When Can an Applicant Update Asset Information That Was Reported On the FAFSA?

The information applicants provide on the FAFSA is intended to be a snapshot of the family's situation as of the day the FAFSA is submitted. If the reported information was correct on the date the FAFSA was submitted, it should not be updated in later transactions.

The U.S. Department of Education (ED) cannot regulate need analysis, so there are no regulations which speak to this issue beyond updates which occur as a result of verification (see 34 CFR 668.55).

If an applicant is selected for verification, only family size must be updated to be accurate as of the date the school completes verification. Additionally, a student's dependency status must be updated if it changes during the award year, unless the change is due to a change in the student's marital status. The school may require an update due to a change in marital status only if it feels such an update is necessary to address an inequity or to reflect more accurately the applicant’s ability to pay educational costs.

Assets are not currently subject to verification for applicants selected for verification by the FAFSA Processing System (FPS).

For more information on updates versus corrections, please see the Application and Verification Guide, Chapter 4 of the FSA Handbook.

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