So I have twins that are in their Senior year this year. I logged into the SAR report and nearly fell over with a heart attack. Our two-parent income is $127K with only $46K in Cash, Savings, and Investments. The SAR report shows an EFC of 107579 for my son and 107068 for my daughter. How can my expected family contribution be higher than the cost of any college on the planet?
There must have been an error made when either your children or you entered your financial data. Please see if you added any additional zeros to your income. Your EFC doesn’t sound right unless you own a business or Farm.
Aunt Bea, thanks for the reply. I checked and all of the figures are correct. However, I can’t see that data was transferred from the IRS.
And I don’t own a farm or business.
Did you do an IRA rollover in 2018?
I think I found the problem. I had a huge IRA rollover because I changed jobs. I believe the FAFSA program included the Rollover as income. UGH!!! How do I get this corrected?
Did you roll it back into an IRA or take the cash?
Now my problem is that there doesn’t appear that there is a way to delete information transferred from the IRA… Any help on this would be appreciated!
You have to report it to each school that your D’s have applied to…the financial aid people will manually fix it when you give them proof of the rollover.
The same thing happened with ours - post #8 is correct. I’ve been sending an email explaining the rollover mistake to each school’s financial aid office, and they have been very helpful with a form or way to upload the correct info (usually our tax return).
You need to contact the colleges with documentation that you did a rollover, and not a withdrawal. The colleges are the only ones who can make that change in the FAFSA.