<p>Has anyone had their EFC drop a LOT from freshman to sophomore year? My D's went from over $35K last year to about $12K this year. My income is really variable, and last year was a pretty tough year income-wise. 2014 is shaping up pretty well (a lot of work in the pipeline for my job). But this was a really big dip... wondering how her college will perceive it and if her aid will jump a lot. This is a profile school, but no income that really showed up on the profile that wasn't there last year. We are divorced, but I think her dad's income was pretty much the same as the previous year. Hoping for good FA this year... anyone had this kind of big change?</p>
<p>I had a big reduction in EFC between D1s soph and jr year due to retirement, and this was accompanied by an increase in FA. This is a very generous school w/no loans, I don’t know how much this would vary by school.</p>
<p>Intparent…it all depends on the college. Does your daughter’s school require the Profile and NCP Profile for returning students? Does the school guarantee to meet full need? Those questions would need to be answered to figure out what will happen with your daughter’s aid.</p>
<p>It can vary depending upon the school. I would let your DD know and advise her to send a note to the fin aid office pointing out that it’s been a tough year, so that it is highlighted. Schools reserve funds for return students based on the prior year numbers, and their aid is calculated AFTER the new crop of kids, so it’s good to let the school know so they can maybe pull out the file and work on it first or at least be aware.</p>
<p>Some schools meet full need only for incoming freshmen. I’ve seen cases where a drop in EFC did not result in any more money, and even an increase in cost as upperclass costs are often higher than the initial year. At many schools, the first year package is the best. It does all depend upon the college. But let them know, so they can prepare and don’t have the excuse that they ran out of money by the time they were aware of the situation for your family.</p>
<p>I’m confused…what EFC is now lowered? Your FAFSA EFC, which is based only on your income??? So, if that’s lower then maybe your made a mistake?</p>
<p>If you’re talking about your CSS family contribution based on CP and NCP, have you rec’d that yet for a returning student? I thought those came out much later.</p>
<p>Do you think the dad reported a lower income? Did his wife stop working?</p>
<p>It is the FAFSA EFC that is much lower because my income was a lot lower in 2013 than in 2012. Bad year for my small business in 2013… yes, it is a FAFSA and Profile school. This year they do not want the NCP from my ex-H, they do have a form they are asking for from him (less information than the NCP) and they want his tax return. But his info should look very similar between 2012 & 2013.</p>
<p>I have already submitted both the FAFSA and CSS Profile, so if the school looks they will see the drop already. Both will require corrections once my taxes are done, but so far they are looking pretty close to correct.</p>
<p>The school states they meet 100% of demonstrated need. So… we will see what happens.</p>
<p>The only issue I see in this is if the school looks at family businesses in a funky way. I’ve seen folks who have a business get some unexpected results in terms of financial aid.</p>
<p>Since it’s your FAFSA EFC you’re talking about, I need to revise my earlier post. We have never qualified for Fed FA, it was our Profile based Institutional FA that increased.</p>
<p>Entomom, federal FA could be in the form of subsidization of Stafford loans, work study, so many with just a bit of need, too little to get PELL or other federal aid, do qualify for those things. I know a number of folks who had a high enough EFC so that the only aid their kids got were the subsidiation of the Staffords and/or work study.</p>
<p>cpt, when I said that we didn’t qualify for Fed FA, I meant that we did not qualify for subsidized loans or Fed WS. I’m sorry if I didn’t make it clear that wan’t speaking for anyone other than our specific family situation.</p>
<p>My apologies, Entomom. Didn’t register who you were when I responded as I was focused on the statement. </p>
<p>That the FAFSA EFC dropped, may not necessarily mean a commensurate drop in PROFILE EFC, especially since there is a family owned business involved.</p>
<p>My fingers are crossed for the OP. IT would be nice to get some extra aid after a rough year financially!</p>
<p>Sounds like you’ll be getting more aid.</p>
<p>Let us know.</p>
<p>D did get some need based aid last year – not a lot, but some. And we did qualify for federal loans. I don’t think the small business will throw a wrench into it – the business assets and income are both down from last year. So hopefully she will get more need based aid this year. I’ll let you know what happens when we eventually hear back.</p>