Quick question.
If a student is submitting the fafsa to additional new schools, are they required to update the asset section as of the date of the initial submission to THOSE schools?
In other words…student submitted fafsa in December…with December assets. Now in January, they want to submit to five additional schools that were not on the first form.
Assets have changed since December.
Update the assets or not?
No, the fafsa stays the same. I don’t know what happens if a school changes the fafsa, if all schools then get it with the changes but I think so.
I thought assets were to be reported on the date of the initial submission to each school.
That would be great news…so the student should just add the new schools…and not change the asset information??
Adding…the new schools all require the Profile…which has NOT been submitted before…and will have the new asset amount.
Do not update if the FAFSA needs to be submitted to other schools at a later time.
Most information cannot be updated because it must be accurate as of the day you originally signed your FAFSA. For example, if you spent some of your savings after filing the FAFSA, you may not update your information to show a change in that amount. You should speak to the financial aid office at the school you plan to attend if there will be a significant change in your or your parent’s income for the present year or if your family has other circumstances that cannot be reported on the FAFSA.
https://studentaid.ed.gov/sa/fafsa/next-steps/correct-update
Thank you all.
Assets do NOT get changed after the first fafsa has been submitted.
There will be a large increase in assets…so the Profile for this family will.show significantly more assets than the FAFSA did.
I’m pretty sure that happens…because of the different timing of the forms submissions.
And anyway…wouldn’t a school using the Profile really look at THAT info for determination of need based aid more than the fafsa anway??
At a Profile school, FAFSA will be used to determine eligibility for federal funds, and Profile will be used to determine eligibility for institutional funds, even if the numbers are different because the forms were completed at different times.