<p>Crazypa - Why are you using the 2003 tax forms ??? They must have 2004 available and it may be more accurate so you do not have any surpizes ( unless the salaries is exactly the same every year ) .</p>
<p>wait, there's a fafsa efc and a css efc? how do you check your css efc?</p>
<p>kbfunky: "i thought middle class was like 40k/year....but i guess not"</p>
<p>I think it is hard to put an income amount to "middle class" in this country since regions have different costs of living. If you live in areas where housing is ridiculous (Calif, for instance) then middle class can range past $100K per year since housing costs can cost more than 50% of one's income.</p>
<p>My EFC was $5600... is that low?</p>
<p>an EFC of $5,600 is low.
A typical middle class EFC is about the same as what it would cost to attend a public instate school- ( about $12,000) or even above.
An EFC of around $5,000 is less than what it would cost for room and board, let alone tuition</p>
<p>Roughly 1/3 of students in the US qualify for Pell grants (a bit over 5,000,000 students) and this gives an idea of where the middle class falls. </p>
<p>While for some it may be semantics, the EFC really corresponds to the estimated family contribution derived from the FAFSA. Schools that use the Profile follow the Institutional Methodology or the Consensus approach. In some cases, the IM or CA yields more favorable contributions than the Federal Methodology. </p>
<p>Lastly, the FAFSA does NOT account for expected student contributions or summer earnings. Those items are independent from the EFC, but are still expected contributions. Why schools love to play a little game and simply not call the expected STUDENT contribution what it truly is ... part of the gap. The only reason they don't do it is that schools "allow" the student to borrow instead of working in the summer. It is STILL money out of the students' or parents' pocket.</p>
<p>My EFC is 13k... my parents make 30k :(</p>
<p>Ant!!! That can't be right -- unless they have a lot of investments/savings/property.</p>
<p>Are you sure you didnt' make a mistake??? </p>
<p>Is there income really higher than 30K (such as salary PLUS investment income) If so, then don't say they only make 30K a year.</p>
<p>If not, then there is some mistake because the first 20+K is protected in the FSA process to pay for family essentials (rent, food, etc)</p>
<p>what is a lot of investments count as?</p>
<p>Ant: If they have enough investments that a small part could be liquidated to pay for your college, then that is what is happening here.</p>
<p>Also, if those profits/interest from those investments are adding to their 30K income, then their income is really higher than 30K</p>
<p>hmm...
I dont know the investments... but even if they are around 150k, liquidating so much is a burden. also, I have a sister who is 2 years younger than me</p>
<p>Ant: The point is that your parents must have other sources of money other than just their small income.</p>
<p>If not, then there is some mistake because the first 20+K is protected in the FAFSA process to pay for family essentials (rent, food, etc)</p>
<p>Ant: you must know something about these things... didn't you have to sign the FAFSA?</p>
<p>If your parents have their investments in non-retirement accounts/etc, then a portion of that money is expected to be available for college. When your sister goes to college then the EFC numbers will all change to accomodate 2 kids in college at the same time.</p>
<p>well, we live in india... kinda weird scenariobut 30k isnt low where we live</p>
<p>The point is that the system is suspicious of situtation where parents claim a low income but they have a ton of money in investments and IRA's and 401ks. The system will suspect that earnings are being hidden -- especially if self-employed.</p>
<p>hmm... i think its pretty clear in my case though... Im a weird scenario</p>
<p>I don't know if all of these things "change" because you and your family are not US citizens or residents (meaning that you arent' tax payers here). I don't know if you are less eligible for money because of this. (Afterall, I dont' think many American kids get financial aid from other countries to go to school in those countries because we are not citizens/residents/tax payers for those countries.)</p>
<p>we are US citizens.... but live abroad and file taxes in the US..</p>
<p>Now, if u know... I have a topic called 2005 Taxes in Fin. aid forum... do u know anything abt it?</p>
<p>Well, then it has to be investments and/or income from investments. </p>
<p>Like I said, the first 20+K of income (about 24K for a family of 4) is not touched by FAFSA. Therefore, if your parents REALLY only earned 30K (INCLUDING income from those investments) then only a portion of the remaining 6K would be available for EFC. </p>
<p>Since that was not the case with you, it suggests that your parents have enough investments (non retirement) that a small amount could be used for your college ed.</p>
<p>So..... What is your parents TRUE income: meaning SALARY + income from investments....</p>