Just submitted FAFSA with retirement accounts wrongly listed as assets - can I edit it now?

omg i did the EXACT same thing when i submitted my fafsa last month!!! dont worry u can totally fix it. just go back to studentaid.gov and theres a correction option after u log in. takes like 5 min to change

Yes, you can fix this! This is a common mistake since the asset questions aren't very clear. Here's exactly what to do: 1. Log into your studentaid.gov account 2. Look for the "Make FAFSA Corrections" option 3. Navigate to the financial information section 4. Update your asset information excluding retirement accounts 5. Re-sign with your FSA ID and submit The system will recalculate your SAI based on the corrected information. Remember that retirement accounts (401k, IRAs, pension plans) are protected assets and shouldn't be included. Only report checking, savings, investments, and real estate (besides your primary residence).

I made teh SAME MISTAKE and panciked too LOL! But even if u couldnt edit it (which u can), its not as bad as u think b/c retirement accounts get factored different anyway. But ya just edit it

Don't mean to hijack this thread, but I'm actually confused about the opposite situation. I didn't include my retirement accounts but I did include my regular investment account. Was that correct? The FAFSA instructions are SO confusing about what counts as an "asset".

This is why the FAFSA system is so frustrating! They expect everyone to just somehow KNOW all these financial rules without clearly explaining them. I had to call FSA three times about asset questions last year and got different answers each time. Finally got through to someone who knew what they were talking about after using Claimyr (claimyr.com). They have a video showing how it works: https://youtu.be/TbC8dZQWYNQ - saved me hours of waiting on hold and finally got accurate info about asset reporting. Totally worth it for complex FAFSA questions.

I work in a financial aid office, and this is one of the most common errors we see. The asset questions on the FAFSA definitely could be clearer! The good news is that corrections are simple to make - just follow the correction process others mentioned above. For everyone's reference, here's what SHOULD be included as assets on the FAFSA: - Cash, checking, and savings accounts - Regular (non-retirement) investment accounts - 529 college savings plans (reported as parent assets) - Real estate other than your primary residence - Businesses with over 100 employees What should NOT be included: - Retirement accounts (401k, 403b, IRA, pension plans) - Your primary residence - Small family businesses with fewer than 100 employees - Life insurance policies The system will recalculate your SAI once you submit the correction.

***UPDATE***. It was processed and then we went in and made the change. It was SOOOO easy to fix!!! Just wanted to update everyone who replied. Our SAI dropped by over 11,000 points after removing the retirement accounts. HUGE difference in our aid eligibility. Thanks to everyone who helped!!!

Wow, what a relief that you were able to fix it so easily! That 11,000 point SAI drop is absolutely massive - it really shows how important it is to get the asset reporting right. This whole thread has been super educational for someone like me who's new to the FAFSA process. I had no idea retirement accounts weren't supposed to be included, and honestly the way the questions are worded it's no wonder so many people make this mistake. Thanks to everyone who shared the step-by-step correction process - I'm bookmarking this thread in case I run into similar issues when I fill out my FAFSA next year!