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My income has changed and will change over last year and this year. How do I file my FAFSA for student aid?


I'm 25 years old, independent with no dependents. I live in California. I'm going to University for the first time in the Fall of 2009 and do not know how to fill out my FAFSA form for student financial aid. This is because over the past year my income has changed significantly, and when I start school it will change further.

From January 2008 to August of 2008 I was working full time, 40 hours/week.
From August 2008 to present I have been working 32 hours/week.
When I begin taking classes at university I will be working approximately 20 hours per week.

How do I enter my financial information to maximize the amount of federal aid I receive?
a) list my income as it is on my W2
b) estimate my current income as is at 32 hours per week
c) estimate my future income at 20 hours per week

Help is greatly appreciated.

You enter your income from what you earned in 2008. You get this information (income earned from working) off your W2 forms and your Adjusted Gross Income off your 2008 tax forms.

You can not and should not estimate income based on something that has not happened yet. So in your example, (a) is the correct answer. Next year when you reapply for fin aid, they will ask you what your income was for 2009 and then THIS information will be used to calculate your fin aid amounts for the next academic year.
Hope it helps.

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