Finaid and ED

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Discus: Financial Aid and Scholarships: May 2004 - Archive: Finaid and ED
By Sugee (Sugee) on Saturday, July 10, 2004 - 01:01 pm: Edit

For Finaid determination for ED candidates, which year's tax statements do the colleges see - the current year's or the previous year's ? That is, if my S applied ED for fall 2005, will we be asked for 2003 statements or 2004 statements for finaid determination. I suppose they would have to go with 2003 if they make the finaid offer with the admission offer in December. What is the general practice, do the schools hold back the finaid offer until the next calender year so they know the latest financial information ?

Secondly, do colleges want to see tax information every year ? That is, will they make changes to the package according to the changing fortunes of the parents during the 4 years ?

Thanks in advance

By Ksmom (Ksmom) on Saturday, July 10, 2004 - 01:37 pm: Edit

Second question---yes. The FAFSA is filed every year and an aid package offered based on those figures.

First question---the FAFSA cannot be filed until January 1. Most people will have to use estimates based on previous tax returns and submit corrected figures when those are available. I don't think that you would get the final aid package until the 2004 tax information is included on the FAFSA.

By Sybbie719 (Sybbie719) on Tuesday, July 13, 2004 - 03:02 pm: Edit

KSmom has raised some valid points.

I think that you will get your preliminary financial aid package based on what you have sent in (Your 2003) returns and a dinal package, when the 2004 returns are filed and verified.

Considering that there will be no major fluxations in you finances, your package will remain the same. If there is a major change in circumstances that impact your finances, you should lety the financial aid office knwo and they will adjust your package accordingly

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