<p>The FAFSA can certainly be updated with the information. If the student falls into a formula that ignores assets, it won’t make any difference. If the reason the asset info is being requested is because the student doesn’t actually meet the criteria for simplified needs (such as parents not really being able to file the 1040A/EZ, no matter how much they insist they can … ), then the info will come into play.</p>
<p>The asset info may be necessary to keep the computer system from calculating an estimated EFC. The asset info may be necessary for the school to award its own aid. The asset info may be necessary because the school’s policy is to verify assets for ALL students. The asset info may be necessary for a state grant.</p>
<p>The point is, it’s been requested. The FAFSA will be updated accordingly. It will be used for whatever it can be used for … which means that if the EFC formula is the simplified needs formula, it won’t be used in the federal aid calculation. But it is necessary to submit it.</p>