<p>We own a small business and it will be several weeks, I’m sure, before our accountant is able to get our taxes done. Not to mention, we are still waiting for the W-2’s for both my job and my son’s. One of the schools that my son has applied to has a Jan. 15th deadline. The others are all in Feb. or March. Is it to our benefit to go ahead and fill out the FAFSA based on last years numbers or just wait until the taxes are done? The numbers will be quite different because our business really suffered this year.</p>
<p>Fill out an estimated FAFSA this month, use last years numbers, but adjust them with a best guess, then when you have the real numbers, do a correction, BUT no august filings!! Let you accountant know that you need to work much faster than in years past (if you were an august filer)</p>
<p>Filing the estimated FAFSA holds your place with FinAid people whilst you get the accurate numbers together.</p>
<p>Can you estimate the figures? My understanding is that you are better to estimate conservatively (correcting them later of course) as it is easier to get your aid offer reduced than it is to get it increased. Based on this assumption, if you know your business suffered this year it seems it would not be a good idea to use last years figures as that would give you a higher EFC.</p>
<p>Thanks for the reply–I think I can that.</p>