| Author |
Message |
David Cohen
Guest
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| Posted: Mon Apr 12, 2004 11:34 pm
Post subject: I need help to understand FAFSA-EFC |
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My wife is currently studying in college and my son will start next
Fall.
First, I filled my wife's FAFSA, I got a $16000 EFC. Next, I filled my
son's FAFSA, and I got a $ 31000 EFC, something that we cannot pay not
even in our dreams.
My question is: shouldn't my son's FAFSA be less than my wife's? What
did I do wrong that the second FAFSA is greater than the first one?
Your help is appreciated.
David
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Steve Blank
Guest
|
| Posted: Tue Apr 13, 2004 2:30 am
Post subject: Re: I need help to understand FAFSA-EFC |
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David Cohen wrote:
| Quote: | My wife is currently studying in college and my son will start next
Fall.
First, I filled my wife's FAFSA, I got a $16000 EFC. Next, I filled my
son's FAFSA, and I got a $ 31000 EFC, something that we cannot pay not
even in our dreams.
My question is: shouldn't my son's FAFSA be less than my wife's? What
did I do wrong that the second FAFSA is greater than the first one?
Your help is appreciated.
David
|
David,
The difference is because of how you had to answer the question about
how many family members will be in college. The rules are different for
mom vs. your son.
On your son's it asked in question 66 how many will be college students
(exclude your parents). Your answer had to be 'one'. Parents attending
college don't count as a second student for dependent students.
But on your wife's question 85 you said 'two' to properly include your
son as a second student.
When there are two students the EFC that would have come up for one
student gets cut roughly in half. So mom's is about half of what your
son's is.
For a three person family that 31000 EFC indicates income of about
$135,000 (or lots of assets). If not, double check how you answered all
the income and asset questions.
Although the federal system excludes the parent as a student on the boys
FAFSA, if mom will be having to pay a decent amount for school you
should write a letter to the colleges asking them to take that expense
into consideration. They don't have to, but they might.
And no, your sons EFC wouldn't be any less than moms if she had filed as
the only student, and perhaps even higher since it adds his
income/assets into the formula.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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David Cohen
Guest
|
| Posted: Wed Apr 14, 2004 3:38 am
Post subject: Re: I need help to understand FAFSA-EFC |
|
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Steve,
Thanks for your helpful answer. I'll review my son's FAFSA as that is
not my income (I wish...).
David
Steve Blank <steve@randallblank.com> wrote in message news:<%%Cec.7640$bn5.841@newssvr31.news.prodigy.com>...
| Quote: | David Cohen wrote:
My wife is currently studying in college and my son will start next
Fall.
First, I filled my wife's FAFSA, I got a $16000 EFC. Next, I filled my
son's FAFSA, and I got a $ 31000 EFC, something that we cannot pay not
even in our dreams.
My question is: shouldn't my son's FAFSA be less than my wife's? What
did I do wrong that the second FAFSA is greater than the first one?
Your help is appreciated.
David
David,
The difference is because of how you had to answer the question about
how many family members will be in college. The rules are different for
mom vs. your son.
On your son's it asked in question 66 how many will be college students
(exclude your parents). Your answer had to be 'one'. Parents attending
college don't count as a second student for dependent students.
But on your wife's question 85 you said 'two' to properly include your
son as a second student.
When there are two students the EFC that would have come up for one
student gets cut roughly in half. So mom's is about half of what your
son's is.
For a three person family that 31000 EFC indicates income of about
$135,000 (or lots of assets). If not, double check how you answered all
the income and asset questions.
Although the federal system excludes the parent as a student on the boys
FAFSA, if mom will be having to pay a decent amount for school you
should write a letter to the colleges asking them to take that expense
into consideration. They don't have to, but they might.
And no, your sons EFC wouldn't be any less than moms if she had filed as
the only student, and perhaps even higher since it adds his
income/assets into the formula. |
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| Back to top |
|
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Vijay Kumar
Guest
|
| Posted: Thu Apr 15, 2004 9:09 pm
Post subject: Re: I need help to understand FAFSA-EFC |
|
|
"Steve Blank" <steve@randallblank.com> wrote in message
news:%%Cec.7640$bn5.841@newssvr31.news.prodigy.com...
| Quote: | David Cohen wrote:
My wife is currently studying in college and my son will start next
Fall.
First, I filled my wife's FAFSA, I got a $16000 EFC. Next, I filled my
son's FAFSA, and I got a $ 31000 EFC, something that we cannot pay not
even in our dreams.
My question is: shouldn't my son's FAFSA be less than my wife's? What
did I do wrong that the second FAFSA is greater than the first one?
Your help is appreciated.
David
David,
The difference is because of how you had to answer the question about
how many family members will be in college. The rules are different for
mom vs. your son.
On your son's it asked in question 66 how many will be college students
(exclude your parents). Your answer had to be 'one'. Parents attending
college don't count as a second student for dependent students.
But on your wife's question 85 you said 'two' to properly include your
son as a second student.
When there are two students the EFC that would have come up for one
student gets cut roughly in half. So mom's is about half of what your
son's is.
For a three person family that 31000 EFC indicates income of about
$135,000 (or lots of assets). If not, double check how you answered all
the income and asset questions.
Although the federal system excludes the parent as a student on the boys
FAFSA, if mom will be having to pay a decent amount for school you
should write a letter to the colleges asking them to take that expense
into consideration. They don't have to, but they might.
And no, your sons EFC wouldn't be any less than moms if she had filed as
the only student, and perhaps even higher since it adds his
income/assets into the formula.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
|
Is there an online calcualtor available for figuring our the EFC? Or some
excel spreadsheet. |
|
| Back to top |
|
|
Steve Blank
Guest
|
| Posted: Thu Apr 15, 2004 9:53 pm
Post subject: Re: I need help to understand FAFSA-EFC |
|
|
Vijay Kumar wrote:
| Quote: | "Steve Blank" <steve@randallblank.com> wrote in message
news:%%Cec.7640$bn5.841@newssvr31.news.prodigy.com...
David Cohen wrote:
My wife is currently studying in college and my son will start next
Fall.
First, I filled my wife's FAFSA, I got a $16000 EFC. Next, I filled my
son's FAFSA, and I got a $ 31000 EFC, something that we cannot pay not
even in our dreams.
My question is: shouldn't my son's FAFSA be less than my wife's? What
did I do wrong that the second FAFSA is greater than the first one?
Your help is appreciated.
David
David,
The difference is because of how you had to answer the question about
how many family members will be in college. The rules are different for
mom vs. your son.
On your son's it asked in question 66 how many will be college students
(exclude your parents). Your answer had to be 'one'. Parents attending
college don't count as a second student for dependent students.
But on your wife's question 85 you said 'two' to properly include your
son as a second student.
When there are two students the EFC that would have come up for one
student gets cut roughly in half. So mom's is about half of what your
son's is.
For a three person family that 31000 EFC indicates income of about
$135,000 (or lots of assets). If not, double check how you answered all
the income and asset questions.
Although the federal system excludes the parent as a student on the boys
FAFSA, if mom will be having to pay a decent amount for school you
should write a letter to the colleges asking them to take that expense
into consideration. They don't have to, but they might.
And no, your sons EFC wouldn't be any less than moms if she had filed as
the only student, and perhaps even higher since it adds his
income/assets into the formula.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
Is there an online calcualtor available for figuring our the EFC? Or some
excel spreadsheet.
|
www.finaid.org is an excellent source for all kinds of financial aid
information. They have an EFC calculator at
http://www.finaid.org/calculators/scripts/estimate.cgi
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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