<p>I understand that when filling out both the FAFSA and the Profile they are capturing a "moment in time" in regards to assets. I plan to pay all our bills beforehand. </p>
<p>What kind of proof do I need for what is in our accounts on that day? A bank statement would be from an earlier day and would only reflect what had cleared the account as of the time of the statement. </p>
<p>Also, if I first fill out the forms with estimated income and tax information, then go back later to update, should I change the asset numbers to reflect what is current as of that "new" date?</p>
<p>I used value in my accounts from the statements. For checking, I used the statement minus any large checks that haven’t cleared. Since the assets get hitat about 6%, even a difference of $1,000 - 1,500 would only change the EFC less than $100.</p>
<p>No, you cannot go back in and change the assets to reflect those of a different date. The assets are supposed to reflect the assets that you have on the date you first file FAFSA.</p>
<p>I printed a screen shot of all my accounts online on the day I started filling out FAFSA. I’m keeping the papers in my FAFSA folder for the next 4 years.</p>