FAFSA correction questions

Paying for College
1

So: Filed the correction for the FAFSA today, first time the automatic IRS population tool was available (weeks after filing taxes electronically). Original FAFSA was on time, before February 1st, but no W2s or taxes available.

Questions:

  1. Should I fix the CSS Profile too?
  2. And should I call my son’s FA office about the correction?

I know they have a “Special Circumstances” form, but so far, on the FAFSA the EFC has dropped by 3K based on our estimates being high for 2014, not due to anything “special” other than being afraid to estimate low for our 2014 income.

Will they consider the corrections at all, and will they consider them automatically or do I have to call?

(and I’m assuming that since I am paying for his school, I should call not him, even though he is over 18?)

2

So, I found out a little on my own after posting, but any thoughts would still be welcome.

  • CSS Profile does not have a correction method - once a college is added and it is submitted, there is no resubmitting to a particular college that year. So since we already submitted to his college, we can't send any corrected financial info at all.

" If you have more current financial information, such as final figures from completed tax returns, you can update your application information for the added colleges or programs as part of the Add New Colleges and Programs process. Only the institutions that you add to your PROFILE Application will receive your updated PROFILE answers."

  • FAFSA changes on the other hand are supposed to be automatically sent to the FA office at the college, and they are "supposed to" make changes in FA based on the new numbers. " What to Expect After You Correct Your FAFSA

Once you have corrected your FAFSA, you will receive a new Student Aid Report (SAR) that reflects the changes you have made. If corrections to the financial information on your FAFSA affected your Expected Family Contribution (EFC), that change will also be reflected on your new SAR, and your college’s financial aid administrators will adjust your financial aid award package(s) accordingly. (You will typically receive a financial aid award notice from each school to which you have been offered admission.)"

But, we already have an FA letter from my son’s college - it was based only on CSS Profile (I guess) since FAFSA was not available. Does the FAFSA EFC matter at all, if a CSS Profile was needed as well?

3

  1. As long as you signed and submitted the FAFSA to all schools(multiple submissions if there were more than 10), the schools will get your update.

  2. You need to look on the website and/or contact all schools about profile changes. Some want pen and ink paper changes mailed to them, some will update the income info from FAFSA, some from tax forms/W-2s etc. sent to them through IDOC or otherwise.

  3. If the FA letter you have was based on estimates on profile and/or FAFSA, then it should be an estimated FA letter, not a final one. FAFSA EFC matters for profile schools for federal and state funds. If federal and state eligibility goes away with a FAFSA update with a higher EFC, the school may or may not make up the difference with it’s own funds depending on how well it meets need. FAFSA matters for loan eligibility and work study eligibility.