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College and University Discussion
Reply to "High EFC -- not sure I did the FAFSA correctly"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here: AGI from 1040: $217,019 Assets: $1,275,000 EFC: 139894[/quote] I'm guessing the high EFC is due to the assets. Is this just investments and bank accounts? It should not include primary home value or retirement. Our income (w/ retirement contributions added back) is around 140K. Savings/investments were 130k. EFC 35k [/quote] This. If you have 1.3 mil cash/stocks not in retirement funds, you’re going to have an EFC of over $60k before even getting to your salary. If it’s in retirement funds, it wouldn’t count. [/quote] Retirement won’t count at FAFSA-only schools. But some CSS schools consider retirement fair game. We were making $150k for a family of four and had uncovered medical expenses of $30 to $40k per year and top choice school with $B endowment would give us nothing because of retirement funds. [/quote]
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