Help, How do you read the EFC from the FAFSA?

[patsal]

Because if I am reading this right, I am in a ton of trouble.....

 

[zurgswife]

It will just give you numbers.... if it says EFC 05892 that means your ESTIMATED family Contribution is 5892.... But don't think no matter what number that it means what your colleges will be requiring you to pay. Our EFC is ZERO and my freshman son pays over 8500 in loans to go to the college of his choice. My DD who has graduated also had an EFC of 2500 or lower and because of the college she went to had many many thousands of dollars in loans that she was required to take out if she wanted to go to the school she attended.

EFC is an estimate. If it is higher it does mean that you probably won't qualify for any need based aid.

 

[MOpGrad2013]

It will just give you numbers.... if it says EFC 05892 that means your ESTIMATED family Contribution is 5892.... But don't think no matter what number that it means what your colleges will be requiring you to pay. Our EFC is ZERO and my freshman son pays over 8500 in loans to go to the college of his choice. My DD who has graduated also had an EFC of 2500 or lower and because of the college she went to had many many thousands of dollars in loans that she was required to take out if she wanted to go to the school she attended.

EFC is an estimate. If it is higher it does mean that you probably won't qualify for any need based aid.

Exactly this! We were shown a quick video about the FAFSA when we went to a college visit. I wish I know where that was from so I could tell you the site.

Our high school counselor is very good about explaining it as was the financial aid office for both the boys' schools.

 

[patsal]

OK, I shall resume breathing again. Mine starts with the number 9 not a 0....
My DD has only applied to 4 universities. 3 private and 1 public. Her heart is at the FL one, and after the visit it is handsdown a great fit for her. However, DH and I just literally finished paying off our student loans in August...

 

[My sister's princess]

Friendly financial aid administrator here EFC is a very misleading number. I tell my families to think of it more as a bench mark in most cases. If you EFC is below XXXX that means you the the XXXXgrant. EFC is VERY rarely the amount of money you have to pay. The real numbers you want to look at are the bottom line and the amount of money your student is borrowing.

 

[patsal]

Friendly financial aid administrator here EFC is a very misleading number. I tell my families to think of it more as a bench mark in most cases. If you EFC is below XXXX that means you the the XXXXgrant. EFC is VERY rarely the amount of money you have to pay. The real numbers you want to look at are the bottom line and the amount of money your student is borrowing.

Thanks! I shall hang on until I see what is what on the paperwork from each institution.

 

[zurgswife]

OK, I shall resume breathing again. Mine starts with the number 9 not a 0....
My DD has only applied to 4 universities. 3 private and 1 public. Her heart is at the FL one, and after the visit it is handsdown a great fit for her. However, DH and I just literally finished paying off our student loans in August...

Not sure what you mean...the EFC is usually 5 digits....so if yours starts with a nine that would mean 90000 dollars which doesn't sound right. I'd double check things.

 

[patsal]

Not sure what you mean...the EFC is usually 5 digits....so if yours starts with a nine that would mean 90000 dollars which doesn't sound right. I'd double check things.

Exactly, what I was thinking where did I mess up on the form!

 

[tasha99]

Friendly financial aid administrator here EFC is a very misleading number. I tell my families to think of it more as a bench mark in most cases. If you EFC is below XXXX that means you the the XXXXgrant. EFC is VERY rarely the amount of money you have to pay. The real numbers you want to look at are the bottom line and the amount of money your student is borrowing.

I have been freaking out about the EFC for DD20. It's over $12,000. I do NOT have an extra $1000 per month, so I was thinking I'd have to get a second job--or change jobs to one that pays more (which is a possibility for me--I'm doing what I love, not what's most lucrative). I guess I'll wait a bit and see what happens.

 

[patsal]

OMG I entered my husband and my combined income twice, once where I was supposed to and once under my daughter...Holy Mother of Monkey's that was a huge error. She had no earned income....

 

[3boymthr]

Can you amend it?

 

[zurgswife]

I have been freaking out about the EFC for DD20. It's over $12,000. I do NOT have an extra $1000 per month, so I was thinking I'd have to get a second job--or change jobs to one that pays more (which is a possibility for me--I'm doing what I love, not what's most lucrative). I guess I'll wait a bit and see what happens.

So, depending on the school you can' pretty much guarantee your son is looking at a minimum of $12000 in loans each year.

OMG I entered my husband and my combined income twice, once where I was supposed to and once under my daughter...Holy Mother of Monkey's that was a huge error. She had no earned income....

Definitely sounded like a big error....LOL glad you found it.

Can you amend it?

Yup you can always edit the FASFA after submission.

 

[patsal]

Yes, I made the amendment and after looking at it again I have my savings entered on the wrong line as well. I guess I entered the information twice not knowing that the page changed over, I thought that it didn't take the information first since the pages looked identical except for the word Parent's and Student's which I didn't notice (so much for that reading degree). Anyway, I will switch the savings amount to my line where it belongs and amend hers for the much smaller amount she has saved. I really don't know how I was so careless, but it is fixable so at least it is fixed (almost).

Thanks for your insight, since I knew 90% of our salary could not be the correct amount for contributuion!

 

[a1tinkfans]

FAFSa should really be amended with the Actual numbers (you can LINK to) from your tax return.
It can be amended as many times as you need however, Id get that Error corrected (that you know of now)

Congrats to you Upcoming Graduate!

 

[patsal]

FAFSa should really be amended with the Actual numbers (you can LINK to) from your tax return.
It can be amended as many times as you need however, Id get that Error corrected (that you know of now)

Congrats to you Upcoming Graduate!

Thanks,
I am on break this week and finished the taxes last night so I wanted to do it while I had extra time. It would not let me transfer from my tax form since it was only filed last night and it takes 3 weeks before I can import it.

 

[zurgswife]

Ok finished my second child's FASFA....

My first one the ECF is 00000

The second on is ECF is 01402

Have no clue why one is different then the other...really weird. I compared the numbers and they seem to be exactly the same. I'll look at it again tomorrow with fresh eyes.

 

[My sister's princess]

OMG I entered my husband and my combined income twice, once where I was supposed to and once under my daughter...Holy Mother of Monkey's that was a huge error. She had no earned income....

You would be surprised how often this happens. I corrected at least 3 of those last year.

Little note, you can go in and update your FAFSA 10000000 times, however each time you do you are more and more likely to have to go through the verification process (extra paperwork where the FinAid office double checks your info) Try to keep your corrections to a minimum - use the IRS import process to avoid lots of these mistakes (I know often taxes aren't done until after the FAFSA needs to be in)

Ok finished my second child's FASFA....

My first one the ECF is 00000

The second on is ECF is 01402

Have no clue why one is different then the other...really weird. I compared the numbers and they seem to be exactly the same. I'll look at it again tomorrow with fresh eyes.

Did one child work more than the other? That is often where you see a different EFC for siblings

 

[msmayor]

Understand that FAFSA determines this EFC as a benchmark to determine the eligibility for federal financial aid. It should never be defined as "what you will have to pay for college" because in reality, that is far from what it will cost.

Realize as well that loans are considered aid. If a school costs $25,000 a year and your EFC is $10,000 your aid could be $15,000 of loans.

 

[Riverhill]

Understand that FAFSA determines this EFC as a benchmark to determine the eligibility for federal financial aid. It should never be defined as "what you will have to pay for college" because in reality, that is far from what it will cost.

Realize as well that loans are considered aid. If a school costs $25,000 a year and your EFC is $10,000 your aid could be $15,000 of loans.

Ours sure was off. Our EFC was 11,000 and we need to pay out of pocket 18,000 for our DD college. We were told that the most a freshman could borrow in loans was 9000. Fingers crossed for a few more scholarships.

 

[zurgswife]

Did one child work more than the other? That is often where you see a different EFC for siblings

The kid with the EFC at zero had 373 worth of income for last summer.

The kid with the EFC at 1472 didn't work due to disability over the summer.