So I just completed the FAFSA and in the confirmation email it said they my EFC was 123797. If that translates to $123,797 then I am very confused and worried. To begin with, that’s almost double what the income was in 2015. Can anybody explain this to me? I really need financial aid- my parents won’t pay for anything.
If your parents’ income was about $65k, unless they have very high assets that aren’t protected in retirement accounts, you’ve probably made a mistake. Did you include the income in both the parent and student sections? Did you enter a number like 10,000 as 100,000? Look at every line of the FAFSA and see if you can find the error.
Am I able to edit the FAFSA after I submitted it? I couldn’t find an option for that.
Yes, after the FAFSA processes, in 3 days or so, you will get an email that your SAR (student aid report) is ready.
You sign back into FAFSA with your FSA ID and there will be an option to correct the FAFSA.
Did your parent help with the FAFSA? The 2015 tax return should be finished, the best thing is using the option of “link to IRS” after you state that taxes are already completed, that way the tax information is brought over into the FAFSA.
If your parents’ income is ~$65k, I don’t think you’ll qualify for much, if any, Pell. We didn’t. You will qualify for the federal student loan ($5500 as a freshman, $6500 as a soph, and $7500/year as a junior and senior). If you can work summers, you can probably earn another $3k. If you tell us your stats (test scores, GPA) and state we might be able to suggest some options. Are there any colleges within commuting distance of your home? Would your parents let you live at home if you commuted?
If the EFC came back as double your family income…either you have HUGE assets…or you goofed someplace.
Check every line of that fafsa. Make sure you didn’t enter parent income in the student fields. Make sure all decimal points are in the right spots. Make sure you didn’t include balances in authorized retirement accounts.
Check EVERY line.