My EFC increased like crazy and I don’t understand why? My EFC last year was $200 and now it’s $13K!
Parents income increased from $35,209 to $35,694 so barely anything. My income increased from $1995 to $6283, so a little over 4K increase for me. and I checked off campus since I will be living off campus, but last year I was on campus. Is this a normal increase? I also don’t get the pell grant anymore. I don’t understand what happened.
I think you have a mistake somewhere on your FAFSA. Possibilities are that you entered an extra 0 or 2 (10,000 instea of $100 or $1000) in your parents’ asset, your income or assets. If either of your parents changed jobs last year, they might have had a retirement rollover, and you have to check a box to have that money excluded.
Did you have a sibling attending school last year but not this?
It’s in the “processing” phase right now so I can’t re-check any numbers I may have messed up on, but it was almost all transferred from the IRS tool so I didn’t really input much, except the separate incomes for each parent but I made sure those were correct. I have no sibling in school.
Do you think it’s because I lived on campus and now I live off campus? That doesn’t make sense though, that wouldn’t mean we would magically be able to pay 13K…
Any chance your parents did an IRA or TSA rollover in 2016?
I think my dad did an IRA rollover in 2016. So what does that mean?
Well…if you didn’t find the spot to indicate that rollover amount on the FAFSA AND check off a tiny box…that rollover amount was included as INCOME on your FAFSA for your parents.
You need to contact your college. You will need to provide documention of the rollover to the college. They should be able to change this. Unfortunately…you cannot make,this change yourself.
Get over to your financial aid office as soon as you can…and find out what you need to do.
This rollover thing is a FAFSA issue. You probably aren’t the only one!
I didn’t even see anything about it dang. I wouldn’t be able to change it after the processing part finishes and go back in and edit the FAFSA??
Apparently you can’t change this. At least that is the word.
@kelsmom what does this student need to do to get this rollover deleted from income for FAFSA purposes at his college.
He didn’t see the box about it on the fafsa.
But what about the federal pell grant? I always get that and even if I fixed things through my school and not fafsa, my school isn’t who awards the pell grant, so how would I be able to get that if I can’t fix on FAFSA? @kelsmom
The school has to fix the fafsa. right now it looks like your family made about $70k, and that IRA rollover needs to be backed out. Once that happens your EFC will be adjusted.
You need to head into your financial aid office on Monday or Tuesday. You need to take copies of the forms your parent received about the rollover.
The financial aid department will be able to,back out that rollover…and adjust.
Right now…your EFC is TOO HIGH to receive a nickel of Pell Grant money… but once the rollover is removed, you should be back where you were last year…and get it.
So…go to the financial aid office…with rollover documentation in hand. If you take the originals, have them make copies! Don’t leave the originals with the financial aid office.
Really…this can be fixed by your financial aid office.
I know there is a question on the FAFSA about rollovers…and a little box to check. Apparently you missed it…but it can easily be fixed by your financial aid office…with the proper documentation.
I am betting you aren’t the only one at your college with this issue!
Okay thanks for the info guys, really appreciate it. Classes don’t start for another week so I’m not back yet but I’ll call first thing Monday and see what I need to send them. Thanks again!
What @thumper1 said is correct. The school can fix it but you have to give them the documentation. There was a question about rollovers when you were completing the FAFSA that you missed. It can be fixed, but only by the school. You would have to give them documentation even if you had checked the box, so at least you figured it out quickly & can get it fixed.
Note, @freail56 - Monday is a federal holiday (MLK Day) so might have to call Tuesday.