We did FAFSA today and we forgot to include one of our asset value in parents assets.
How can we update the FAFSa to include missed assets?
Normally you don’t update assets…but if you made a mistake, then yes…wait until it processes and update to include the one you omitted.
We did that once too!
How do I update assets info on FAFSA? The FAFSA status shows as Processed.
Once processed…which usually takes a few days…your student logs back into the 2020-2021 FAFSA, and amends it with the corrected asset amount. Then submits it again to all of the schools.
Login and the 2nd link on the page below “Current Application Status: Processed Successfully. Congratulations, your FAFSA was successfully processed” says “Make FAFSA Corrections.” Click on that, make the corrections, then don’t forget to submit it again for reprocessing.
There should be a make corrections option if your FAFSA was already processed. Have you received the SAR?
frankly, your EFCs for each child is so high, im not sure it’s going to make a difference that you forgot to list an asset.
But you want the form to be accurate…so correct it.
ETA…if you are adding more assets, then this will just go through and that will be that. Your already high EFC will just go up related to that asset amount.
BUT…if you are taking away any assets and reducing the number, this will raise a red flag because it will look like you are just removing assets to reduce your EFC. The schools will likely flag you for verification if you reduce your asset amount…so you will need to have documentation of this for the day you initially filed. I hope you aren’t doing this!
With an EFC of 107K I’m not sure I’d bother changing it.
I also have this same problem. We filled out FAFSA in case we decide to have S take any loans, but our EFC is over the cost of attendance. We are not applying for institutional aid. One school, S was accepted ED.
We sadly forgot to include the 529 balances since it generically asked for “investment balances” and the 529s are with a different financial institution. It didn’t ask specifically for “college savings” so we…forgot. I feel pretty stupid now. Is it “fraud” though? I can go in and correct it, but does it actually matter since all we would possibly get is unsubsidized loans?
If you made an error, and need to add additional assets, then yes, you can correct that field.
You can not just make an asset change because you have spent some of those assets (as of the date of filing).
But correcting an error…yes, you can do that.
It’s not fraud unless there is an intent to deceive. Now that you know a mistake was made and the numbers originally submitted are not accurate, you should make the correction and add the 529 balances as of the date that the FAFSA was submitted, even if it won’t make any difference in the aid offered.
Adding to say: the FAFSA instructions do specifically say to include student and parent-owned 529 assets as part of reported investments, either for the student or the parents, as appropriate.
Investments also include qualified educational benefits or education
savings accounts (e.g., Coverdell savings accounts, 529 college savings
plans and the refund value of 529 prepaid tuition plans). For a student
who does not report parental information, the accounts owned by the
student (and/or the student’s spouse) are reported as student investments
in question 41. For a student who must report parental information, the
accounts are reported as parental investments in question 89, including
all accounts owned by the student and all accounts owned by the parents
for any member of the household.
https://studentaid.ed.gov/sa/sites/default/files/2020-21-fafsa.pdf
you can correct it. no it’s not fraud.
congrats for the ED acceptance.