<p>My D has already filed the FAFSA with 2005 figures, as we will not have the 2006 figures for a least a month. We are self employed and have to wait for all info to arrive. We estimated that the 2006 figures will be similar to the 2005 figures.
We subsequently discovered an error in our estimate for 2006, which would bring down our EFC by about 20%. Should we revise and send the FAFSA with the new estimate, and then send again when we have the exact figures? Due to a school’s limited FA funds, it may be more difficult later if a school has to increase our package rather than decrease it. Will there be a problem with sending it 3 times instead of 2?</p>
<p>I think you can revise it as often as you need to make it accurate. If it will bring your EFC down I would do it ASAP. On a previous thread a poster said she was slected for verification and she thought it might have been because she filed more than one correction. However I read somewhere (can’t remember where - it is all becoming a blur) that around 30% are selected for verification anyway. Plus as long as you have supporting documentation it should be no problem if you are.</p>
<p>Thanks, SCM. I think we’ll take the chance on verification. and send the revised numbers. As self employed folks, we’re pretty thorough about having the documentation. It would be a pain, but we could really use the extra financial help with these big tuition bills.</p>
<p>yes - make the change now and then revise again once you get the real figures from your return.</p>
<p>Last year, we were selected for verification. We had to fill out a form and xerox our entire 2005 tax return. It was a hassle but it wasn’t difficult.</p>
<p>If they need your child’s name and SSN on each page, the easiest way to do that is to print out a sheet of stickers with the info, sticker every page, and then xerox (we too own a small business so there were numerous pages to xerox).</p>
<p>That doesn’t sound too awful. I assumed that we’d probably have to submit our returns anyway. Good tip about the stickers!</p>