adjusted gross income and FAFSA?
Either my parents or the school made a mistake when filling out the FAFSA or computing my financial aid eligibility. My parent’s filled out the form and stated that their adjusted gross income was $21,000. That left me with an EFC of 11930 . The school required us to submit documents, and then they changed my parent’s adjusted gross income to $43,000 , which gives me a new EFC of 23369. Income tax paid was approximately $3,000.
Obviously along the way, someone made a mistake. There is a major difference between an EFC of 11930 and 23369.
Total cost of attendance at my college, the University of Washington (very good school, by the way!) is nearly $25,000. That includes everything — tuition, dorm, living expenses, etc.
I haven’t talked to my parent’s yet, but until I do, can someone give me a rough estimate of what the pre-adjusted income would be for an AGI of $21,000 and for AGI $43,000? Family of 3 (I’m the only dependent), no assets, … etc.
It could have been a mistake on either part, so if you sit with with a financial aid officer you can go through the Verification Worksheet line by line to verify the accuracy of what was changed.
I’d forget what your EFC was before – and concentrate on making sure your current fafsa is correct. An EFC really doesn’t give you an accurate picture of the amount of financial aid you’ll get anyway – just the type. (The fin aid people will kill me if they hear me say that). In your situation, the federal loan maximums will be the same no matter your EFC.
9 times out of 10, parents put an incorrect number of people in the household, not put the correct taxes paid correct (note-this is not the amount withheld or the amount of a refund or payment to the IRS on the tax deadline) or they will not put the correct income earned from working for each SEPARATE parent correct.
Or barb could be correct. Your parents may have forgotten to include assets.
E mail me if you have more questions, I used to proof these all the time and can usually catch mistakes pretty quickly.
Or here is a good publication about fin aid and completing the fafsa.
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