<p>I'm kind of confused about that.......</p>
<p>the amount you are given after doing the fafsa applies only to the next school year.</p>
<p>you do it every year.</p>
<p>Agreed with Sue. The EFC you are receiving now is for the 2008-2009 school year only…based on the 2007 tax year.</p>
<p>You get to do this every year your student is in college!!</p>
<p>Yeah, and if you are like me, you get to cry when you see the EFC for sophomore year jump $5k from freshman year EFC! Our costs for insurance through H’s employer jumped up, our copays for insurance jumped up A LOT, our savings account is tapped out from paying for last year’s college costs, and our income wasn’t that much more than it was last year. So don’t count on things staying the same all four years. If I was Joe Average, I’d have had a coronary when the EFC came back. However, I have worked in financial aid so know how it works. It doesn’t make me feel any better, though.</p>
<p>my efc went down a few hundred since last year. Not that it matters, I don’t expect extra aid.</p>
<p>AGI was lower (thanks to 4K tuition deduction) and assets were lower (thanks to paying last years efc out of savings)</p>
<p>We also paid for college out of savings, but assets are protected to the extent that having very little in savings this year was irrelevant. The difference came from the (not much more than $5k) extra income … bigger jump than extra income after taxes. We did have less in deductions, due to the fact that we didn’t have much money to give away! And we couldn’t get the full Hope credit.</p>