It doesn’t happen often, but once in a while an event can change your financial situation in between when you fill out your FAFSA and the beginning of school. For instance, one of your parents might have lost their job or a change on your taxes could reduce your adjusted gross income. There are many reasons why a FAFSA correction could be necessary and thankfully the process is pretty simple.
First, you can choose to either file your correction via paper mail or online. We recommend filing online because it eliminates the chance of your document getting lost in the mail or significantly delayed due to postal glitches (we all know they happen often.) Once you make that decision, it’s as easy as transcribing your original information and swapping out whatever you are correcting.
To give an example, if one of your parents lost their job, you would file a correction and find the “dislocated worker” line on the parent portion of the form. This removes your family’s assets such as savings and checking account balances from the EFC formula and can potentially net you more financial aid than before.
Keep in mind that for timely processing, you should have your corrections submitted by August 1st at the latest. Any later and effects from the correction probably won’t affect your financial aid until your tuition is already due.
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