<p>ok my dads gross income was around 96k, but his net is around 38k.. So on the fafsa form they didn't ask for net and they asked for his 2008 income tax.. Which says around 2300 on the form. Shouldn't income tax be the difference between gross and net income.. I think there's a huge mistake. My EFC thing was in the 17000, and said I didn't apply for a pell grant.. My dad said he can't afford to pay 8k (if I get into Baruch) a year without a grant or loan. I want to stay away from loans.. Hofstra is worse (25k+).. Can someone guide me? My dad said the fafsa form doesn't seem accurate ecause he can't project his extremely high property taxes and stuff in the form.. Basically I need this money from fafsa otherwise I will be forced to go to community college</p>
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So on the fafsa form they didn't ask for net
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No they don't ask for net. They ask for the adjusted gross income. It is the same for everyone. </p>
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ok my dads gross income was around 96k, but his net is around 38k.
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That is an unusually low net income for a gross income of $96,000.</p>
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Shouldn't income tax be the difference between gross and net income
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Not necessarily. There are all sorts of other things deducted from income that are not federal income tax. FICA taxes, state taxes, insurance, IRA contributions etc. But it is pretty unusual for the net to be less than 40% of the gross. You would have to ask your dad about that. </p>
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My EFC thing was in the 17000, and said I didn't apply for a pell grant.
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Actually a 17,000 EFC sounds **low **for a gross income of $96,000 especially with tax being only 2300. I would have expected the EFC to be a little higher. </p>
<p>With an income of $96k you will not qualify for federal grants. The Pell grant, for instance, requires an EFC of around 4000 which would require an AGI much lower than $96K. the federal grant money is intended for low income families. $96k is not considered low income by any means.</p>
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Basically I need this money from fafsa otherwise I will be forced to go to community college
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As far as federal aid is concerned you will qualify for some loans with your EFC. You need to have a discussion with your dad about what he can contribute. Also try and look at schools where you may qualify for some merit aid.</p>
<p>my mom does not work and my dad has to work for me, my mom, and 2 more kids.. And 96k is his income before taxes (is that the same as AGI?)</p>
<p>On FAFSA you would have entered the number in the family so that is already allowed for in the EFC formula. The AGI is the money before taxes but may be after certain other deductions. For instance if your father contributes to an IRA, that is deducted from income before before the AGI. However it is added back by the EFC formula as it is considered money that could have been available for college. The the amount you pay in taxes is used in the formula to reduce the AGI. But $2300 is a very low amount of taxes for $96k income.</p>
<p>Except for very low income a lot of people find their EFC to be around 1/4 of their income. That is income before taxes. $96,000 is not considered to be low income so would not qualify for federal grant money.</p>