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What do you do when you don't have all your tax info by the FAFSA deadline?
January 25, 2011 6:00 PM   Subscribe

I plan on attending graduate school in the Fall 2011 semester and applying for financial aid. The FAFSA form asks numerous questions regarding income, adjusted gross income, and taxes for the 2010 year, but much of this info I will not have in time by the February 15th deadline. How do I proceed?
posted by helios410 to Education (9 answers total) 1 user marked this as a favorite
 
Which information, exactly, will you not have by the deadline? Do you mean you won't have W-2s by then? You should still have your pay stubs.
posted by grouse at 6:02 PM on January 25, 2011


Yes, W-2s. But I also started a corporation in 2010, so there is a lot of material I have to cover with my accountant, and it is unlikely that will happen before the deadline.
posted by helios410 at 6:15 PM on January 25, 2011


what school... FAFSA deadlines are a little later... so if it's school imposed, i'd explain the issue to the school and see what they advise.
posted by fozzie33 at 6:30 PM on January 25, 2011


That's a pretty common problem. You estimate the amounts and submit it, then make corrections as soon as you have definite information.
posted by geegollygosh at 6:51 PM on January 25, 2011 [4 favorites]


Your school definitely has financial aid counselors who can give some definitive answers.
posted by oddman at 6:57 PM on January 25, 2011


We were told to estimate, and that last year's totals were a good basis to estimate from (unless something is radically different). You'll have the opportunity to update later on.
posted by jasper411 at 7:15 PM on January 25, 2011


Also, the FAFSA help line was an excellent resource.
posted by jasper411 at 7:15 PM on January 25, 2011


Geegollygosh is correct. When you get to the question that asks 'Have you completed your taxes for 2010?' select 'Will File', enter in estimated totals for your wages, AGI, assets, etc., and submit it.

When you do file your taxes, go back and file a corrections FAFSA with the accurate totals. Your financial aid office will still honor your first submission date, even if you submit corrections after the deadline.

Feb 15th does seem like a very early and impractical deadline...all it does is give the fin. aid office more paperwork to do!
posted by chara at 8:44 PM on January 25, 2011


Feb 15, pish posh. I have a CSS application due Feb 1.
For the FAFSA make your best estimate and update it later.
posted by SLC Mom at 10:15 PM on January 25, 2011


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