I got my financial aid package from my school today and realized the numbers seemed higher than they did last year. I went back to look at my FAFSA and realized a mistake was made on one of the categories regarding EFC. Is it too late to go back and change my FAFSA now that the financial aid has already come out? If it is too late, will I be penalized for it?
No, it’s not too late. You need to inform your school’s financial aid office. Your financial aid package can always be modified if necessary.
I gather this is not an income error. That would have been corrected when you linked to the IRS DRT.
Yes, you can correct your FAFSA now.
I would contact the college too.
Your FA package is based on the numbers on your FAFSA you submitted and estimated costs for tuition, fees, room, board. It’s not final yet.
At my D’s school the annual tuition rates are set in July, also course fees are not finalized until registering for courses is completed. The charge for meal plan was based on choice she made when she filed housing application and the room rate was based on the housing she was assigned in July.
So our final bill was somewhat different (higher) than the FA estimate. Luckily the state grant was estimated lower in our package than the amount that was eventually awarded.
The federal and state aid and any scholarships or loans will probably be applied to your account about 10 days before semester starts.
So you still have time. You haven’t gotten your bill yet for the semester. Call the FA office today and let them know about the error.