I heard from a counselor that once it hits February, the available money of FAFSA to applicants will decrease. Wait even longer to next month and the money pool decreases.
Due to new information, I have to correct my application once it finishes a few days of processing.
1. Is the thing about the money pool true? If so, is it a sharp cut-off based on months, or is it a gradual decrease based on who has applied already?
2. Say, someone submits on January 30 and it finishes processing February 2. If the cut-off exists, would the applicant's timing count as within Jan or February?
3. So someone who submitted in January corrects the FAFSA later to add the 2015 tax return (or any info) in future months. Will that cause a "refresh?" As in, would it count like they had never submitted in January and submitted it much later?
4. Of course all of the FAFSA is based on EFC and college. However I am assuming that applicants get "locked" into a priority based on date, with the most tardy receiving less than the earliest even with the same circumstances. Am I wrong about this whole thing?
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