Tax returns and financial aid

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Discus: Financial Aid and Scholarships: May 2004 - Archive: Tax returns and financial aid
By Namronthedon71 (Namronthedon71) on Thursday, August 12, 2004 - 10:45 am: Edit

what year(s) of tax returns do colleges look at when making admissions/financial aid decisions? i will be entering college fall of 2005, but when i send out applications tax returns for 2004 will not yet be submitted. would i use 2003's tax returns and provide an estimate for 2004?

By Emeraldkity4 (Emeraldkity4) on Thursday, August 12, 2004 - 10:57 am: Edit

for college fall 2005 you can begin to fill out the PROFILE I believe in Novemeber of 2004- estimate using the returns from 2003. However you cannot make correction on PROFILE but when you have final data you can send updates to schools.
For 2005-2006 school year you cannot begin filling out FAFSA till January 1st 2005, even though you will not have correct 2004 data, you may make corrections later.
Financial aid is seperate from admissions, if you are doing ED or EA the deadlines are much earlier depending on school

By Thumper1 (Thumper1) on Thursday, August 12, 2004 - 11:04 am: Edit

When you do your FAFSA (after Jan. 1) you will indicate the "will file" choice regarding your 2004 tax return. Then you will fill out the form based on info from your 2003 return (be careful as the item numbers on the FAFSA will be for the 2004 return...and likely won't be the same for the 2003 return). You will then amend this once your taxes are completed. You should complete your 2004 tax return ASAP and do the amending as soon as you complete your taxes. We did a FAFSA Will File on January 2. We amended on Feb. 1. The schools DS applied to asked specifically that this be done. They wanted to begin processing aid as soon as possible.

By Namronthedon71 (Namronthedon71) on Thursday, August 12, 2004 - 12:36 pm: Edit

ic okay thanks guys for the info.

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