<p>Hi, I'm currently a freshman at a university and I am wondering about if I should worry about any problems about a $10,000 difference in my EFC for next year because one of the causes of the difference would be my mistake of putting too much money in my bank account which added a lpt into my EFC last year. But, almost all of that money would be towards paying for this year anyway. Also, after my dad passed away, we found some large amount of loans that needed to be paid for which wasn't until after filling out my FAFSA last year. My worry is if the university will be wondering about the difference next year.</p>
<p>I’m a bit confused…are you saying that you will have a HIGHER family contribution because you “accidentally” put put money into your bank account? </p>
<p>If that money is NOT in your account this year when you file the FAFSA, it will not be counted as an asset this year when your EFC is computed.</p>
<p>Re: loans…loan payments on consumer debt are not taken into consideration at all on the FAFSA…not in any way. I’m not sure that loans in your dad’s name would be considered at all. There isn’t even any place on the FAFSA to LIST consumer debt/loans.</p>
<p>If you have significant loans that you need to repay and your dad’s death was in 2011 (I am sorry to hear about your dad’s death), you could ask for a special circumstances consideration from your college. They might…or NOT consider this. It is not required that they do so. If the bills you have are unreimbursed medical expenses related to your dad, this might be considered. If it is other “consumer debt” that you just didn’t know about, I’m not sure it would be.</p>
<p>If your dad died before 2011, I’m not sure this will be considered at all…as it’s “old news” in terms of financial aid applications.</p>
<p>Where would the money have been, had it not been in your bank account? Even if it had been in cash in a box under your bed it still would have been reportable.</p>
<p>Whose names were on the debt? If it was only your dad, they might have been voided upon his death, or if there were no money in his estate they might not be your family’s responsibility. This is something your dad’s executor needs to look into.</p>
<p>As for how changes in your family’s financial situation will change your aid for next year, the best answer will come from your own school’s financial aid office. Make an appointment with them so you can find out.</p>
<p>Wishing you and your family all the best.</p>
<p>Before I filled the FAFSA last year, me and my mom didn’t know that they would take in more consideration from my bank account rather than my mom’s in the EFC so my mom put a lot of money under my name instead of hers.</p>
<p>It seems like your mom was trying to shelter the money from her tax rate and this is going to bite her.</p>