My daughter is applying for her first year of college, and I’m trying to fill out the federal financial aid form FAFSA (the people at her school have been telling me “Do it NOW. Don’t wait until you file your tax return!”). The trouble is, they need information from…you guessed it…my 2010 tax return (things such as adjusted gross income) and I haven’t even gotten the first W2 yet! I can’t see any way to submit that info later, and the “help” feature is less than helpful (it is, after all, a government site).
Can anybody out there who’s been through this give me some guidance?
It’s been a long time since I filled one out, but this says “If you have not yet filed an income tax return, complete and submit the FAFSA using estimated tax information.”
Don’t you have your last pay stubs from 2010 and your last bank statements from 2010? Bank statments should be available electronically. That should have most of the figures you need.
I did mine for last Spring semester in December (a month before the beginning of the semester), and I did Terrence’s this summer for the Fall semester. While it’s certainly easier to have it done early, it’s definitely not mandatory. They get you all stressed over such silliness. I seriously doubt if you get it done by February, after you’ve filed your taxes, it would make much of a difference.
My fourth year of doing FAFSA’s and this year, I have to do two. And having been laid up for the last month and a half, I am behind.
My payroll person at work gives me an unofficial W-2 right after the first week of the year and I work off of that. I use a professional tax preparer and I schedule my appointment as early as possible. I finish the FAFSA on the same day AFTER that appointment, usually the first Saturday in February. That’s how I do it. Remember, the online app saves partial info so its a work in progress.
The first year is always the hardest. Just remember:
Drain your bank account so you look poor as possible. Pay your property taxes, whatever. It’s too late now, but make sure your children’s savings is in a 529 or withdraw it and transfer to an adult if you can because they want 20% of their savings, versus 5% of the parents.
It’s a cruel game, but frankly, people who work hard and save truly get nailed for tuition. Flakes like me who chased music and never saved get the best deal. Of course, there are later consequences, but at least my kid can go to the UC as painlessly as possible.
It’s perhaps fortunate, then, that thanks to years of having to pay private school tuition (grades 2 - 6), we’ve never really been able to save much (in fact, the school pretty much ate up our savings, and nibbled away at the annual income as well…but we really had no other choice at the time). Actually, it was a bit of a calculated decision, as we knew that there would likely be some financial aid for college, but there’s no tuition help for kids who can’t function in the public elementary school system. We figured we’d be helping her more by giving her five good, happy, solid years of foundational education.
I’d (maybe) be a little less panicked right now if she weren’t hoping and praying to go the the Academy of Art University in SF…an absolutely perfect place for her, I must admit, but pricey as all get out.
I’ve looked up the tuition rates; about the same as I paid for my school. It can be done. Drill it into her that she will be getting a part time job in her freshman year, and teach her to budget. It’s easier to get into the whole “working while a student” thing if you start freshman year, and usually there’s enough of a slow start to the term to make the adjustment manageable. Let me know if you want any of my tactics for putting oneself through college; otherwise this will be the last unasked-for advice you get from me on the matter
Any advice greatly appreciated! I put myself through college, with a little help from Uncle Sam, but that was many moons ago, and I had lots of work experience at the time (she’s never held a job)
BTW, she got the letter today…she got in! She’s over the moon! It was her first choice.
