FAFSA investment reporting error - used 2024 instead of 2023 values after submission

yep u can fix it! just go to studentaid.gov log in and hit the "make correction" button. should be able to update just that section

You definitely need to correct this. The FAFSA specifically requires asset values as of the date you submit the application, but income information from the 2023 tax year. So investment values should be current (2024), not 2023 values. You may have actually done it correctly without realizing! Double-check the instructions on that specific question before assuming you made an error.

The previous reply is actually correct. FAFSA uses what's called a "prior-prior year" approach for income (so 2023 tax info for 2025-2026 FAFSA), but assets like investments, savings, and checking accounts are reported as of the date you fill out the form. So if you used 2024 values for investments, you likely did it correctly! Double-check the specific question wording on your Student Aid Report to confirm.

I made a similar mistake last year but with my business assets. I called FSA directly and they were able to help me figure out what to do. But it took FOREVER to get through - like 2 hours on hold and then got disconnected TWICE before finally reaching someone on the third try. Super frustrating!

FAFSA IS THE WORST!!! The instructions are SO confusing and then they punish us when we make mistakes?? My son almost lost his Pell Grant last year because of their stupid verification process when I made one tiny error. The whole system is designed to trick families who aren't financial experts!!

btw even if u did mess up dont stress too much. my cousin put down wrong info and just did a correction. his school still got everything in time for aid packages. they process corrections pretty fast usually

One more thing to consider: if you did enter the correct information (current investment values), but are concerned that your current values are significantly higher than they were in 2023, you can submit what's called a Special Circumstances form directly to your daughter's college financial aid office. This lets you explain situations where your financial picture has changed substantially from the tax year information. Each school handles these differently though.

Retirement accounts like 401k and IRAs are NOT reported on the FAFSA at all! They're completely excluded from the SAI calculation. So if your investment growth was primarily in retirement accounts, you don't need to worry about reporting that growth. Only reportable investments would include taxable brokerage accounts, 529 plans (reported as parent assets), stocks, bonds, CDs, etc. This is one reason why financial planners often suggest maximizing retirement contributions during college years.

Just wanted to add - if you're still unsure about anything, most colleges have financial aid offices that are super helpful with FAFSA questions. I called my daughter's school last year when I was confused about asset reporting and they walked me through it step by step. They'd rather help you get it right the first time than deal with corrections later. Plus they know exactly how their school handles different situations, which can be really valuable info!