<p>I am not sure whether this counts as a mistake but in the section:</p>
<p>Enter the amount your parents think they will be able to pay for your 2013-14 college or university expenses.</p>
<p>my parents wrote $42400 but there is actually no way they can pay that. I must have been confused by my sister's school fee. Does it affect my financial aid package? Do I need to contact universities I applied?</p>
<p>I wish I knew how this information is used by colleges, it’s unclear to me how they use these numbers. Will it affect your FA package? I don’t know, I usually give a realistic number, but at the low end of our range. </p>
<p>It’s not a mistake in the same vein as if you reported incorrect income or assets. </p>
<p>Hopefully other members will have input.</p>
<p>Yes, you should contact the schools and tell them you made a mistake.</p>
<p>The schools aren’t in the business of making psychic predictions. If you tell them your parents can pay “X” per year, I’d expect they’re not going to question that - they’ll just figure it into your financial aid award, and reduce the award accordingly.</p>
<p>So contact the schools with a more accurate assessment of what your parents expect to be able to pay. That doesn’t mean the school will cover the balance . . . but they might get closer than they would have with $42,400 as your parental contribution!</p>
<p>Response to entomom: I’d assume if the amount the family can pay is a low number, it makes no difference at all. But if it’s significantly higher than the family’s EFC, then why wouldn’t the schools adjust their awards accordingly? Maybe there’s a rich relative who’s offered to pay $50,000 year towards college . . . if you tell the schools you can pay that much, who are they to question it?</p>