previous year (2006).

I believe they just use those to see if they support something remotely resembling your estimates for the current year. In your case, I would include a note to the financial aid office (your parents should probably do this since it pertains to their income) explaining the reduced income this year. Your parents are not going to be the only self-employed people in that situation.

My son had a friend in a similar situation of reduced income from the year before --his father had lost his job-- and his school was understanding of that and took it into consideration. You get a tentative award with an ED acceptance, and then a final one later in the spring after your FAFSA is filed, Profile corrected (if necessary) and you’re working with definite figures for 2008 income.

But, no, it’s probably not a mistake or a lack of updating on Tufts’ part. This isn’t uncommon for ED applicants.