Then you need to contact the colleges…all of them. You will need to provide them with documentation if your rollover, and they will make the correction at the college level. That’s the only way to do this if you have already submitted the FAFSA.
I don’t believe you have the right line highlighted on your post above.
@kelsmom what did I miss?
You’re not going to be able to make this fix yourself (the line you reference is incorrect). Please contact each school to tell them that you had an untaxed rollover & didn’t note that on the FAFSA. They will tell you what they want you to do. Again, only the school can make this change, and each school will have its own policies regarding what you need to submit so that they can make the change.
Just to be clear - it’s not line A - I just blacked that out so you cant see what’s there. I’m talking about line E “untaxed portions…”. That’s not right?
No. Again, you can’t make this change. I am assuming that your rollover was a direct rollover from one qualified plan to another qualified plan. If it was a payout to you, that’s different.
Did you submit a paper FAFSA or a paper signature page?
I submitted the FAFSA online initially, but they sent me a paper version to make the corrections. The picture is from the paper version I received in the mail today.
And are you thinking that you mail it back and they will make the change?
I’ve never heard of that.
Anyway…line 89 isn’t where you put the rollover amount.
I don’t understand what they’re doing. To my knowledge, you are not permitted to make changes to anything that was imported through the DRT - I’m guessing that the FAFSA rep misunderstood you. At one time, people could change what was imported by the DRT, but that resulted in a lot of problems … so the ability to make those changes is now given only to schools.
Well thanks to both of you - though I’m more confused than ever. I’ll definitely contact each of the schools (once my daughter hits submit). Not sure what to do in the short term.
No reason to worry. Just make a note of each school & call after the FAFSA has processed (or after your child has applied to the school - although sometimes you need to wait until the student receives an acceptance in order for the FAFSA to appear in their system). They’ll all pretty much want the same thing … proof of the rollover.
Thanks for all of your help- I’m glad I checked here first!
I am responding to my own message and wanted to share this with @thumper1 to make you aware about it
My EFC was more than our gross salary because my rollover 401k got accounted as income and I called FAFSA for correction, they sent me the paper work and I sent them the correct numbers(the question numbers in online form and paper form were very different so had to marry them and make corrections based on actual questions), sent it back, did a phone followup to see if they received it and when I can see the new EFC, they said it will take 2 weeks and on 19th November we got a notification that it was updated.
My EFC was reduced by 50%. So the EFC did get corrected.
Now my question is how do I know colleges will get the new EFC, if I dont see a response here then tomorrow I am planning to call them to check how can we see that colleges got the latest number before I start swapping them with new college list.
@kelsmom well…maybe something has channged.
@phemrajani just call the colleges…and ask them.
I was in the same situation and I have posted my update in this post , pasting it here so you can read it
Thank you , I will call FAFSA to see it because calling 10 colleges will be time consuming, I will keep you posted on what I hear back.
Thanks. There is another thread about this and I posted your reply there too!
Please update on this thread too!
I guess that Federal Student Aid must have developed a form that allows people who call about the rollover issue to complete a form that will be used on them end to correct the FAFSA. TBH, this is a first, and I worked in financial aid for many years. I assume the update will be sent to all schools on the FAFSA. I would be concerned if I had removed schools on my most recent transaction, though, as students will do when they send the FAFSA to more than 10 schools. I say this because I suspect that the rollover update will only be applied to the most recent transaction. In that case, the schools that were removed will need to be contacted about the rollover.
You should be able to see what schools received the update by logging into the FAFSA to see the schools listed on the FAFSA that has the new EFC.
Could you please post here what you did…to correct the rollover issue with whatever the FAFSA folks sent you??
Wow who did you speak to as we were told they wouldn’t fix it and we had to contact each school.
I am calling the FAFSA number now… will keep everyone posted what I am told
So far they are telling me the only way to fix this is through this is to contact each school. ugh