<p>Hey guys,</p>
<p>I got into NYU ED and I am wondering what I am supposed to do.</p>
<p>I filled out my FAFSA with 'will file' status on January 26 since we still have to complete our 2008 taxes. At the time I filled it out hastily and I am kind of confused now.</p>
<p>I put down net investments as 110,000(which is what our stocks are worth now) but when looking at the newly finished 2008 Tax Form I saw that net investments had a value of
$-60,000(we lost money overall)</p>
<p>So when I make the corrections should I put $0 or 110,000?</p>
<p>Also we just bought a car and have a loan on it. Should we pay off the car with the money in the bank or keep the money in the bank and report that amount on the FAFSA?</p>
<p>Also been wondering when the last day I can make corrections to my FAFSA?</p>
<p>Thank You very much.</p>
<p>You are not supposed to change the assets you reported the day you filed FAFSA. They are supposed to reflect the value of your assets on the day you first filed FAFSA. The asset value of your stocks is their value on the day you filed FAFSA so you leave it as $110,000. You seem to be getting asset value mixed up with asset gain/loss. You do not report what you gained or lost in the year. You report their value. Your stocks cannot be valued at -$60,000. You cannot use money in the bank and pay off the car and change your bank account amount on FAFSA. If you wanted to use the money to pay off the car that should have been done before you filed FAFSA. </p>
<p>You are supposed to correct the income figures to agree with your actual submitted taxes.</p>
<p>Thanks for the response swimcatsmom.</p>
<p>I talked to my dad and he said the same thing so I guess I'll just change the tax info when the new taxes arrive.</p>
<p>I'm still wondering what the last day I should correct my Fafsa and resubmit it.</p>
<p>Swimcats...I know you are not supposed to change assets. BUT I think you can change them IF THERE WAS AN ERROR. In other words...if what you reported the date of the initial filing was not correct, you can change to what WAS correct as of the date of that initial filing. Is that correct?</p>
<p>Yes, I believe you can change them if there was an error. Don't think this applies in the OP's case though.</p>
<p>If you opt not to change the info on FAFSA, and your financial picture has changed dramatically I would definitely notify the school and send a followup letter. FAFSA has some snapshot info that can change.</p>