Students will need a copy of their own W-2 forms and federal tax forms as well as a list of the colleges that they'd like to attend. Be sure to block out a few hours of time and fill in this form carefully. Have some aspirin handy. Most parents think because they've done income taxes they can whip out one of these. It's not that simple.
Mistakes means delays.
Be sure to be on the lookout for financial aid nights hosted by local high schools and colleges. Many private and some public universities have additional aid forms that must be filled out. Again, turn in these forms as soon as possible. Available income is determined by taking parents' 2000 taxed and untaxed income and subtracting a number of allowances including federal taxes, a percentage of state and local taxes, number of parents working and number of kids in college. The FinAid site boasts a calculator that will help you estimate your expected family contribution.