February 28, 2007

FAFSA and Taxes

Posted in FAFSA at 9:02 AM by Joe From Boston

It’s the last day in February – have you filed your FAFSA yet?

It’s tax time, and there’s not coincidence that taxes and the FAFSA occur around the same time. Indeed, a lot of what you need to put on the FAFSA will come directly of your 1040 tax form. That’s because the Department of Education needs to know the same things the IRS needs to know, in order to calculate the Expected Family Contribution. The Department of Education asks a lot more – this is true, but the basics are the same.

So what’s the point of all this? Get your taxes done and file your FAFSA as soon as possible! Remember, financial aid is first come first-served.  You may be late already as many schools have a March 1st deadline!!!