<p>Child 2 is applying to start college as a freshman in Fall 2012, and his FAFSA/PROFILE deadlines are February 15. Child 1 is already in college, and the school he attends does not require FAFSA/PROFILE for returning students until April 15.</p>
<p>Do we have to file our older son's FAFSA/PROFILE when we file the forms for the younger son, or can older son's forms wait until later (like spring break when he's home and has done his tax return)? </p>
<p>If we file older son's forms later, the answers to the parent income questions will stay the same, since they will be based on 2011 tax returns, but the answers to the parent asset questions will change, since they ask for values as of the day you fill out the forms. Is that a problem? Would we need to go back and update the younger son's forms that were filed earlier? Younger son is not applying to the college older son attends, if that matters.</p>
<p>I see nothing on the FAFSA or PROFILE forms that says you should send them updates if your financial situation changes after you file the form for a given year. FAFSA, in fact, specifically says not to change answers to "as of today" questions about assets. I know most schools have a way you can ask for aid to be reconsidered if the family's financial situation worsens, such as a job loss. Do some schools require you to notify their financial aid office if the family's finances change - either improve or get worse - after the forms are filed for a given year?</p>
<p>Thanks for any help you can provide. Just when I thought I was beginning to understand this process, the second set of applications adds lots more questions!</p>