Hey Freya! I totally get the panic - I was in almost the exact same boat two years ago when my dad's business taxes got delayed. Here's what I learned that might help: You can absolutely submit using "Will File" status with estimates, but here's a pro tip: ask your step-dad to get a rough profit/loss statement from his business records even if the final Schedule C isn't ready. This will give you much more accurate estimates than just guessing. Also, when you update later with actual numbers, do it ASAP after his return is filed. I waited like 3 weeks and my school's financial aid office had already started processing awards, which created a mess when my SAI changed. One more thing - if your step-dad's business shows any losses or unusual deductions, be prepared for your school to ask lots of follow-up questions during verification. They might want bank statements or other proof of how your family actually covers living expenses. It's annoying but totally normal. You've got this! The system really is designed to handle these situations, and missing a few weeks won't ruin your chances at aid. Just stay organized and keep good records of everything.

One thing I haven't seen mentioned yet - if your step-dad's business is a sole proprietorship (which it sounds like it might be with the Schedule C), make sure you understand how business assets might affect your FAFSA. The simplified formula doesn't count business assets if the business has fewer than 100 employees, but if your family has significant business equipment, inventory, or other assets, it could impact your aid calculation. Also, since you mentioned this is stressing you out, remember that you can always call your colleges directly to explain the situation. Most financial aid offices are really understanding about tax delays, especially for families with small businesses. They might be able to give you school-specific guidance or even extend internal deadlines if needed. You're being really proactive about this, which is exactly the right approach. The fact that you're asking these questions now rather than waiting until the last minute shows you'll be fine!

Another tip for anyone filling out the FAFSA with self-employment income: keep good documentation of all your business expenses and depreciation. If you get selected for verification (which happens more often with self-employed applicants), you'll need to provide additional documentation beyond just your tax returns.

As someone who's been self-employed for years and helped my kids through multiple FAFSA applications, I can confirm what others have said - you absolutely should enter the information in both places as requested. The system is designed to handle this correctly. One thing I'd add is to make sure your "Income Earned from Work" figure matches what's on line 1 of your 1040 (your adjusted gross income from all sources), and then report your Schedule C net profit separately in the business income section. This way everything stays consistent across your application. The FAFSA uses the Schedule C info to assess things like business assets and expenses that might affect your ability to pay, which is different from just knowing your total income. It's confusing but necessary for their calculations.

As a newcomer to this community, I'm finding this thread incredibly helpful! I'm in a similar situation - single mom with full custody preparing for my daughter's first FAFSA application. Reading through everyone's experiences has made me realize I need to get much more organized with my documentation. I had no idea that verification was so common or that I'd need official state records for child support. One question I haven't seen addressed: if my ex has been inconsistent with payments and sometimes pays late (like January payment coming in February), do I report based on when the payment was due or when I actually received it? I want to make sure I'm reporting the correct amounts for the 2023 tax year. Thank you all for sharing your experiences - this process felt so overwhelming before reading this discussion!

As a newcomer to this community, I just wanted to thank everyone for this incredibly detailed discussion! I'm also a single parent preparing for my first FAFSA experience, and reading through all these responses has been both educational and reassuring. The practical tips about gathering documentation early, requesting official payment records from the state, and keeping detailed spreadsheets are exactly what I needed to hear. It's clear that while the process can be complex, it's definitely manageable with proper preparation. One thing that really stands out is how supportive this community is - seeing everyone share their real experiences, both the challenges and solutions, makes this whole process feel less intimidating. I'm definitely going to start organizing my documents now and will probably be back with more questions as I work through the application. Thanks again to everyone who shared their knowledge!

As someone who just went through this process last year, I want to echo what others have said about checking those student portals! My daughter's aid packages were literally just sitting there for weeks. Also, with your SAI of 10,000, you're actually in a decent position - you might not get Pell Grants but many schools will still offer substantial institutional aid, especially if your daughter has good stats. One thing I learned is that different schools calculate "need" differently even with the same FAFSA info. Our state school gave us mostly loans, but a private college surprised us with a $12k merit scholarship that made it almost the same cost. Don't give up hope yet - and definitely call those financial aid offices if the portals don't have anything. This year has been especially chaotic for everyone in financial aid.

I'm going through the exact same thing right now! My son has an SAI of 8,500 and we've only heard back from 1 out of 3 schools so far. The one we did hear from gave him a decent package - $3,500 in subsidized loans, $2,000 unsubsidized, and surprisingly a small $1,200 institutional grant we weren't expecting. What I've learned is that this year's FAFSA rollout really messed up everyone's timelines. I called one of the schools last week and they said they're running about 6-8 weeks behind their normal schedule. The financial aid officer told me that many schools are working with incomplete data because of all the FAFSA technical issues from earlier this year. My advice: definitely call AND check portals. One school had our aid info in the portal but never sent an email notification (their system was apparently broken). Also ask specifically about any verification requirements - apparently some schools are being extra cautious this year and requiring additional documentation even when it's not technically needed. Hang in there - you're definitely not alone in this frustrating waiting game!

As a newcomer to this whole financial aid world, I'm finding this conversation incredibly eye-opening! My daughter is only a sophomore in high school, but we're already starting to think about college costs and I had no idea about the complexities of CSS Profile calculations. @NeonNova - your situation sounds so stressful but you're handling it really strategically. The fact that income fluctuations can impact aid so dramatically is something I never considered, especially for families in sales or commission-based jobs. I'm curious - for those of you who mentioned schools with "guaranteed merit scholarships" as an alternative, how do you find out which schools offer those? Is there a database or resource that lists schools with predictable aid versus need-based aid that changes annually? Also, reading about the home equity factor was a real wake-up call. We've been paying extra on our mortgage thinking it would help with college planning, but now I'm wondering if that's actually going to hurt us in the financial aid process? Thank you all for sharing such detailed experiences - I'm definitely bookmarking this thread for reference as we navigate this process in a couple of years!

As someone who works in college admissions consulting, I want to emphasize how smart you are to be thinking about this 4-year financial picture now rather than after enrollment. I see too many families get caught off guard by aid reductions in subsequent years. One strategy I often recommend for families with fluctuating income is to ask schools about their "Income Protection Allowance" policies. This is separate from the standard calculations and can provide some buffer against year-to-year changes. Some schools will also consider putting a "floor" on your aid package if you can demonstrate that the higher income year was truly an outlier. Also, when you call tomorrow, ask specifically about their policy for "Professional Judgment Reviews" for income volatility. Document this conversation with names and dates - you'll want to reference it next year when filing appeals. One last thought - if your husband's 2024 income ends up being lower than 2023, that could actually work in your favor for junior year aid calculations. The uncertainty cuts both ways, which is why having those guaranteed merit options as backup is so valuable. You're making a really informed decision here. Best of luck with whatever path you choose!