<p>I already submited my fafsa (2 weeks ago) , but if i start to open an account do i need to edit my SARS file. Will it affect my EFC?
What do I need to do if i do open one?</p>
<p>Not a problem.</p>
<p>The asset info you submit on your FAFSA is a snapshot of your reportable assets on that day. No need to update or change the info as assets change (which is normal) after filing.</p>
<p>No change to EFC.</p>
<p>So in other words, after opening an account, I dont have to do anything with fafsa?</p>
<p>If you listed income or tax estimates when you filed FAFSA, you need to do a correction to make the FAFSA match your actual tax docs. But you don’t update the asset info when you do that.</p>
<p>The interest earned, if any, would show on next year’s FAFSA as income, and the balance in the checking account will be included in your reportable assets on the date you file next year.</p>
<p>The FAFSA asks for total assets. When you open a checking account, you are transferring $'s from one account to the new one, and there is no net change in total assets.</p>
<p>OD-- maybe total assets haven’t changed, or maybe they have. The checking account could have been funded with new income.</p>
<p>So the standard isn’t whether OP’s reportable assets have changed. IF they’ve changed, or not changed, there’s no need to update FAFSA since the initial FAFSA is a snapshot on the date filed.</p>