Thursday, December 15, 2011

When filling out the FAFSA can you give the same financial information you provided for say, UC applications?

EX: using the estimated family income from the UC app for the Adjusted Gross income on the FAFSA...deadlines coming and its difficult to get all this info from my parents...thanks for any help|||You can put down estimated numbers and then file a correction after your parents file their taxes. But you MUST remember to file the corrections. Inaccurate FAFSA information will screw up your financial aid when the mistakes catch up with you.|||You can, but it will be wrong. The fafsa doesn't want to know you made "about 4,000 last year" or your folks earned " 60,000 last year" the fafsa wants to know you earned 4,371 dollars last year, had a 216 dollar tax liability and your parents earned 58,472 and had a tax liability of 3,289 dollars on their tax form.





If you use estimated info, you make more work for yourself. Yes, if your school has a deadline and the folks won't possibly have their taxes filled out yet, then YES you can estimate.





But be aware NO school is going to give you any kind of financial aid offer based on estimated (aka WRONG) information. I repeat, no school is going to process the info you put on your fafsa with this data. So filling it out with estimated info (aka WRONG) doesn't really help you. You still will have to go back in and correct all the wrong info you entered. Most people have more problems with the corrections going through and they'd have saved themselves a lot of time by going in ONCE and submitting a complete and accurate fafsa once. The more corrections you make, the higher your chances are of getting selected for verification also, which is just more delays, if you let it








Schools have deadlines to encourage everyone to file taxes and complete their paperwork in a timely manner. I'd take this as a hint and make sure your parents take it too.

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