<p>is that really possible? What did we do to cause this? We own a family farm, but we thought we filled in the blanks correctly...the FAFSA never asked us how much debt we had. I fee like it should have...</p>
<p>I have filled out the Fafsa twice and it never asked about debt.</p>
<p>FAFSA does not take debt into account except when it is directly against a reportable asset. For instance a mortgage against a second home or a margin loan in a stock account.</p>
<p>Did you report the farm as an asset? If you own it, live in it and run it, it is not reported on FAFSA.</p>
<p>Completing</a> the FAFSA 07-08/The Application Questions(70-77)</p>
<p>
[quote]
Principal place of residence/family farm. Your parents' principal place of residence is not reported as an asset. Neither is their family farm if the farm is their principal place of residence and they "materially participated in the farm's operation."
[/quote]
</p>
<p>we don't think so...we made sure to read the fine print in any questions we had questions about...what would the income have to be (and assets) to make the EFC this high (ill take an educated guess)</p>
<p>Difficult to tell as it would depend on the balance of each and also the student's income/assets. Pretty high though. between $3-400,000 if there are no major assets. Less if there are major assets. Less again if the student has major assets in her name or a large income.</p>
<p>thanks for the info, swimcatsmom</p>
<p>i know how you feel farmgirl... my efc is amazingly high too. =</p>
<p>I feel for you farmgirl too. My dad has controlling rights to a scrap yard that counted toward our assets even though we receive no benefits or money from it. Because if you did the FAFSA strictly from wages, we would qualify... LAME. I'm sorry again, but there are merit scholarships available.... (at least that's what I keep telling myself)</p>