FAFSA -- Do I need to update?

Parents Forum
1

<p>I filed the FAFSA Jan. 31 to meet a Feb. 1 deadline at one of the schools where my daughter is an applicant. In the last week, I’ve been able to complete our 2007 1040. There are a couple of small changes – i.e., I found a few more charitable deductions for my Schedule A (totaling $70) and I changed strategy on the education credit (instead of the Hope credit for an older child, I opted for a lifetime learning credit). The net result was a $150 difference in the federal income tax owed, to my favor.</p>

<p>Is it worth correcting the FAFSA for this? Daughter is applying to seven schools, and I had the FAFSA sent to all of them. My thought is to wait until she chooses her school and then see if it wants an update.</p>

<p>I also had to do a CSS Profile for three of the schools. I wasn’t planning on updating the Profile. I’ll be sending copies of our 1040 to various schools.</p>

<p>Any help is appreciated – thanks!</p>

2

<p>FAFSA can be updated on the web, so it’s no big deal. I would update it so that it matches your tax returns. Waiting until May, “when she’s chosen her school”, may cause a change in your FA award which you may not like.</p>