<p>so there is about $12000 between reported income (fafsa) and actual income from the 2008 tax return.. would that make a big difference? are colleges gonna squint at the changes? or is this not a big deal at all?
the change was a result of business loss</p>
<p>So long as what is finally reported on FAFSA when you do corrections is what is on your actual tax return you are fine. If you are verified you will have to give them signed copies of your taxes. (no big deal - we are always verified).</p>
<p>It probably will make a make a difference to the EFC. How much depends on how much your income is as the % going to the EFC is higher as income goes higher. Maximum is @ 47% of income over protected income limits, minimum is @ 22%.</p>