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My parents work for Wells Fargo, and will get their tax statements on February 15. Many schools have a FAFSA deadline of February 1st, and a business supplement deadline of near that (some around February 15).

Here's the thing- we really can't estimate 2003 tax figures, because my parents are straight commission workers and their income is very sporadic. What do I tell my mom about having to submit the FAFSA by February 1st when we don't even have the figures from 2003 in yet? This is all very confusing.

By Addiena (Addiena) on Sunday, December 28, 2003 - 05:24 pm: Edit

Well, I suppose this is the broader question- is it okay to estimate on the FAFSA if that is all you can do?

Thank you for your time.

By Morgantruce (Morgantruce) on Sunday, December 28, 2003 - 07:13 pm: Edit

When filling out the FAFSA for the "first time" the college is pressing you to get that FAFSA in EARLY so they can have the figures they need for Fin Aid. The college (and FAFSA) understands that you will have to be estimating many of the figures. You have no choice! Estimate! Later on when your ACTUAL financial aid award is finalized, the college will get the real figures from your tax return and make a modified determination.

The FOLLOWING year, there will be no pressure from the college for you to do the FAFSA so early because you are a returning student... most colleges will take those "2nd year" FAFSAs after April.