Mistakenly included IRA on FAFSA after daughter already received aid package - too late to fix?

You're not alone in this situation! The good news is that you can absolutely still make corrections to your FAFSA even after your daughter has received her initial financial aid package. Retirement accounts like IRAs should NOT be reported as assets on the FAFSA, so this is definitely worth correcting. Here's what to do: 1. Log into studentaid.gov and submit a correction to remove the IRA values 2. Once the correction is processed (usually 3-5 days), contact the financial aid office at her school 3. Explain the situation and ask them to reconsider her aid package based on the corrected SAI Many schools are willing to adjust aid packages when there are legitimate corrections like this. Just be polite but persistent, and make sure to emphasize that this was an honest mistake about reporting retirement assets.

omg i did the EXACT same thing last yr!!!! check your aid package first tho, our EFC only changed like 800 bucks when we fixed it. not worth the hassle for us.

I've been through this EXACT situation with my son this year! The whole FAFSA system is designed to TAKE YOUR MONEY!! They make these forms INTENTIONALLY CONFUSING so people make mistakes like this! Don't just submit the correction online - that's what we did first and NOTHING HAPPENED for weeks. You NEED to call them directly and explain the situation. But good luck getting through to anyone!!!! I spent HOURS on hold and kept getting disconnected.

I had a similar issue with mistakenly reporting some assets. I found a service called Claimyr that helped me actually get through to a FAFSA agent without waiting on hold for hours. They basically hold your place in line and call you when an agent is ready. I used their video demo to see how it worked first: https://youtu.be/TbC8dZQWYNQ Then I went to claimyr.com and had them connect me. The agent was able to help me understand exactly what changes I needed to make. After I submitted the correction, I contacted my daughter's school financial aid office with the confirmation number from the correction. They were surprisingly helpful and recalculated her package within a week.

You need to act quickly, but yes, you can definitely still fix this. I work in college admissions (not financial aid specifically, but I deal with this stuff all the time). First, submit the FAFSA correction right away. Second, and this is the MOST IMPORTANT part - email the school's financial aid office directly with: 1. Your daughter's name and student ID number 2. A clear explanation of the specific correction (mistakenly included IRA accounts) 3. The approximate amount that was incorrectly reported 4. The date you submitted the correction 5. A polite request to reconsider the aid package once the corrected SAI comes through Don't wait for the new SAI to contact them - let them know it's coming. Schools deal with this kind of thing all the time and most have processes for reconsidering aid based on corrected FAFSA info, especially for incoming freshmen. The key is to be proactive and communicate clearly.

I'm going through something similar with my FAFSA right now. I'm actually getting ready to submit some corrections too. The new FAFSA is so confusing! Just wondering - did you file the 2024-2025 FAFSA (the new simplified one) or was this for 2023-2024? I heard the asset questions are different on the new form.

Just a quick follow-up on this - after you submit the correction, I recommend taking screenshots of the confirmation page showing the changes you made. This can be helpful documentation when you contact the financial aid office. Also, many schools have a specific form for aid reconsideration based on FAFSA corrections. Check their financial aid website or ask when you contact them if they have a preferred form or process for this situation.

did u check if ur daughters school has a CSS profile too? some private schools use that AND fafsa and the rules r different for each one

Waht about parent plus loans? Thats what we ended up doing when my sons aid wasnt enough

Just wanted to update that after I dealt with a similar issue, we got our daughter's SAI reduced by almost $7,000! It took about 3 weeks from correction to getting a revised aid package, but it was absolutely worth it. Her grant increased by $3,500 for the year. Definitely don't give up on this!