FAFSA parent assets omitted - can I add IRA and property after submission?

Yes, you'll need to make a correction once the FAFSA is processed. The 2025-2026 FAFSA should have included questions about parent assets - they're typically in the financial section where they ask about your bank accounts, investments, and real estate. When your FAFSA is processed (usually takes 3-7 days), you can log back in and make corrections to add your assets. Just be aware that adding substantial assets like an IRA and property will likely impact your son's SAI (Student Aid Index) calculation, which determines aid eligibility.

I had the EXACT same issue with my daughter's FAFSA last month. The new FAFSA is so confusing compared to the old one! When I called the Federal Student Aid helpline about correcting parent assets, they kept me on hold for 2.5 HOURS before disconnecting. I finally used Claimyr (claimyr.com) to get through to a real person without the wait. They have a video showing how it works: https://youtu.be/TbC8dZQWYNQ The FSA agent explained that many parents are missing the asset questions because of how the new form flow works. They walked me through making the corrections once the application was processed.

OK so technically that rental property might not even count as an asset depending on if its your primary residence or not? Like my financial aid advisor told me that your main home doesnt count for FAFSA. But if its a second property then ya you gotta report it. Also IRAs are reported but they dont impact the SAI as much as like a regular investment account would.

OH MY GOD THE NEW FAFSA IS SUCH A NIGHTMARE!!! I submitted without adding ANY assets because the stupid form never asked me directly about them! My daughter's college financial aid office is now saying her SAI is wrong and we might lose her grant money if we don't fix it ASAP. The whole system is designed to TRAP parents into making mistakes so they can DENY aid to eligible students. I'm so FURIOUS about this!!!! 😡

I work in a financial aid office, and we're seeing this issue frequently with the redesigned FAFSA. Here's what happens: The parent assets section is contingent on how you answer previous questions about filing taxes and income thresholds. If your income is above certain thresholds, you should see the asset questions. If you didn't, there might have been a navigation error or system glitch. Don't panic - you have 3 options: 1. Wait for processing (3-7 days typically) then submit a correction 2. Contact Federal Student Aid directly at 1-800-433-3243 3. Reach out to the financial aid office at your son's intended college - they can sometimes help facilitate corrections Regarding your specific assets: The IRA needs to be reported but, as a retirement asset, it has minimal impact on aid eligibility. The rental property must be reported at current market value minus debt owed on it.

wait u own a whole extra house and ur worried about financial aid? lol

Regarding property valuation, you don't need an official appraisal. A reasonable estimate based on comparable properties in the area is acceptable. Zillow or similar estimates are fine as long as they're relatively current. The key is to be able to explain how you arrived at the value if asked. For the rental property, you'll report the net value (market value minus outstanding mortgage balance). Since your brother lives there, it's still considered an investment property even if you're not making a profit from it.

My cousins FAFSA got selected for verification after they added assets after submitting and it was a whole nightmare with sending in bank statements and everything so just be prepared that might happen to you too

I think everyone's making this way more complicated than it needs to be. Just log back in after it processes, click on 'make FAFSA corrections,' and add the missing info. My kid's FAFSA got processed in like 3 days. Not a big deal.

One last important note - when you make corrections to add parent assets, your son's SAI will likely increase, which could reduce need-based aid eligibility. This shouldn't discourage you from making the correction, as reporting accurately is required and there are penalties for knowingly providing false information. After making corrections, I recommend reaching out to the financial aid offices at the schools your son is applying to. Let them know about the situation. Sometimes they have institutional funds they can use to help bridge gaps when federal aid formulas don't fully capture a family's financial reality - especially in cases like yours where you have property assets but may not have significant liquid cash flow from them.

Most schools have a formal process called a Professional Judgment Review or Special Circumstances Appeal. You'd typically need to submit a letter explaining your situation (that you own the property but your brother lives there with minimal rent) along with documentation. Start by calling the financial aid office to ask about their specific process, as it varies by institution. They'll guide you through their requirements. Be prepared to provide mortgage statements, any rental agreement with your brother, and tax returns showing the actual income from the property.

As someone new to this process, this whole thread has been incredibly eye-opening! I'm currently working on my daughter's FAFSA and now I'm paranoid that I might miss the parent asset section too. Can someone clarify - at what point in the application should those parent asset questions appear? I want to make sure I don't make the same mistake as Kyle. Also, should I have all my asset information ready before I even start, or does the form give you time to look things up as you go?