Fafsa

Discussion in 'Budget Board' started by Bungle, Jul 21, 2011.

  1. Bungle

    Bungle DIS Veteran

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    Has anyone filled this out before? I'm supposed to do it tonight but have no idea what documents I need. Tax returns? Bank statements? Any help would be appreciated.
     
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  3. sharonmickey

    sharonmickey DIS Veteran

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    Yes, you will need tax returns and bank statements for both the student and the parents. You will need to electronically sign your return so be sure and apply for a password. Both the student and parents will need to "sign" the form.

    Generally the earlier in the year you apply for FAFSA the better.
     
  4. erincon23

    erincon23 <font color=blue>Everyone must have gotten a life

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    What school year are you filling this out for -- the year starting like next month? You'll need last year's (2010) tax return, including all your W2s. It will also ask for info on your bank and investment accounts, including any in your child's name. It may also ask for info on equity in your home, but I'm not sure on that. Look through the form before you start filling it out and you'll know for sure!
     
  5. powellrj

    powellrj DIS Veteran

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    The form isn't too bad, its the stupid password I always seem to have the problem with!!! I am not sure if its a mental block or what but I never seem to have a problem filling out the paperwork, once I get the password thing worked out.

    Don't forget you have to fill it out every year too! I almost forgot to fill it out this year for DS!
     
  6. DianeV

    DianeV DIS Veteran

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    For a student who will be a senior this year and college next year..when do you fill this out?
     
  7. Tinkerbell58

    Tinkerbell58 DIS Veteran

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    My daughter was a senior last year and will be starting college this fall. We filled out the FAFSA as soon as our income taxes were done.
     
  8. java

    java <font color=darkorchid>I am embracing the Turkey B

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    which year though? During Senior Year so April of this year? and those are the tax returns you use?
     
  9. Tinkerbell58

    Tinkerbell58 DIS Veteran

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    I filled out the FAFSA this year, so we used 2010 income tax. We filed our 2010 income taxes in February 2011 and filled out the FAFSA form at that time using 2010 income figures.
     
  10. java

    java <font color=darkorchid>I am embracing the Turkey B

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    Thank you very much I was unsure of when I should be filing for FAFSA. So I'll wait until we file 2011 taxes in 2012. Then file. FINGERS CROSSED!
     
  11. Jennifer823

    Jennifer823 DIS Veteran

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    You don't have to have your taxes done to fill out the FAFSA. My daughter will be entering college as a freshman next month. We filled out the FAFSA in early January. They allow you to "estimate" your income and then update later when you get your taxes done.
     
  12. brios86

    brios86 Mouseketeer

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    You need the prior year's tax return. If he is going to college in 2012, you can fill it out as soon as you file your 2011 taxes.
     
  13. gacompguy

    gacompguy Mouseketeer

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    It also depends on where your child will be going to school. Many schools have priority deadlines for applying for financial aid... a deadline that anyone in the Financial Aid office should know. It may fluctuate slightly year-to-year, but you can count on it being around 30-60 days after the Admissions office posts decisions. Missing the Financial Aid office's deadline may mean that your child misses out on institutional scholarships (free money!) or even has to pay out of pocket at the beginning of the year even if you're eligible for Pell or state-funded (usually lottery) scholarships. Like other posters have said, fill it out as soon as your taxes are finished or estimate if you're going to have to file an extension.

    Also be aware that the FAFSA doesn't take into consideration extenuating circumstances. If you've had a major change (even if it is mid school year) like a loss of job, foreclosure, death of an immediate family member, etc., let your Financial Aid office know. Most schools will adjust their figures to compensate for the changes.
     
  14. herdtoDisney

    herdtoDisney DIS Veteran

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    Yes, this is correct. I fill them out on Jan 1st, then go back and edit it after we file.

    Schools have deadlines and this way I didn't have to worry about missing any.
     
  15. Bungle

    Bungle DIS Veteran

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    Thanks for all the information. It isn't for a child though, its for me :teacher: I am finally transitioning out of staying at home to the work force and decided to go to school first.

    I filled it out tonight. It was really easy, it actually linked to my information on the IRS site. I probably won't be eligible for much but any little bit helps.

    Thanks for all the help.
     
  16. FourBees

    FourBees Mouseketeer

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    If you are starting next Fall (2012) then starting January 1, 2012 you can go to FAFSA site and start filling in the information with your taxes from 2010 then as soon as you get taxes for 2011 done you can go in and make corrections. They say to do it this way. Don't forget to apply for your PIN number before hand. This can be done anytime now. Just make sure you write it down and keep it in a safe place where you won't forget. You will need it. Good luck.
     
  17. devilmafia11

    devilmafia11 Earning My Ears

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    i am sorry i dont have any idea
     
  18. marius97

    marius97 DIS Veteran

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    You never know...I am 34 and have been a stay at home dad for five years now. I went back to my local community college for the first time in January. I just got my financial aid award in the mail yesterday and between a scholarship I won based on my grades last semester that covers about 25% of the tuition and pell grants (money that you don't have to pay back) I won't be paying anything to go to school the next two semesters. There is even enough to pay for about 1/2 my books. We are a solidly middle class family with three kids so yo never know what you will get.
     
  19. BellePrincessBelle

    BellePrincessBelle <font color=green>Nothing says Thanksgiving like s

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    EFC is a joke IMO. I got burned.
     
  20. MrsPete

    MrsPete DIS Veteran

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    I have a child who's going to graduate June 2012 /enter college August 2012. We'll fill out her FAFSA in January 2012 (and then again January 2013, 2014, 2015).

    You must do your 2011 taxes first (you don't have to have to send them in yet, but you must have all the figures). You probably won't have your W2 'til January 31st . . . though you can find the same numbers on your final paystub, bank accounts, etc. from December 2011.

    As others have said, it's important to do your FAFSA quickly, though anytime in January is acceptable. This was always a huge problem for me in college; I was qualified for so much financial aid . . . but my parents REFUSED to do their taxes 'til April 14th, and some of the "pots of money" ran out before I could get my forms in. They REFUSED to understand that this was a major problem for me.

    Incidentally, our high school and our credit union both host FAFSA workshops for people doing these forms for the first time. Additionally, you can find books about how to maximize your financial aid. The forms themselves aren't any more difficult than tax forms, but we've learned some things that'll help us specifically. We won't qualify for Pell Grants, but the FAFSA does open us to some school-based financial aid.

    We'll be doing this for the next 7 years, so my husband and I have agreed upon a labor split: He's always done our taxes, so he's in charge of doing that ASAP in January, then he's responsible for our girls' FAFSAs. I'm responsible for helping them with scholarship applications.
     
  21. disneyluvnmom

    disneyluvnmom Mouseketeer

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    So glad this topic was brought up :thumbsup2 My DH is going back to school to get another Master's and we filled out a FAFSA. I have been trying to figure out if FAFSA is just for a school loan that you have to pay back or if it is more like PEL Grants that you don't have to pay back. I'm just confused. Don't really think we want a loan that we have to pay back, as we are on Dave Ramsey track and not interested in taking out loans. Most of his classes will be distance learning and he will just take classes based on the amount we can afford that semester. We filled out the application and got something back in the mail to verify the information and return, I just get the feeling it is just for pay back loans. Hopefully someone can clairfy for me. TIA!
     

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