High EFC -- not sure I did the FAFSA correctly
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Anonymous
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Without being too nosey...and hoping the anonymous nature of this forum will allow people to answer this more comfortably, can anyone give me an idea of what their EFC was...in relation to their income and assets?
I just completed the FAFSA and got a much higher EFC than expected. Just wondering if I did something wrong. Would love to hear a lot of examples of where others ended up, in relation to income and assets. Thanks! |
Anonymous
| Our EFC was 100 percent. We were in the $200k-250k range |
Anonymous
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You should also be using the Net Price Calculators (NPCs) for individual colleges. You can find them on a college's financial aid website. Colleges consider more info than what's in FAFSA.
You can do NPCs anonymously and play around with different inputs. |
Anonymous
| Mine was $13k but my AGI is around $55k. |
Anonymous
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My girlfriend is the custodial parent and she makes 120k. Most of her assets are in house and retirement. 30k emergency fund. 50k in 529.
EFC is 30k per year. |
Anonymous
| Our EFC was a little less than 100% as we have two in college. |
Anonymous
| If your gross income is $450,000, is it even worth completing the FAFSA? |
Anonymous
Only if the college requires it for e.g. merit aid. Before anyone jumps at me for not knowing the difference between merit and need based, some colleges want to make sure that any aid that can be classified as need based is reported as such, so they want you to fill out FAFSA just in case. |
Anonymous
| EFC is pretty irrelevant unless going to be Pell. Use the NPCs for what your cost will be. |
Anonymous
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Ours was laughably high, as in over half of our after-tax income.
I assume it was a combination of the fact that they are counting 529s for our younger children and emergency savings not in retirement accounts. |
Anonymous
| Our AGI is around $250k. EFC was about $60k. We have two kids and we're actually spending about $26k for one and $30k for the other. |
Anonymous
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OP here: Thanks to all who have responded so far. To those posters who told me percentages and to any future posters, would you be able to put it into terms like this: The income we declared on our FAFSA was X, the assets we declared on our FAFSA were X, and the EFC number that came back was X?
Again, not trying to be nosey, and hoping that the anonymous nature of this forum will make people feel comfortable sharing this data. I'm just trying to get an idea of whether I did something wrong or not when I filled in the form, and it's not the kind of thing I can easily ask a friend or neighbor about without being too personal. Thanks! |
Anonymous
Share your numbers, OP. |
Anonymous
+1, your numbers are the only relevant ones here. |
Anonymous
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OP here:
AGI from 1040: $217,019 Assets: $1,275,000 EFC: 139894 |