<p>My son will likely not accept the loans offered to him. We filed the FAFSA before we had filed our income tax. Is the any reason to correct and finalize the form now that we have filed? Does this have any effect on future applications? And what if had accepted the aid, do we even need to correct the fafsa once the offer is made?</p>
<p>It will make him eligible for Stafford loans. And, if I understand it right, he could get the loans later (like next semester) if circumstances change.</p>
<p>mpabon is right. You have nothing to lose by finalizing, and you keep your options open for possible future loans. The finalizing process is much quicker than the initial submission BTW.</p>