<p>If you submit these documents "will file" and later go back and change that to "have filed," should you update asset balances to reflect any differences that have occurred between the initial filing date and the update date? (I'm not talking about income numbers, just asset balances.)</p>
<p>I would think that on the day you file- all numbers should be accurate for that date.</p>
<p>NO…you do not update the ASSET portion of these documents. The ASSETS remain the same and are not to be changed from the initial filing. The ONLY things you change are things that are reflective of your accurate and filed 2011 tax return…and any MISTAKES you might have made.</p>
<p>So…if you reported an asset in error on your initial filing, you can correct it. BUT it must be accurate as of the initial filing date of the FAFSA/Profile…not an “updated” number. It can only be changed if there was a mistake made…not any change that took place between the initial filing and the update.</p>