Fafsa

[matas]

So it is time to apply for FAFSA. My parents did not file taxes yet and my step dad is going to file for an extension for his business. Rutgers University prefers that I apply by March 15, priority deadline, to ensure that I receive the most funding possible. Since my step dad is self employed in his business, the income is not all black and white so I would have to wait till like April 15, an extended deadline for taxes to know the exact numbers. Now I can get some estimate numbers, but what if my estimates are lets say, way over what my family actually made? Would FAFSA give me more money when I change our income to lower number later on?

 

[F1N3ST]

I just did my FAFSA. You lose.

 

[dud]

Please explain FAFSA. I was born during a time when we used stone knives and bearskins in school.

 

[matas]

free application for federal student aid. Basically government gives you a grant based on your income to meet your ability to pay for school. Less you make the more money you get.

 

[PieIsAwesome]

Hah, I have the same problem, only my school wants it by March 3rd.

 

[Crusty]

It's easier for your school to reduce your aid amount than to increase it. Just do your best to estimate your information, it will be noted in the application that they are just estimates until you actually get your taxes squared away.

 

[overst33r]

Use the tax returns from LAST year as your estimates.

 

[matas]

Use the tax returns from LAST year as your estimates.

My family made more money and my mom changed her job and my sister moved out so it's gonna be quote different.

 

[ProgressiveAthe]

I am 90% sure given your situation you will be picked for income verification, which will require your parents submit a completed and signed tax return to the school, and the school will check to make everything you say is accurate. This generally delays your financial aid.