<p>My EFC is about $770, and his is $500. </p>
<p>I have about 1,300 in my bank, and he doesn't have as much. He's a coming coming senior in college, and i'm going to be a freshman in college. </p>
<p>I however, was selected for verification, so I had to use the IRS retrieval tool. My brother just entered everything himself.</p>
<p>I know the difference isn't that much in EFC, but I'm losing $200 for the pell grant compared to my brother's.</p>
<p>Can my checking account amount really affect the EFC THAT much?</p>
<p>Yes. Your bank account is probably responsible for this difference. But wouldn’t you rather have that money than not have it? It is a good thing that you can pay for more of your own stuff!</p>
<p>Next time you file FAFSA, if there’s anything you have to purchase, do it before filing.</p>
<p>Student assets are assessed at 20% with no asset protection.</p>
<p>20% of $1300 = $260.</p>
<p>I think it’s terrible that students don’t get a small protection…no incentive for them to have a little saved for emergencies (like a broken laptop or car repair). They should have at least $2k in protection. Crazy system.</p>
<p>OP…how much did you earn last year?</p>
<p>I earned about 1600. </p>
<p>and that stinks, I’ll know better next year I guess.</p>
<p>If you have $1300 in the bank, even if you are expected to use $260 for school, you have over $1000 in event of an emergency orto take advantage of an opportunity that arises. You are still better off than someone with no money saved and a couple hundred more in Pell. And if you earned 1600 last year, it looks like you were able to save almost all your money. Be proud of yourself.</p>