<p>I just submitted FAFSA for my son and my estimated EFC came out 7359. When I was using estimate calculation, it was around 2000. I am worried that I might made a mistake somewhere. Can someone help me to figure out?
I am divorced and my AGI is $30000. Only difference I can think of estimator and real FAFSA was child support for $11000.<br>
it seems like we are not eligible for pell grant if EFC is 7359.</p>
<p>The child support would be counted as income. I still would not expect a $30k AGI and $11k child support to equate to a 7000+ EFC though.</p>
<p>Anything else you can think of that might have an impact? High assets? High contributions to IRAs or 401ks? Any student income or assets?</p>
<p>I have 88k in savings I’ve been saving for down-payment for the house. I put this in estimator too.</p>
<p>When your SAR is available in a few days, work through it line by line to see if you entered something in error.</p>
<p>You can also manually work through the fafsa formula here:</p>
<p><a href=“http://ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf</a></p>
<p>Will you be able to file a 1040A for 2013? If so and you answered that question correctly, you should qualify for the simplified means test which means you don’t have to report assets.</p>
<p>The assets would definitely increase your EFC unless you are eligible for the simplified needs test. You do meet the income cut off (AGI of $49,999 or less is required). How did you answer the type of tax return question? As annoyingdad said, if you can file a 1040A, that would make you eligible for simplified needs where assets are ignored…</p>
<p>I am receiving alimony, so I have to file a 1040.</p>
<p>I just submitted FAFSA for my son and my estimated EFC came out 7359. When I was using estimate calculation, it was around 2000. I am worried that I might made a mistake somewhere. Can someone help me to figure out?</p>
<p>So, you have…</p>
<p>Income $30k
child support: $11k
spousal support: ??? (how much?)</p>
<p>And …“I have 88k in savings”</p>
<p>yes, all of that will drive up your EFC. You have less than $20k in asset protection.</p>
<p>Are you saying that when you used the NPC you only put in your income, but not those other things? If so, then you know what’s driving up your EFC…you didn’t put in all the info before.</p>
<p>And it sounds like your family size is just 2 people? One adult and one child? If so, then the calculation is tougher than a 2 parent family with 1 child.</p>
<p>when are you buying your home? </p>
<p>Does your ex-H have to contribute for college? Was that put in your divorce or does child support end when your son graduates from HS? I think if CS ends this summer and your ex doesn’t have to contribute for college, you might be able to get an adjustment since CS would be ending.</p>
<p>My income is only alimony which is 30K.
I have 2 kids - so my households is 3. I did put all the info except child support when I used estimator( they did not ask about child support).
I’m planning to buy a house in this summer, we will be moving after he graduate from HS.
I am so confused.</p>
<p>Your income isn’t from your earnings so it’s hit harder in the calculations. </p>
<p>Your child support seems low for 2 kids. How much will it go down after your son graduates? </p>
<p>It sounds like the CS and the fact that your income isn’t from your earnings and the savings is driving up your EFC.</p>
<p>The $88,000 in savings would drive your EFC UP by about $4500. Your child support added to your AGI, I believe, puts your income above that for an auto zero. There are several things needed to qualify for simplified needs test. Hoping someone else can add that information.</p>
<p>Did anyone in your household receive federal means tested benefits in the previous 24 months (food stamps, free/reduced lunch, etc)? If so, that would qualify you for the simplified means test, and assets would be ignored. The other option for ignoring assets would be if you qualify as a displaced homemaker: “A displaced homemaker is generally a person who previously provided unpaid services to the family (e.g., a stay-at-home mom or dad), is no longer supported by the husband or wife, is unemployed or underemployed, and is having trouble finding or upgrading employment.”</p>
<p>Does the $30k alimony negate the displaced homemaker possibility?</p>
<p>I guess it depends on what you consider adequate support. The regulations do not go into any more detail than what I posted.</p>
<p>I just want to say thank you for everyone who reply. I am foreign national and have been stay home mom since I came here about 20yrs ago. Now as a single mom who is not familiar with system in U.S. ,trying not make a stupid mistake.
Everyone is so helpful, Thank you again.</p>
<p>*is no longer supported by the husband *</p>
<p>I highly doubt that a household that is getting over $40k would be considered to be unsupported. That’s not earned income so it’s “worth more”.</p>