Date for the account balances for FAFSA

[Elrod]

<p>I have been getting the year end account balances together in preparation to file the FAFSA and CSS. If I get everything ready to file say on Jan. 10th can I use the year-end balances or do I have to update them to reflect the balance on Jan. 10th ? This is mostly due to stock holdings that change each day so there will be some difference b/t year-end and 10 days latter.</p>

<p>Also, if I file the FAFSA and then wait another week say to Jan. 15th to complete and file the CSS do I have to update account balances again?</p>

[thumper1]

<br>

@""

<blockquote>
<p>do I have to update them to reflect the balance on Jan. 10th >></p>
</blockquote>

<br>

<p>Your account balances should be as of the DATE of the filing of your initial FAFSA. Thank goodness for online banking…check the balance and then fill in the blanks on the FAFSA.</p>

[villamom1990]

<p>When you file your FAFSA you always include the balance, but if you have to revised your FAFSA again the college will call you and ask u to change your balance according to the time they received your final income tax return since they will check your account balance again! They look at the last 3 months!!!
Hope this helps.</p>

[swimcatsmom]

<p>vballmom - did that happen to you? If so I believe the college was wrong to ask you to do that. My understanding is that you do not ever adjust the asset amounts unless there was an error in what you reported as of the day of filing.</p>

<p>From the FAFSA website FAQs</p>

<p>

Can I change any of the answers on my FAFSA using Corrections on the Web?</p>

<p>With the exception of your Social Security Number, you can change your answers to any FAFSA questions using Corrections on the Web.</p>

<p>TIP: Certain questions, especially those pertaining to your financial information and marital status, should not be updated. They should only be changed if they were incorrect as of the day the FAFSA was submitted the first time.</p>

<p>If you feel you have unusual circumstances that should be considered after your FAFSA is processed, you should contact your school’s financial aid office to find out how you might be able to correct your application. </p>

<p>Can I use Corrections on the Web to make corrections or updates to an application I have already submitted?</p>

<p>Yes. If the information you entered on your FAFSA was incorrect as of the day you signed the FAFSA, you can use Corrections on the Web to correct your answers.</p>

<p>You cannot change</p>

<pre><code>* Your Social Security Number (SSN). If your SSN is incorrect, you must complete a new application with the correct SSN.
*** Your financial information, unless it was incorrect as of the day the FAFSA was submitted.**

• Your marital status, unless it was incorrect as of the day the FAFSA was submitted.
  </code></pre>

<p>

</p>

<p>We have adjusted several in the past - usually to update income when tax returns are finalized - we have never been asked to change the asset information.</p>