Financial Aid question about turning in 1040 for 2011

[Anonymous]

We had the same problem 10:08 - we overestimated income by a fair amount. I do think several thousand could make a difference though depending on total income because if that was being counted as "disposable income" after allowances, losing it may show that you're living far closer to your limits. I could be wrong about that, but I think the lower your total income is the more impact that could have on EFC.

Also, am I right in understanding that schools make adjustments to the EFC due to cost of living in this area since the SSS people use some sort of national average allowance for living expenses? And the schools review the actual documents so they should notice overestimation errors, right?

[Anonymous]

Anonymous wrote:Turns out I had no idea how to translate the last paystub of 2011 into a W-2, and overreported our income by several thousand dollars.

We already received our award letter, but are not sure if the amount was based on the estimates or the actual 1040. We did upload the actual tax information before the deadline. Should I contact the school?

10:08, you already received your FA award letter? Are you an existing family receiving FA or a new family? I didn't know some schools already sent out FA award letters. The schools my kids applied to will send the FA award letter with the acceptance letter so it remains a big mystery for us - if we are getting into school and getting FA. I do hope a thick envelope will arrive but if it didn't then I just have to think we didn't deserve it to begin with. I must be hallucinating about private school and when a thin envelope arrives, it will bring me back to reality......

10:10, thank you for saying "You can do it!" You are a very encouraging person, and I wish I were more optimistic like you. I need to stop procrastinating and attack the 1040!! This is for my kids and what parents don't want a great opportunity for their kids, right?