How exact does the FAFSA have to be?

Paying for College
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<p>I’m trying to get my dad to be as exact as possible, but he doesn’t want to be exact exact for some things. Like he’s looking off the tax form or whatever for stuff that’s just look at the form and copy down, but he doesn’t want to figure out things like exactly how much he made in income, and how much my mom made (filed together). So is it ok if it’s a bit of an estimate? Like close, but for example it’s stupid because the way he did it my dad’s income plus my mom’s income =/= what was put down for total income.</p>

<p>Plus would I end up having to fill out the FAFSA twice? If I do it now for early action, then later for regular decision?
Oh and also, should I do the CSS profile or whatever? I really hate the collegeboard how they charge for everything, moneysucking a holes</p>

<p>Thanks in advance.</p>

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<p>It has to be exact. The income numbers on FAFSA must agree with what is on the tax return. If a tax return is not required then the numbers must agree with W2s, 1099s etc. If the numbers do not tie in with tax returns then you will probably be unable to get any financial aid.</p>

<p>If you are going to a school that requires CSS (only about 300 do require it) then you must complete CSS if you want to be eligible for aid from the school. If you don’t want to be considered for aid then don’t complete it.</p>

<p>You do realize you can’t complete the FAFSA for the 2011-2012 school year (the one starting next fall) before January 1st 2011, right? The one available now is for the current school year, 2010-2011, and will not count as having completed it or having met any deadlines for next year.</p>

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<p>Ohhhhh ok thanks. Even for EA and ED?</p>

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<p>Find out what they want you to fill out for EA or ED. The forms for 2011-2012 are not even available yet. </p>

<p>When your family fills it out right after Jan 1, your parents may not have finished their taxes yet. They’re allowed to estimate the information that would come off their taxes and submit it with estimated numbers. (Other stuff, like how much is in the bank, must be exact.) Then, when they file their taxes, they can go back and put in the exact numbers. They’ll still want to get their taxes done early next year though.</p>

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<p>The FAFSA cannot be completed until Jan 1 of your senior year in high school. By that time, your dad (and mom and you) will have all of your end of year pay statements at the very least…and your bank statements as well. File the FAFSA using a “will file” meaning that you will file your taxes…BUT you should use the very best estimates you can for the FAFSA based on your end of year pay stubs, bank statements etc. </p>

<p>Some EA/ED schools require the CSS Profile as well. Usually EA/ED students have an early priority filing deadline that is November at the LATEST. Check your schools for their deadlines. Again…you will need to estimate your 2010 income, taxes, etc. The CSS Profile will be available for the 2011-2012 school year…hmm…usually in September or early October of your senior year in high school.</p>

<p>NOW…your family should plan to complete their 2010 taxes ASAP after Feb 1 when they should have received all of their W-2 and 1099 forms. This is NOT the year to file your taxes on April 15. Once your taxes are complete, you will need to amend the FAFSA (which can be done online) to reflect the EXACT NUMBERS FROM YOUR TAX RETURN…and change your filing status to “taxes completed”. </p>

<p>You will need to amend the Profile as well to reflect the EXACT information on your tax return. You will need to contact YOUR schools to find out their procedure for doing this.</p>

<p>If you file using estimates, any financial aid award you receive will be an ESTIMATE also. Your financial aid award will not be a final one until the schools receive your FAFSA/Profile with the EXACT information from your taxes.</p>

<p>AND YES…the final award CAN change. We filed using estimates that were VERY close. But they were not exact. Once we amended using the numbers from our taxes ONE school reduced DD’s grant award by $9000 (yes, you are reading that correctly). </p>

<p>If the school asks for your family’s tax returns, and w-2 forms, and 1099 forms (some schools do this), and the info on the FAFSA/Profile doesn’t match…this will cause a delay in your financial aid awarding and the schools actually can go in and change your FAFSA (they will use the correct info from the taxes…not YOUR estimates).</p>

<p>AND lastly, schools are required to verify a certain number of FAFSA forms. It is fraud to falsify information on the FAFSA. If you had the info and didn’t put it accurately, you could be accused of fraud and this would not only jeopardize your financial aid, but also your acceptance to the school(s). So when you do that FINAL FAFSA/Profile after completing your taxes…make sure the numbers match your tax returns.</p>

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<p>Just a note–it’s possible that he is being exact. Dad’s income from work, and Mom’s income from work, might not add up exactly to total family income. Interest income from savings, for instance, would change it, as would lots of other sources of income.</p>

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<p>Agreed…these would be added on making the total HIGHER.</p>

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<p>Of course. But the OP didn’t say that wasn’t the case. He just said they weren’t equal.</p>

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<p>Alright thanks for the info everyone it’s been a great help to me.</p>