Accidentally reported IRAs as investments on FAFSA - can I fix this mistake?

Don't panic! This is actually a common mistake, and yes, you can absolutely correct it. Log back into studentaid.gov, select your daughter's FAFSA, and click on "Make FAFSA Corrections." Navigate to the financial information section and update the investment values to exclude retirement accounts. The corrected SAI calculation should process within 3-5 business days, which shouldn't impact your April 1st deadline if you make the correction soon.

omg i did the EXACT same thing last year!! freaked out for days before my boyfriend's mom (she works at a college) told me i could just go back and fix it. took like 5 min to change and everything was fine

nope! they didnt ask for anything. the system just accepted my correction and sent me an email when the new calculation was ready. no big deal at all!

You're not the only one. The entire FAFSA system is DESIGNED to confuse people and make them make mistakes. They WANT you to mess up so they can give less aid. It's all a rigged game to keep regular people from accessing education. I bet they won't even process your correction in time. The whole system is broken.

When I tried to make corrections last year, I kept getting disconnected every time I called the Federal Student Aid helpline. After wasting hours over three days, I used Claimyr.com to get through to a live agent in minutes. They connected me directly to a FAFSA specialist who helped me fix my investment reporting error right away. There's a video demo at https://youtu.be/TbC8dZQWYNQ showing how it works. Saved me so much frustration when I was racing against our school's aid deadline.

This happened to my niece too! retirement accounts dont count for FAFSA! good luck fixing it!

Financial aid officer here. Just to clarify a few technical points: 1. Retirement accounts (401k, IRA, Roth IRA, pension plans) are explicitly excluded from FAFSA asset reporting. 2. When making the correction, be precise about your non-retirement investments vs. retirement accounts. Only report: - Regular brokerage accounts - 529 plans owned by the parent (not by grandparents) - Rental properties (not your primary home) - Investment real estate - Money market accounts - Stocks/bonds outside retirement vehicles 3. Corrections typically reprocess within 3-7 business days, but during peak periods (Feb-March), it might take up to 10 days. 4. Your school's financial aid office can actually see that a correction is pending, so if you're concerned about the April 1st deadline, call your daughter's financial aid office and explain. They can often make allowances for pending corrections.

Yes, the 529 plan for your son should be reported as a parent investment asset on your daughter's FAFSA. All 529 plans owned by the parents count as reportable investments, regardless of which child they're designated for. However, remember that parent assets are assessed at a maximum rate of 5.64%, so $43,000 in a 529 would impact the SAI by approximately $2,425 at most.

Back when I applied in 2024, I had to make like 3 different corrections to my FAFSA. It's actually pretty common. The one thing I'll add that no one mentioned is that when you submit the correction, take a screenshot of the confirmation page. I had an issue where my correction disappeared into the ether and having that screenshot saved me when I had to prove I'd submitted it before the deadline.

UPDATE: I just wanted to thank everyone for their help! I logged in and made the correction to remove our retirement accounts from the investment section. The system accepted the change without any issues. I also called my daughter's financial aid office to let them know about the correction, and they made a note in her file. The advisor said they see this mistake frequently and it shouldn't cause any problems with her aid package. What a relief! I'm still nervously checking for the updated SAI calculation, but I feel much better now.

So glad you got it sorted out! This is exactly why I always recommend double-checking the FAFSA before submitting - those investment vs. retirement account distinctions can be really tricky. Your proactive approach of calling the financial aid office was smart too. Most schools are understanding about these common mistakes, especially when families communicate early. Hope your daughter's aid package works out well!