<p>I'm trying to help a co-worker whose h.s. sophomore will be their first to go to college. She is asking me to share some advice on admissions procedures, financial aid, etc. They may qualify for FA, but there is a 'catch' as her husband is over 70 and retired. He had a nice retirement, opting for a lump-sum pay out which they rolled over into a 401K-type account rather than take a monthly pension. As a result it looks like they have a lot of money, but it is his/their retirement money and they are not in a position to use it for college expenses for their kid. My friend basically works so the family can have medical benefits and they live on her husband's retirement, so this money has to last even through her own retirement. She is about 50 YO. She completed a FAFSA worksheet that resulted in a really big EFC. Any thoughts? Is there room for 'special circumstances' on that form? A real person discuss the situation with?
This is really going to impact the choices their child will have.</p>
<p>yes the age of the OLDEST parent is considered. I don't think 401K money counts in the FAFSA - perhaps they included it by mistake.
I didnt think you could calculate the EFC from a worksheet - fafsa has a rather complicated formula.</p>
<p>have them use the fafsa forecaster:
<a href="http://www.fafsa4caster.ed.gov/%5B/url%5D">http://www.fafsa4caster.ed.gov/</a></p>