huge FAFSA mistake, freaking out

Paying for College
1

So I submitted my FAFSA just a couple minutes ago, and my EFC came out to nearly $50,000 which I knew was could not be right

I used collegeconfidential’s EFC calculator to figure out what I did wrong and I realized that I put in $240,000 instead of $24,000 under untaxed income

I know I can correct it once it processes but that takes 2-3 business days and it’s a Saturday night right now. That means that I might have to wait til Wednesday to change it, and then wait another 2-3 business days for that to go through.

The problem is, my first college application is due October 15th, and if my FAFSA doesn’t update in time, I’m screwed, no?
This application is Early Action so if it ends up not going through in time should I just apply regular decision?

Also, when does the FAFSA send out information to the schools that you list? Will they get the incorrect information as soon as it processes?

2

You will be fine. Usually FAFSA not due until later and not needed for application deadline

3

No worries, it is separate from the actual application. Plus, remember that colleges have tons of applications. They don’t look at all of them the first day, or even the first week. You are fine, just st make the correction when it is processed.

4

<<<used collegeconfidential’s="" efc="" calculator="" to="" figure="" out="" what="" i="" did="" wrong="" and="" realized="" that="" put="" in="" $240,000="" instead="" of="" $24,000="" under="" untaxed="" income="">>>

I don’t think that’s your mistake. If you had put in that number, your EFC would have been much higher…like probably 80k at least…or really higher if there was also taxed income or any assets.

5

Well I tested it out and my EFC was around 1000 when I input 24,000 and up to around 50000 again with 240,000

6

Just make sure everything else on your college application gets there in time. Send transcript and SAT scores ASAP!

The FAFSA will be fine. It will probably be ready to correct by early next week. Did you use the DRT to import tax information?

7

<<<
Well I tested it out and my EFC was around 1000 when I input 24,000 and up to around 50000 again with 240,000
<<<<

Are you indicating more than one college student? It would seem like that’s the only way you’d get that result with a $240k income.

8

<< Did you use the DRT to import tax information?>>
No, I didn’t use the DRT.

<<are you="" indicating="" more="" than="" one="" college="" student?="">>
yes.

9

Just check all of your numbers for accuracy. It does sound like your error is that extra amount…$240,000 instead of $24,000.

Just wait until it process and then correct.

Is there some reason why you don’t use use the DRT to do this? Perhaps do so when you go back in to amend. Just update using the DRT. That will import the correct income amount right off of your parent tax return.

10

And then they won’t need a tax transcript

11

So I can correct information now
I already filled in my financial info manually,
should I just go and use the DRT or should I delete all the values first?

12

So I can correct information now
I already filled in my financial info manually,
should I just go and use the DRT or should I delete all the values first?

13

The DRT for parent taxes would need your parent to enter their FSA ID. So make sure they are there to help.

Yes, you can see if they can link their tax information, then you would report income earned from work for parent 1 and 2 manually. And any asset information.