FAFSA, Timeframe to File

[mom31257]

I am not going to be ready to file FAFSA this weekend. Will it make any difference if I file in the next couple of weeks?

 

 

 

 

[Starr]

We get ours in by the end of January.

[mom31257]

We get ours in by the end of January.

 

Thanks! I would really much rather file with the actual numbers than estimated. 

[Pegasus]

The general recommendation is as soon as possible after January 1 if you need and expect need-based financial aid besides the direct student loans.  That's because much of the financial aid is given out on a first-come-first served basis.

 

No need to wait for actual 2015 numbers. You can use 2014 numbers or estimated 2015 numbers. Regardless, you will need to later update/reconcile the FAFSA with the actual IRS submittals for 2015.

Edited December 29, 2015 by Pegasus

[MerryAtHope]

No need to wait for actual 2015 numbers. You can use 2014 numbers or estimated 2015 numbers. Regardless, you will need to later update/reconcile the FAFSA with the actual IRS submittals for 2015.

 

That's what we did last year. We used estimated numbers in January and updated after we had our final taxes done. 

[hopskipjump]

So - if 2015s numbers are likely to be very different from 2014s.... then the best idea is to gather tax information ASAP and file taxes ASAP?

 

I have really ignored the whole FAFSA thing (January seemed SO FAR AWAY) - I should probably give dh's a boss a heads-up. It's a tiny company and the wife/office lady has been behind on a lot of things this year.

 

And, of course this year, all 3 kids have income of some sort or another to make it more complicated. I hate taxes. :glare:

[Pegasus]

So - if 2015s numbers are likely to be very different from 2014s.... then the best idea is to gather tax information ASAP and file taxes ASAP?

 

 

 

If 2015 numbers are likely to be very different than 2014, then use your best estimates for 2015 (last paychecks in 2015 should be a very good starting point along with the most recent statements for any bank/investment accounts, etc.).

 

You should plan to file taxes as soon as you reasonably can but you can and should complete the FAFSA before worrying about getting your taxes done/submitted.   The estimates you put in FAFSA should be reasonable but do not have to be exact/perfect.  Once your taxes are complete, submitted, and processed by the IRS, you will have the opportunity to reconcile your FAFSA with the official IRS submittals.

 

It is more important to "get in line" for financial aid by completing the FAFSA early than to wait for your taxes to be complete so that your first FAFSA submittal is perfectly accurate.

 

Finally, the urgency to submit the FAFSA is ONLY for families that need/expect to get need-based financial aid besides the direct student loans.  If you are only doing the FAFSA in order to be eligible for the direct student loans, or because FAFSA is necessary for merit aid at your school, then there is no early-January urgency; just complete it by the school's deadline.

[hopskipjump]

If 2015 numbers are likely to be very different than 2014, then use your best estimates for 2015 (last paychecks in 2015 should be a very good starting point along with the most recent statements for any bank/investment accounts, etc.).

 

You should plan to file taxes as soon as you reasonably can but you can and should complete the FAFSA before worrying about getting your taxes done/submitted.   The estimates you put in FAFSA should be reasonable but do not have to be exact/perfect.  Once your taxes are complete, submitted, and processed by the IRS, you will have the opportunity to reconcile your FAFSA with the official IRS submittals.

 

It is more important to "get in line" for financial aid by completing the FAFSA early than to wait for your taxes to be complete so that your first FAFSA submittal is perfectly accurate.

 

Finally, the urgency to submit the FAFSA is ONLY for families that need/expect to get need-based financial aid besides the direct student loans.  If you are only doing the FAFSA in order to be eligible for the direct student loans, or because FAFSA is necessary for merit aid at your school, then there is no early-January urgency; just complete it by the school's deadline.

 

Incredibly helpful! I had not considered the importance of getting this in as early as possible.  :unsure:  We will strive to get it submitted by the first  part of next week, then! Financial aid will be a deal-breaker at more than one school dd has applied to!