To meet deadlines of schools that award aid in February and March, you can estimate here and correct your earnings after you've figured your taxes. This figure, too, comes from the 1999 tax form. Enter wages, salaries, tips, etc., from a W-2 or tax form. In general, about 35 percent of a student's own money is considered available to help pay for college. For parents, the proportion dips to 6 percent or less.
Many families find ways to draw down a child's funds before college.
The government no longer takes the value of a family's home into account. Include only the current value of rental properties and summer homes, mutual fund holdings, money market funds, and any other securities. The greater the number of family members paying tuition, the higher the need for aid-and the lower the expected family contribution. To qualify as a student, a family member must carry at least six credit hours per term and be pursuing a degree or certificate. You can request that up to six schools receive your Student Aid Report.