Few FAFSA questions

[lsag02]

My kid will start college in 2020. I know FAFSA application date for 2020 is October 1, 2019. New law states that I need to use 2018 tax returns for 2020 college year.

I have few questions:

1. What if my income for 2019 is lower than for 2018 and I would like to use projected (since 2019 will not be over yet by the time I will be filing FAFSA for 2020) income for 2019 rather then income for 2018? How can I do this?

2. Just general question. Since FAFSA filing date is October 1, it is before any acceptance later even early decision and before we will have any idea what college my kid is accepted in and how much it will cost. So does it mean we file FAFSA before we even know the cost of the college for us?

[dcandmc]

What if my income for 2019 is lower than for 2018 and I would like to use projected (since 2019 will not be over yet by the time I will be filing FAFSA for 2020) income for 2019 rather then income for 2018? How can I do this?

You can't.

Just general question. Since FAFSA filing date is October 1, it is before any acceptance later even early decision and before we will have any idea what college my kid is accepted in and how much it will cost. So does it mean we file FAFSA before we even know the cost of the college for us?

You don't have to file FAFSA on October 1; that's just the date that it becomes available for the next academic year. But make sure you adhere to deadlines set by the schools and any state scholarship programs. And filing FAFSA and sending it a school doesn't obligate the student to anything. You always apply for admission and financial aid (using FAFSA and possibly other forms) first, and then receive offers of admission and financial aid. In other words, FAFSA helps determine the cost of college for the filing student. So yes, you have to file FAFSA in order to know the cost (that is, if you want financial aid, need-based and in some cases merit aid too).

[lsag02]

So when do I submit FAFSA to college? Together with general application?

And most important question for me: when filing FAFSA in the fall of 2019 for 2020 college year, how can I use on FAFSA 2019 estimated income instead of 2018?

[dcandmc]

So when do I submit FAFSA to college? Together with general application?

Look on the financial aid webpage for each college and determine the submission deadline for the school. But, be aware that some scholarship programs may have earlier deadlines or award funds on a first-come, first-served basis.

And most important question for me: when filing FAFSA in the fall of 2019 for 2020 college year, how can I use on FAFSA 2019 estimated income instead of 2018?

To repeat: you can't. For the 2020-2021 FAFSA, you will have to use 2018 income. You will be able to use your anticipated lower 2019 income when you complete the 2021-2022 FAFSA.