Late filing and FASFA

January is the month that most college bound or enrolled students typically prepare their Free Application for Student Federal Aid (FASFA). This year, however, a delayed date for filing income tax returns, announced by the Internal Revenue Service  has some students and parents in limbo regarding the filing of the FASFA, which requires the most recent year’s income tax information.  Current and perspective college students that may qualify for need based tuition assistance should consider estimating their taxes to allow for timely filing, according one College Financial Aid and Scholarship expert. While returning college students have some idea what, is any, assistance they may qualify for, incoming freshmen for Fall semester 2013 are novice filers.  State need based grants, such as the TSAA, are highly competitive and funds for those grants were distributed before mid February last year. Though some additional funds may be available in the TSAA, it is dependent upon the State government to dole out any additional funds and sometimes they are short coming. By estimating income tax information, a parent or student can get in line for any of the more competitive grants, as well as individual college or university funds which often have an early deadline. The FASFA is required to receive any State or Federal grants or loans and for most independent college or university money. In addition to the TSAA, the Federal Supplemental Educational Opportunity Grant (FSEOG) has limited funds and requires early application. Pell grants and some other Federal Funds may be more in line with the recent IRS filing guidelines, however, experts agree that filing the FASFA as early as possible affords the student the opportunity for optimum funding. The HOPE scholarship, which has been the cause of concern for some students just shy of hours to graduate, requires the FASFA, as well. Some students depend on income tax return refunds for the balance of their tuition, books or associated fees and colleges and universities are working to accommodate those students this semester. According to the Internal Revenue Service, the late income tax filing date is due the recently approved “Fiscal Cliff” proposal passed by Congress, which impacted income tax guidelines.