<p>Even if you have a record of losses and can deduct them on your tax return, it does not help for FAFSA. Gambling winnings are included in the AGI. Gambling losses are reported as an itemized deduction on schedule A and Schedule A deductions do not reduce the AGI. They come after the AGI on the tax return. This helps reduce taxes, but for FAFSA, it is the AGI that counts. Itemized deductions are not reported anywhere on FAFSA. </p>
<p>I doubt that any FA officer is going to (or even is able to) make any sort of adjustment for gambling losses.</p>