<p>My daughter filed her FAFSA over a month ago for her schools Fin Aid deadline and my son's is coming up. She's completing her freshman year and he is a junior so we've never gone through the process of re-application before. Our bank account balance is now higher than when she filed her FAFSA due to an unexpected bonus, so he will have to include this new info on his FAFSA application. Does anyone know if these new numbers will follow over to her FAFSA application and automatically update her information? If so, I'm afraid it will impact her award. She received a good award based on need last year at a LAC, while he qualified for a subsidized Stafford at a state school. After we made the monthly tuition payments for the difference for both children after awards and loans, there was hardly anything left, including using and depleting a small savings account. We have lived frugally and both drive 10 year old cars that hopefully will make it to 2014. We were hoping to use the bonus money to make it through next year's tuition payments but I'm afraid after he files his FAFSA application it wil look like we're sitting on cash, though it's essentiallly "already spent" on tuition. I have no idea how much this will impact their offers. Would it be better for him not to file at all and just take out an unsubsidized Stafford instead of risking her losing her package? We could not afford her school without the awards they offered and would not want her to take out excessive loans to cover tuition. His deadline is coming right up and I'm not sure what to do and would appreciate any advice or information. Still, I want to add that I am grateful to recieve anything extra at a time when so many are out of work.</p>
<p>My understanding is that parent assets on FAFSA are as of the date you begin to fill the application out online, even if you’re filling out the application for more than one child. Since your daughter’s application is complete, the parent portion is also complete for your son. Only his student information would need to be entered at this point.</p>
<p>Here’s an easy way to test: start your son’s application. See if the parent information is editable. If not, then there’s no need to update any of your information. You just enter your son’s income and savings totals, and you’re done.</p>
<p>*She’s completing her freshman year and he is a junior so we’ve never gone through the process of re-application before. *</p>
<p>Is your son a junior in high school? If so, why would you be filing a FAFSA for him now?</p>
<p>If your son is a junior in college, why is this the first time for re-app?</p>
<p>It sounded to me like the son was a college junior whose deadline for filing FAFSA was later than that of the daughter’s, so they haven’t filed yet but will soon.</p>