<p>Hi, sorry if this has been answered, but I didn't see it.</p>
<p>Like many, I've lost quite a bit of money in the stock market since early Jan when I filed my FAFSA and Profile forms - my current assets reported on these forms has been decreased about 15% which would have a substantial impact on my EFC. Can/should I go back and amend these forms or is the date of original filing the "locked in" snapshot date which I'm stuck with?</p>
<p>Thanks,</p>
<ul>
<li>Mark</li>
</ul>
<p>Hi Mark:</p>
<p>We were able to successfully adjust our assets (downward) when doing a FAFSA correction our first year, resulting in a lower EFC. Some time later, someone in one of these threads (about a year ago, I think) found an obscure direction in the FAFSA guidelines that indicated that assets should not be corrected (in other words, the asset snapshot at the time of your initial filing was fixed). As I recall, though, that instruction was in the guidelines for the Financial Aid officers, not in the instructions for the student/parent filing the FAFSA.</p>
<p>So-- it's doable (or at least it was a couple years ago). Seems under your circumstances that the adjustment is certainly explainable should the FinAid office inquire.</p>
<p>I should add, Mark, that if your initially reported assets were lower than your FAFSA Parental Asset Allowance (usually around 45K), the adjustment won't impact your EFC at all, so it would be a moot point. (And I don't know about Profile on this point).</p>
<p>Technically I think you are supposed to be locked in on that date, from everything I have read; BUT there is something somewhere in the vergiage that talks about updating if your circumstances change dramatically.......so, does that mean if you file in Jan then win the Lotto in June, you declare the Lotto asset for that already filed FAFSA? If so, then it would seem you could also note the huge loss. </p>
<p>But, before you bother, check the EFC formula for FAFSA and make sure it even makes a difference- you have $40k-$50k protected already.</p>
<p>If you contact any one official and get an answer let us know</p>
<p>My understanding is that the Asset values reported on FAFSA are those of the day you signed and submitted FAFSA and you are not supposed to change them unless there was an error in the original valuation. The following are guidelines for financial aid officers (from the IFAP site) if they verify assets:</p>
<p>
[quote]
Changes in Asset Value</p>
<p>On the FAFSA, assets should be reported at their total value or worth as of the day the FAFSA was signed. **It is not appropriate to change the value reported for an asset (or to eliminate an asset that was originally reported) because that value has changed between the time of application and the time of verification. Assets reported
should only be corrected if they were incorrectly reported at the time of the application.*<a href="If%20assets%20have%20depleted%20since%20the%20time%20of%20application,%20causing%20the%20applicant%20undue%20hardship%20or%20significantly%20changing%20his%20or%20her%20financial%20situation,%20you%20may%20choose%20to%20make%20a%20professional%20judgment%20adjustment.%20For%20details%20on%20professional%0Ajudgment,%20see%20the%20Counselor's%20Handbook.">/i</a>
[/quote]
</p>
<p>I think the proper way to deal with the situation is to ask the financial aid department to make an adjustment. I don't know what happens if you adjust your FAFSA. They will already have received your SAR from your first FAFSA so it would probably raise some questions.</p>
<p>Thanks for everyone's input. I should correct the misconception that I'm the student - I'm the parent and my son is going to be a freshman next year. He has insignificant assets of his own, but I'm semi-retired, have low earned income, and am mostly living off investments, so this asset change would have a big impact on my EFC.</p>
<ul>
<li>Mark</li>
</ul>
<p>mark - no problem (I assumed you were the parent anyway - most pre freshmen kids wouldn't even know to ask the questions - mine wouldn't have anyway) - the answers given are the same whether you are the parent or the student.</p>
<p>"the answers given are the same whether you are the parent or the student...."</p>
<p>True, but the impact is more important when we're talking student assets, since the student gets no asset protection allowance. If you're able to adjust the student asset downward, it will have a very significant impact on EFC.</p>