<p>My daughter will be starting a new college in the spring. We did a late filing for our taxes in October and she reported an amount on her FAFSA which showed significantly higher income than what we had. She has already received her financial award letter from the school. Will the corrected FAFSA be sent to the school and will her financial award be revised automatically? Or, does she need to inform the school of the corrected FAFSA? In either case, will the drop in income, which changed her EFC to aprox $4000 make any difference in her award it before it was over the $7000 threshold?</p>
<p>Correct the FAFSA. Did you file electronically? If so, you should be able to link directly to the IRS & transfer the tax information. This would be preferable, especially since you are lowering reported income. Once your FAFSA update is processed, call the school & ask to talk to an advisor. Let him/her know what happened. Only someone from the school can answer your question, as each school is different.</p>