I entered FAFSA info before I had my completed returns and recently got a notice that I should update
my info with the actuals. We’re not going to receive any aid at all. So does it matter if I update the FAFSA?
You don’t need to unless your school requires it in order to receive any federal funding. If you aren’t proceeding forward with any need based aid or federal loans, using the Data Retrieval Tool isn’t necessary.
Thank you @kgos16. I was wondering the same thing.
Something to keep in mind - if your student was awarded merit funding in combination with a Direct loan (that they do not wish to accept) and your school verifies all new students or the file was selected for verification…make sure the school either waives that paperwork or updates their database to allow the merit funding to disburse to the account. The database my school uses will essentially put merit awards ‘on hold’ unless the tax paperwork is submitted or the requirement is waived. This definitely may not be the case in either of your schools, but it is something to at least check in to (otherwise your bill might look a little larger than you expected!).