FAFSA

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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eliekedourie
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FAFSA

Postby eliekedourie » Mon Jan 03, 2011 10:03 pm

How are people filling this out if they have not yet received their W-4 or filed their 2010 income tax returns?

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dextermorgan
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Re: FAFSA

Postby dextermorgan » Mon Jan 03, 2011 10:05 pm

eliekedourie wrote:How are people filling this out if they have not yet received their W-4 or filed their 2010 income tax returns?

Salary. 2009 information.

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DamnLSAT
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Re: FAFSA

Postby DamnLSAT » Mon Jan 03, 2011 10:15 pm

dextermorgan wrote:
eliekedourie wrote:How are people filling this out if they have not yet received their W-4 or filed their 2010 income tax returns?

Salary. 2009 information.



Yes. Once you compete your 2010 tax return, then go in and adjust the income/tax number

mala2
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Re: FAFSA

Postby mala2 » Mon Jan 03, 2011 10:26 pm

wait until you do

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dextermorgan
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Re: FAFSA

Postby dextermorgan » Mon Jan 03, 2011 10:34 pm

mala2 wrote:wait until you do

No, don't do this.

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jmc8y
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Re: FAFSA

Postby jmc8y » Tue Jan 04, 2011 12:16 am

DamnLSAT wrote:
dextermorgan wrote:
eliekedourie wrote:How are people filling this out if they have not yet received their W-4 or filed their 2010 income tax returns?

Salary. 2009 information.



Yes. Once you compete your 2010 tax return, then go in and adjust the income/tax number

It's weird that nowhere in the instructions does it say it's okay to do this. But I guess I'll just go along with it.

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sanjola
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Re: FAFSA

Postby sanjola » Tue Jan 04, 2011 2:19 am

DamnLSAT wrote:
dextermorgan wrote:
eliekedourie wrote:How are people filling this out if they have not yet received their W-4 or filed their 2010 income tax returns?

Salary. 2009 information.



Yes. Once you compete your 2010 tax return, then go in and adjust the income/tax number



I followed this exact thinking when I filed my FAFSA today. I'm glad I read this for reassurance. Thanks guys!

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chrisnashville
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Re: FAFSA

Postby chrisnashville » Tue Jan 04, 2011 2:29 am

I was wondering the same thing this weekend. I estimated using my 2009 salary information and taxes collected, and today they e-mailed me and said everything was good to go and to adjust the amounts once I have filed my taxes for 2010.

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sundance95
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Re: FAFSA

Postby sundance95 » Tue Jan 04, 2011 2:45 am

dextermorgan wrote:
mala2 wrote:wait until you do

No, don't do this.


Why not?

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sanjola
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Re: FAFSA

Postby sanjola » Tue Jan 04, 2011 1:54 pm

sundance95 wrote:
dextermorgan wrote:
mala2 wrote:wait until you do

No, don't do this.


Why not?



The longer you wait, the less amount of money will be available for scholarships. File the FAFSA by January 15 and then go back and make the adjustments once you file your taxes.

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gov
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Re: FAFSA

Postby gov » Tue Jan 04, 2011 1:58 pm

You can choose the option "will file". Once you file, you can go adjust.

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txadv11
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Re: FAFSA

Postby txadv11 » Tue Jan 04, 2011 2:07 pm


The longer you wait, the less amount of money will be available for scholarships. File the FAFSA by January 15 and then go back and make the adjustments once you file your taxes.

I'm not sure I understand...someone please correct where I am wrong here....

My parents are not contributing and I have no substantial assets or money for school. Therefore I CAN:

Get a merit scholarship and then

Borrow up to 8,500 subsidized from fed
Another 20,500 unsubsidized (at like 7 percent)
and additionally from other grad loans at varying percents


How does FAFSA affect scholarships? I thought no grant-money is available for law students??? Upon my completion of my FAFSA my school(s) will grant me "need-based" money (usually only like 1K right?)

So I filled out and submitted my FAFSA today... what is the next step?

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bk1
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Re: FAFSA

Postby bk1 » Tue Jan 04, 2011 2:17 pm

sanjola wrote:The longer you wait, the less amount of money will be available for scholarships. File the FAFSA by January 15 and then go back and make the adjustments once you file your taxes.


You realize that only 5 or so schools actually give out need based aid and that the rest give out only merit aid which does not depend on the FAFSA?

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AreJay711
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Re: FAFSA

Postby AreJay711 » Tue Jan 04, 2011 2:21 pm

I am just using my pay stub.

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sanjola
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Re: FAFSA

Postby sanjola » Tue Jan 04, 2011 2:37 pm

bk1 wrote:
sanjola wrote:The longer you wait, the less amount of money will be available for scholarships. File the FAFSA by January 15 and then go back and make the adjustments once you file your taxes.


You realize that only 5 or so schools actually give out need based aid and that the rest give out only merit aid which does not depend on the FAFSA?



I wasn't aware that only 5 schools gave out need based aid. I know most schools base their scholarships on merit, but wasn't aware of the low need based aid numbers. I just assumed that "the sooner the better" approach was best for filing the FAFSA.

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bk1
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Re: FAFSA

Postby bk1 » Tue Jan 04, 2011 2:41 pm

sanjola wrote:I wasn't aware that only 5 schools gave out need based aid. I know most schools base their scholarships on merit, but wasn't aware of the low need based aid numbers. I just assumed that "the sooner the better" approach was best for filing the FAFSA.


It's something like only HYS, Boalt, and NYU (could be wrong about the last two) that give out need based aid. Might as well fill it out in the next few months but there really is no super rush, but also no reason to wait a long time, as I believe at those schools the need based aid isn't usually that large.

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LegallyBlonde923
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Re: FAFSA

Postby LegallyBlonde923 » Tue Jan 04, 2011 10:17 pm

So it's alright to use 2009 even though the box asks for "2010 income" as long as we adjust it later?
I'm waiting on a W2 from the restaurant I worked at this summer, but my reportable income there was only like $60.00 total anyway.

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oldhippie
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Re: FAFSA

Postby oldhippie » Wed Jan 05, 2011 11:08 am

LegallyBlonde923 wrote:So it's alright to use 2009 even though the box asks for "2010 income" as long as we adjust it later?
I'm waiting on a W2 from the restaurant I worked at this summer, but my reportable income there was only like $60.00 total anyway.


i believe this is the way to do it. it's what i'm doing anyway!
and your avatar makes me want a bloody mary RIGHT NOW!!
:D

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NZA
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Re: FAFSA

Postby NZA » Wed Jan 05, 2011 11:13 am

AreJay711 wrote:I am just using my pay stub.


Me, too. Sadly, I ended employment with an employer in June, and don't have my last pay stub from them. :\ Alas.

My parents absolutely refused to give me their salary information the other night. I was like, "Seriously, I need to get this FAFSA completed ASAP." "No you don't!" "No, seriously, I do. Law schools give away $$$ early." "Well, you'll just have to wait for our W-2s." "Do you have a 1040 from last year?" "Yes." "I'll just use that to estimate your income this year." "No, you can't do that."

God damn it, sometimes having parents who are poor and don't understand money is frustrating as hell.

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AreJay711
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Re: FAFSA

Postby AreJay711 » Wed Jan 05, 2011 11:26 am

NZA wrote:
AreJay711 wrote:I am just using my pay stub.


Me, too. Sadly, I ended employment with an employer in June, and don't have my last pay stub from them. :\ Alas.

My parents absolutely refused to give me their salary information the other night. I was like, "Seriously, I need to get this FAFSA completed ASAP." "No you don't!" "No, seriously, I do. Law schools give away $$$ early." "Well, you'll just have to wait for our W-2s." "Do you have a 1040 from last year?" "Yes." "I'll just use that to estimate your income this year." "No, you can't do that."

God damn it, sometimes having parents who are poor and don't understand money is frustrating as hell.


I don't think you need it. You will be an independent student for FASFA purposes. At private schools there will probably be an institutional form that may require it but the FASFA is separate. For private schools, you might want to consider getting married or having a kid lol.

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NZA
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Re: FAFSA

Postby NZA » Wed Jan 05, 2011 11:29 am

AreJay711 wrote:
NZA wrote:
AreJay711 wrote:I am just using my pay stub.


Me, too. Sadly, I ended employment with an employer in June, and don't have my last pay stub from them. :\ Alas.

My parents absolutely refused to give me their salary information the other night. I was like, "Seriously, I need to get this FAFSA completed ASAP." "No you don't!" "No, seriously, I do. Law schools give away $$$ early." "Well, you'll just have to wait for our W-2s." "Do you have a 1040 from last year?" "Yes." "I'll just use that to estimate your income this year." "No, you can't do that."

God damn it, sometimes having parents who are poor and don't understand money is frustrating as hell.


I don't think you need it. You will be an independent student for FASFA purposes. At private schools there will probably be an institutional form that may require it but the FASFA is separate. For private schools, you might want to consider getting married or having a kid lol.


:) Alas, Boalt requires parents' incomes on the FAFSA, which means I have to include it for all my schools. Well, I guess theoretically I could file one with no parental income, then wait until the FAFSAs were submitted, then go back and do the ones that require parental income when I have it?

Meh, I'll probably just search through my parents' paperwork to find the info I need.

krad
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Re: FAFSA

Postby krad » Wed Jan 05, 2011 12:20 pm

Woo, submitted my FAFSA today with 2009 W-2 info.

What did everyone choose for the 10 schools, your top 10? Some of mine are big reaches (optimistic ha), so I'm assuming I can go in and change those after I find out some admissions decisions...?

Anonymous Loser
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Re: FAFSA

Postby Anonymous Loser » Wed Jan 05, 2011 12:50 pm

jmc8y wrote:
DamnLSAT wrote:
dextermorgan wrote:
eliekedourie wrote:How are people filling this out if they have not yet received their W-4 or filed their 2010 income tax returns?

Salary. 2009 information.



Yes. Once you compete your 2010 tax return, then go in and adjust the income/tax number

It's weird that nowhere in the instructions does it say it's okay to do this. But I guess I'll just go along with it.


The FAQ's are explicit: estimating income and making corrections later is acceptable.
The Department of Education wrote:10. I haven't finished my taxes yet. What should I do?

If you are facing a deadline and want to get the application in as soon as possible, you may estimate your tax amounts for now. Once you have completed your tax forms, make the corrections to your file either on the Web or by mailing in your paper SAR.

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LegallyBlonde923
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Re: FAFSA

Postby LegallyBlonde923 » Wed Jan 05, 2011 5:23 pm

oldhippie wrote:
LegallyBlonde923 wrote:So it's alright to use 2009 even though the box asks for "2010 income" as long as we adjust it later?
I'm waiting on a W2 from the restaurant I worked at this summer, but my reportable income there was only like $60.00 total anyway.


i believe this is the way to do it. it's what i'm doing anyway!
and your avatar makes me want a bloody mary RIGHT NOW!!
:D



lol I changed my avatar on new year's day when I was mind-blowingly hungover and made myself a delicious bloody mary... they are one of my faves!

Skyhook
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Re: FAFSA

Postby Skyhook » Mon Jan 10, 2011 4:41 pm

Got confirmation my FAFSA has been processed.
I've applied to over 10 schools, so I need to change some in the list.
I assume its now safe to go in and do that?
Guessing it doesn't matter which schools I swap out?

Boalt requires parental income? What happens if I don't include it?


FYI, I said "will file" and used my last paystub to estimate it.
The email today says I have to confirm the accuracy of my info after I finally file.




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