|By Mpn0 (Mpn0) on Friday, March 26, 2004 - 08:57 pm: Edit|
Hey. I'm facing quite a dillema. If you read what I posted yesterday, I need to complete my FAFSA by April 1. I have signed up for a PIN and that should be ready by next Monday. Then begins the process of filling out the form.
But there is one problem: my parents have not yet filed their 2003 taxes, and do not plan to do so until April 15.
Is there anything that can be done about this??? Can it be filled out with the 2002 taxes? ANY IDEAS AT ALL?
I am only 16, and I want to attend the Missouri Academy (http://www.nwmissouri.edu/MASMC/), and they require that FASFA be completed. I am not getting federal aid yet, and I imagine that they just want to see our EFC to determine how much of the remaining $3000 they will pay. hm...none of that will probably effect the tax problem anyway. I'm just giving a summary of my situation
|By Rdaneel (Rdaneel) on Friday, March 26, 2004 - 11:32 pm: Edit|
My advice is to fill out the FAFSA with your good faith estimates based on last year's taxes, your parents' and your W2s for 2003, and any other information you have. What you want to do is to do the best possible job of simulating or approximating what will eventually be your parents' declared income on their tax form. Don't try to cut corners here. When the tax return is done April 15, file a revised FAFSA.
|By Mpn0 (Mpn0) on Saturday, March 27, 2004 - 12:51 am: Edit|
Thanks for the advice.
I definitely don't want to cut any corners or cheat the system. My parents make the decisions regarding taxes, not me. If I had it my way, they would have been filed a few months ago.
I'll make sure a revised FAFSA is filed after taxes are done and I will notify the Academy of my situation. Hopefully there won't be any problems.
|By Sybbie719 (Sybbie719) on Saturday, March 27, 2004 - 10:05 pm: Edit|
Since most schools may not give a true Financial aid package without copies of your 2003 taxes and W-2's, it is in your best interest to do this ASAP, especially if you need aid.
Aid will not be distributed without verification of income.
You want ot get it done before the funding runs our. They should atleast have their taxes prepared so that you will have a copy to mail to your respective schools even if they are not actually in the mail until 4-15.
|By Mpn0 (Mpn0) on Saturday, March 27, 2004 - 10:22 pm: Edit|
They have their W-2's but not their taxes. They should, but they don't. There's not a damn thing that I can do about it, either.
Anyway, the FAFSA provides ways (e.g., "income estimator") to fill out the form without 2003 tax returns.
|By Thumper1 (Thumper1) on Sunday, March 28, 2004 - 11:03 am: Edit|
Please help me understand this thread. Do your parents want you to attend Missouri Academy with the possibility of financial aid? If so, it would seem that they would have completed their taxes to assist you in this process. Last year we jumped through hoops to get our taxes filed ON February 1 so that our kid's finaid applications would be complete. This year's deadline is April 15 and there is no way we would place his finaid in jeopardy by not completing the forms well in advance of the deadline. The good news is that you can complete the FAFSA as a "will file" and use information from the 2002 tax returns, and amend when the 2003 returns are completed. Check the deadlines of YOUR school to determine when they want the amended info to be available to them. In DS's case last year, several schools asked us to do a "will file" FAFSA on January 2 (the first day you can file the current FAFSA) with changes to be made by the first week in Feb. Check with the school. And good luck to you.
|By Drusba (Drusba) on Sunday, March 28, 2004 - 11:11 am: Edit|
FAFSA allows you to do an estimate so use what you have (like W2s) to do one; in fact, your parents should now have everything needed to do a tax return and estimate could actually be accurate. Actually, most schools do not require that your taxes be filed before giving you the finaid package (althougha number do) but often issue it subject to change if your figures change once you file the tax forms. In any event, as soon as taxes are done just amend your FAFSA to conform to actual numbers
|By Mpn0 (Mpn0) on Sunday, March 28, 2004 - 02:00 pm: Edit|
The financial aid situation is vastly different from those of 4-year universities and, since I'm 16, a lot of things such as federal aid are ruled out anyway. A quick look at the website (under "finances") will reveal what exactly I mean. In fact, I'm tempted to posit that they just want to see our EFC and a few other factors so that they can see, if we request it, whether more room&board money will be given.
|By Drusba (Drusba) on Sunday, March 28, 2004 - 07:37 pm: Edit|
If I am reading it correctly, anyone admitted automatically gets a tuition scholarship and half of room and board. The FAFSA/SAR is what determines whether you get the other half of room and board. They notify of admissions decisions June 1. That essentially means they really will not make that final aid decision until sometime in May. Thus, your submitting a FAFSA now with as accurate an estimate as possible and then making any corrections needed when tax return is actually filed should be fine.
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