<p>Hello all you great expert FA people. I have been lurking here for months getting great info but now I have a few questions. </p>
<p>My son is a Junior at Stony Brook University. I have applied there as well as a transfer student for the Spring semester. My EFC for him alone is 8600 approx. He got a small TAP award for this year and loans. </p>
<p>My question is this. My EFC for my FAFSA says 4300 and Pell eligible. Will my son's EFC drop too? I called the school and they said no. That doesn't make any sense to me. Now I am expected to pay over 12K for college? Granted I will only be attending part time, but still. Any thoughts anyone? Thanks so much.</p>
<p>No, his will not change. A parent can not be included on the student FAFSA as one in college. A student can be included as one in college on the parent FAFSA, which is why your EFC is lower.</p>
<p>Thanks for the quick answer. Okay, so his EFC won’t be lower. Can I claim the American Opp. tax credit for me too? I have 80 credits transfering in and no degree. I have never claimed it for myself. I did claim for my son last year. My income is below the max for a single (I’m divorced.)</p>
<p>Do you have TAP eligibility as well? If so, you may find that your Pell and TAP cover most of your costs at SBU, so you’re not really paying $12K out of pocket.</p>
<p>Thanks Sk8rmom. I probably will have TAP but TAP is for full time. I will be attending half time (6 credits or so per semester). I am going to apply for Aid for part time study though. I don’t know if I will get it but hey what the heck. Might as well try.</p>
<p>After posting the above I went to the IRS website. At least I feel a little better now. It appears that I would be eligible for the Amer. Opp. tax credit. Looks like I will be paying for as much as possible in December…</p>
<p>yes, you can claim the American Opp for yourself. I claimed it last year. You must be enrolled at least half time for at least one period that begins during the tax year and must be a degree seeking student. </p>
<p>It was originally for 2009 and 2010 only. As far as I know it has not been extended to 2011 and after, though it is being talked about.</p>