<p>Although I actually wouldn't consider our family 'poor' the fact that one of our businesses is residential home construction has landed us with a negative income for the year (again) and zero taxable income. </p>
<p>Because we will now have two kids in college, I filled out FAFSA's this year for both. Because of our large holdings in real estate, some 529 money, and retirement savings I really thought our EFC would be high. Imagine my surprise when it came back as ZERO for Kid #1 and 00202 for Kid #2 (entering freshman). </p>
<p>Since I have never done the Financial Aid thing until now I am really not sure if that means I WILL get some aid or I MIGHT get some aid.</p>
<p>Does anyone have some insight? </p>
<p>Thanks!</p>
<p>If each child’s EFC is really that low, then each will get a Pell Grant…the max Pell Grant is about 5550.</p>
<p>z - Make sure you also apply for your state grants…some states have a separate application.</p>
<p>Your assets must be lower than your protection allowance. You aren’t auto 0 EFC (since one kid has > 0 … obviously this one has income or assets). If parent assets are less than the protection allowance, with 0 or negative AGI the parent contribution will be 0.</p>
<p>I think it depends on the school. We had an EFC in the high $20K’s and my son got grants from every school he applied to except one. And they weren’t pocket change either. All were over $10K/yr. He also got merit aid from every school he applied to (except the ones that don’t give any) from $17K-$22K/yr.</p>