Hi Lia! I'm also navigating the FAFSA process for the first time with my daughter and this thread has been incredibly educational. Just wanted to add one more consideration that might be helpful - if your daughter has any pending deposits or checks that haven't cleared yet, those technically count as assets too on the day you file. I learned this when my daughter had a birthday check from her grandmother that she hadn't deposited yet. It was only $100, but technically it should have been included in her cash/checking account balance. Also, if she has any prepaid debit cards with balances on them (like from gift cards she's loaded money onto), those count as assets as well. The asset reporting really is more detailed than I initially expected, but everyone's advice about being thorough upfront to avoid verification issues later makes so much sense. I'm definitely planning to do a complete "asset inventory" with my daughter the night before we submit to make sure we capture everything accurately. Thanks to everyone who shared their experiences - this has been so helpful for us first-time FAFSA families!

Hi Lia! I'm currently going through this process with my daughter too and wanted to share what I've learned from our experience so far. Yes, you absolutely need to report that savings account - the FAFSA requires all student assets to be reported accurately, regardless of amount. Here's my practical checklist based on what's worked for us: 1) Get the exact balance on the day you submit (screenshot or print it!), 2) Remember you don't need the account number for the form itself, 3) Keep in mind student assets are hit with that 20% assessment rate vs ~5% for parent assets, and 4) If she needs any college prep items (laptop, calculator, textbooks), consider the timing of those purchases. One thing I didn't see mentioned - if your daughter has any cash app balances like Venmo, PayPal, or CashApp, those technically count as assets too! My daughter had about $75 sitting in her Venmo that we almost forgot about. The verification process seems manageable if you stay organized and respond quickly when requested. Best of luck with the application!

UPDATE: I followed the advice here and logged into my FSA account. Sure enough, there was a signature request waiting for me that I never got an email about! I've signed it now and my son's application is back in processing. For anyone else dealing with this issue - definitely check your FSA account directly and don't rely on email notifications. Thanks everyone for your help!

So glad you got this sorted out! This is a perfect example of why I always tell parents to bookmark their FSA ID account and check it regularly during FAFSA season. The email notification system has been unreliable for years, but it seems especially bad with the new FAFSA format this year. Pro tip for other parents reading this: set a phone reminder to check your FSA account every few days if your student is still making changes or if you're waiting on processing. It's saved me from missing signatures multiple times. The "Tasks" section will show you exactly what needs to be done, even when emails fail to arrive.

I'm also new to this community but sadly very experienced with this exact nightmare! Just got our SAI results last week - $52K for my daughter (senior) and $50K for my son (incoming freshman), for a jaw-dropping total of $102,000 they expect us to pay annually. Under the old EFC system, we would have been looking at around $27K each with the sibling adjustment, so this represents nearly a 90% increase overnight! What's particularly galling is that we specifically structured our finances and college timeline around the existing system that had been in place for decades. Now all that careful planning feels like a cruel joke. I've already made initial calls to both schools and predictably got the standard "that's just how the new formula works" responses from front-line staff. But after reading through all the incredibly helpful advice shared here, I'm going back tomorrow armed with documentation and demanding to speak with Directors of Financial Aid about special circumstances appeals. The consistency of everyone's experiences here is both validating and terrifying - this isn't affecting just a few unlucky families, it's systematically devastating responsible middle-class families who saved diligently and planned ahead. Thank you all for creating this supportive community and sharing your strategies. Knowing we're not alone in fighting this broken system gives me hope that persistence might actually lead to some relief!

I'm completely new to this community but unfortunately dealing with this exact same devastating situation! Just got our SAI results today - $51K for my sophomore and $48K for my incoming freshman, totaling nearly $99,000 they expect us to contribute annually. I'm honestly still processing the shock of these numbers. Like so many others here, our old EFC would have been around $26K each after the sibling adjustment, so we're looking at almost a 90% increase with absolutely no change in our financial circumstances! What makes this even more frustrating is that we specifically planned our family finances around having overlapping college years to take advantage of the sibling discount that had existed for literally decades. Now that responsible planning has completely backfired on us. I've already reached out to both schools but got the predictable dismissive responses from general financial aid staff - just the standard "that's the new system" brush-off. However, after reading through all the incredibly valuable advice shared in this thread, I'm going back tomorrow with proper documentation and demanding to speak specifically with Directors of Financial Aid about special circumstances appeals. The consistency of everyone's experiences here is both validating and absolutely terrifying - this clearly isn't affecting just a handful of unlucky families, it's systematically destroying responsible middle-class families who saved diligently and planned ahead according to the rules that existed for decades. Thank you all for creating this supportive community and sharing your hard-earned strategies and insights. It's both comforting and infuriating to know we're not alone in fighting against this fundamentally broken system!

Just an update - we got both FSA IDs created this weekend (took my husband 2 tries because he forgot his email verification code the first time). Now working on the actual FAFSA. The contributor section is confusing because it asked for my husband to "confirm his role" as parent but then asked ME questions about HIS income even though I selected that I was filling out my part? Does anyone know if that's normal?

As someone who just went through this process with my twin daughters, I can confirm what others have said - both parents absolutely need FSA IDs if you file jointly. What I wish someone had told me upfront is to create both FSA IDs at least a week before you plan to start the actual FAFSA. Sometimes there are delays with email verification or the system being down. Also, make sure you have your tax return handy when you start because you'll need specific line items even if you use the IRS data retrieval tool. The whole process took us about 2 hours spread across a few days, but it was much smoother once we had all the prep work done. Good luck!

As a newcomer to this community, I can't tell you how relieved I am to have found this discussion! I'm in the exact same situation - just submitted my son's FAFSA last week and have been losing sleep over whether I should have reported my daughter's 529 plan (she's a sophomore in high school). Reading through everyone's experiences here has been such a huge help. It's incredible how much the FAFSA rules have changed, and honestly, the lack of clear communication about these changes has left so many of us parents unnecessarily stressed. I spent hours on outdated websites trying to figure out the 529 reporting requirements! Thank you to everyone who shared their knowledge and real experiences. This community is exactly what parents like us need when navigating these complicated financial aid processes. I feel so much more confident now that I completed everything correctly, and I'll definitely be bookmarking this thread for when my daughter applies in two years!

As someone who just discovered this community while frantically googling "FAFSA 529 plan mistake" at 2 AM, I can't express how grateful I am for this thread! I submitted my daughter's FAFSA two weeks ago and have been having the exact same panic about not reporting my son's 529 plan that still has about $28,000 in it. Reading through everyone's experiences here has been such a lifesaver - it's amazing how many of us parents have gone through this identical stress! The reassurance that the FAFSA Simplification Act really did eliminate 529 reporting requirements is exactly what I needed to hear. I've been second-guessing every single answer I put on that form. What really resonates with me is how much the rules have changed and how poorly communicated these changes have been. I spent countless hours researching outdated information before stumbling across this discussion. Thank you to everyone who took the time to share their real experiences and knowledge - this community is invaluable for navigating these complicated processes. Now I can finally get some sleep instead of worrying that I've somehow jeopardized my daughter's financial aid eligibility!