<p>Is it ok to estimate? I know the CSS Profile says to use last year’s taxes, but-</p>
<p>My dh was on disability for three weeks this year
He’s going to be taking a different position in his company, hopefully beginning in two weeks, that will be less money. (Take home pay will be about $150-200 less a week)</p>
<p>How should I figure this? Will we get dinged if I don’t get it exactly right?</p>
<p>I think the profile says to use 2013 taxes as a starting point to estimate 2014. If you know things will be different for 2014 you should adjust for the known changes. With 10 months gone in the year already, it’s just really 2 months you need to estimate. The most recent paystubs will have YTD amounts. It appears there’s only W-2 wages and perhaps some interest/dividends involved. I don’t know about the disability as income.</p>
<p>You don’t get ‘dinged’ for being inaccurate, it’s just that the estimated packages offered will be adjusted for reality in the spring after you submit fafsa and any tax documents the school’s require. So the better the estimate, the closer the estimated packages will be to the final aid offered.</p>
<p>You should be using estimated numbers for 2014 income. It sounds like the new position will largely affect 2015 income…I mean really it’s almost November 1.</p>
<p>You will estimate using 2014 numbers. Then in the comments section on the Profile you will explain that your 2015 income will be affected because of the job change.</p>
<p>In addition, you will need to contact each college to see if they will consider this as a special circumstance. And find put their procedures. </p>
<p>Remember…some schools will consider your income change, and some will not. Case by case basis, and colleges are not required to consider this at all.</p>
<p>Your financial aid for the 2015-2016 school year is based on your 2014 income information…so estimate THAT well on this Profile.</p>
<p>Some schools will consider your reduction in income for 2015…but since that has not yet happened…really, there is currently nothing for them to consider.</p>
<p>Ok, thanks. I am also having major dental work done, but I don’t know whether it will be fully not covered or covered at 50%. I should hear this coming week, so I have to guess on that, too.</p>
<p>Unless that dental work is tens of thousands of dollars, it might not make a difference at all.</p>
<p>It’s around $4000.</p>
<p>And gosh, how do I know what scholarships my son might get? He’ll apply for some, but he doesn’t have any now. Should I just put zero?</p>
<p>And yes, this year’s income should probably be about 2K less than last year, so not a big change.</p>
<p>Oh I found that so hard when we had to estimate for the profile the year my younger son applied ED. One thing that I found helpful was using our paycheck stubs. I was able to at least come close but it was painful.</p>
<p>Yep, painful is a good word, ha-ha. I did use my dh’s most recent pay stub and that was helpful.</p>
<p>What I hadn’t done well was keep track of schooling costs for my two at home, so I had to dig around online looking for tuition amounts and textbook costs. Since we homeschool, costs add up quickly. I usually do a better job of keeping track. Lesson learned (I hope).</p>
<p>I would put 0 for the scholarships. You will have to report any outside scholarships to the school your son chooses to attend and need-based aid may be adjusted.</p>
<p>We don’t need to send in a copy of last year’s taxes, correct? That will come later?</p>
<p>Look at the requirements for your schools. Send them what they are requesting. Some ask for tax returns as part of the application process. Others don’t.</p>
<p>If your dental work is $4k, then it’s not likely high enough to count…even if you have to pay for a good bit of it. It sounds like your insurance may cover 50%, so that would be $2k, not $4k (you don’t count what is covered by insurance).</p>
<p>I think the rule of thumb is that medical bills have to exceed 10% of income…and even then it doesn’t change FA in a dollar for dollar way. UNCOVERED medical bills have to be substantial to change family contribution. </p>
<p>My experience has been expenses are not taken into account unless they are really unusual and necessary.</p>
<p>Even my knee replacement last year wasn’t enough to make a difference.</p>
<p>The school may not ask for supporting documentation till they get the PROFILE.
But they may want it at the same time if this is for EA?</p>
<p>I emailed the school just to make sure. I don’t find the info on the website; it only says to file the CSS Profile by December 1. (Thought it was Nov. 1!! Oh well; got it done.)</p>
<p>Yes, even if I have to pay 4K, our totally out of pocket medical/dental will probably only be a little over 5K and that’s only maybe 7-8% of income.</p>
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<p>At the beginning of the recession, our company cut all wages xx %. When I informed the colleges, they said, thanks, but it won’t matter until next year, since finaid will be based on last year’s W2. And true to their word, financial aid increased a few bucks the next year since my W2 was lower.</p>
<p>Some colleges seem to take appeals into account. I appealed twice to my older son’s college, and both times they came back with more money for my son. The first time, the FA officer even gave me suggestions on what to appeal for. It wasn’t a significant amount each time, but every little bit helps.</p>