any FAFSA tips?

[dreamscometrue]

Hi there~
DD is going to college in the fall..... : ( I am in complete denial.... Need to complete the FAFSA and was looking for any and all insight, tips, suggestions that fellow Disers may have to share. Some say to estimate since we won't have our tax papers until the end of January, others say to wait for the tax forms.......
Thanks in advance.....

 

[tinkmom2]

The sooner you complete the paperwork the better! My college advised me too to start the forms with an estimated amount in January. Then as soon as I file my taxes there is a button on the form where the FAFSA links directly with the IRS and shares your tax info. It's really easy to update if you need to.

Some colleges also require some students to go through verification where you have to mail them your W2's and tax forms. I find that to be more of a hassle than the actual FAFSA filing.

 

[ZoeBell]

I waited to do my kid's FAFSA. I completed theirs the same day I did everyone's taxes. The first year is the worst because you have to put in all the info. After that its easy peasy...

Here is a tip though. Go ahead and sign up for accounts and passwords now and keep them in a safe spot. Do it for federal and your state. If you do those ahead of time it saves you time on the day you do the form itself. I might be remembering wrong but I think if you signed your son/daughter up for the SATs that might be the password you need to log in for the FAFSA.

 

[StephMK]

It's really no worse than filing taxes the first time. I agree w/the PP, apply for your numbers & write them if you might forget! I usually estimate then have the IRS fill them in once we file. I always file early so there's not much time between but it's nice to have it submitted.

 

[njcarita]

well i was told to start jan1...... so i spent today.......getting our taxes number together so i can do an estimated one tomorrow............. my son already got a 17500/yr academic scholarhip from one of the schools we were told it needed to be filled out for that too....

 

[Sandy61]

My banker told me before DS went to college that a bank box was your best friend before you fill out the FAFSA.

 

[jmac323]

I agree with the above posts. I don't have college age children but I'm working on my Master's and use FAFSA. I signed up early, and re-registered as soon as they emailed me in order to not miss a payment. The first time does take longer but then everything will be on file and ready to go when you re-register. Good luck!

 

[mbf]

Definitely file with estimates as soon as possible. My DH is self-employed and it can take us until March to get all of the paperwork from insurance companies he deals with. I have always filed with estimates (on DD number two in college now) and been flagged for verification every year as our income fluctuates so much from year to year.

 

[marius97]

I love it! I don't have any cash to hide...but I understand the thought.

My banker told me before DS went to college that a bank box was your best friend before you fill out the FAFSA.

 

[njcarita]

Definitely file with estimates as soon as possible. My DH is self-employed and it can take us until March to get all of the paperwork from insurance companies he deals with. I have always filed with estimates (on DD number two in college now) and been flagged for verification every year as our income fluctuates so much from year to year.

we are self employeed and usually dont file our taxes till oct with extensions............told my husban this year we have to get it done early....hence me spending all day getting things together......... what does " flagged' mean???

 

[njcarita]

and question do they take in account credit card debt???? and IRA balances into account??

 

[DianeV]

My daughter is probably transferring to another school for next Fall but isnt sure which one yet. Can you do the fafsa and not put down a specific school or can we put down a couple?

 

[ctinct]

and question do they take in account credit card debt???? and IRA balances into account??

They do not take credit card debt into consideration. They do not count any money that is already in your retirement accounts, with the exception of the money you put in last year (2012). They always add the prior year's contribution back into your income.

And, this is a point that confuses many people: the efc the FAFSA generates is not the amount you will be expected to pay. Very few colleges meet full financial need, and some colleges have their own formulas for need. Consider your EFC the least amount you will be expected to pay.

 

[MrsPete]

1. Look for help. Our school system and our credit union both held workshops for people doing FAFSA for the first time.

2. Be poor on January 1st. Pay all your bills the last week of December so that you can honestly say that you have less. What you have on January 1st matters.

3. If you're middle class, expect to be offered loans . . . But probably not grants.

 

[findmewdw]

Our DD will be going to college next year and we went to a FAFSA class. Yes, we were told to complete on the first day of Jan, too. We are middle class and don't see how we would ever get financial aid, so really don't understand why we can't wait until we do our taxes. We understand FAFSA has to be completed for scholarships, too. Guess I'll bite the bullett and do it tomorrow though. Happy New Year!

 

[TLuvsD]

Go get the book Paying for College without Going Broke. My DH is an accountant...and he really likes this book. Makes the whole process easier. Fill ASAP--this is not the year to procrastinate.

Keep in mind some schools will want a CSS profile as well.

 

[Sadie22]

Do not wait until tax returns are done. Start working on the FAFSA now, using the best estimates you can. When we filed it both parent and child needed to apply for some sort of filing password, and you don't want to run into a deadline without having those. Find out the financial aid deadline in your state and make sure you beat that deadline, as well as the deadlines for any colleges under consideration. Our kids needed to have the FAFSA completed as well as institutional financial aid forms. This was true for merit scholarships as well as any need-based aid.

 

[Srbright]

Hi there~
DD is going to college in the fall..... : ( I am in complete denial.... Need to complete the FAFSA and was looking for any and all insight, tips, suggestions that fellow Disers may have to share. Some say to estimate since we won't have our tax papers until the end of January, others say to wait for the tax forms.......
Thanks in advance.....

I volunteer every year to help people walk through the process. Fill it out now with an estimate. Many of the state grants are given out based based not only on qualifications but also DATE!

For example if there are 500 grants and 600 qualified applicants many of the programs pick the 500 by date of application.

There us no penalty for adjustment but definite advantages to applying as soon as possible.

Stacy

 

[angwill]

I will be there with all you good people filling the darn thing out tomorrow. Being self employed really does not help the process.

 

[mbf]

we are self employeed and usually dont file our taxes till oct with extensions............told my husban this year we have to get it done early....hence me spending all day getting things together......... what does " flagged' mean???

By flagged I meant that every year we have had to submit hard copies of our tax returns as a family and of DH's Schedule C (is that the statement of the business income for tax purposes?). This happened all four years that DD1 was at college and also for this past first year DD2 was at college (different schools). I think we get asked for verification because our income does fluctuate from year to year and also since I fill out with estimates in January I have to go back in and adjust the FAFSA at least once each spring.

Since you are self employed make sure that you are claiming ZERO for your business' worth unless you have 100 or more employees (I think that is the specifics but double check as it is right on the FAFSA). The first time I filled the FAFSA out I put my DH's assessed business value in and it made a huge difference in our perceived need (which the schools look at when handing out their own academic grant money as well, more and more schools are looking at need on top of academic merit).

One year I got lazy and did not file FAFSA until March. Made a big difference in oldest DD's eligibility for Work Study and school based money.

ETA: Thanks to this thread for lighting a fire under me lol. State and FAFSA forms completed in about 15 minutes this morning.