Can anyone tell my why even though the IRS data retrieval tool was used, my EFC is about $4000 less than last year? Everything was the same, except about $1000 less in my parents checking.
Are your parents close to retirement age? Maybe their asset protection allowance is higher.
@thumper1 my father is 51(oldest parent) just worried I did something wrong
Hmmm. That isn’t that close to retirement age.
Were there changes in your assets?
Me as the student? Yes. In 2016 I worked and have $3000 in savings. I had zero in 2015 (didn’t work) So the EFC should be even higher because of that, right?
Your 2017-2018 fafsa would be using your income from 2015, not 2016.
But that savings would add about $600 to your EFC.
It won’t make a difference as far as aid, I will only get unsub. Stafford loans anyway. It wont make me get something I’m not entitled to, but I hope something is not wrong and going to be a mess. @thumper1
It does seem like a big difference. Our EFC only changed by a small number.
Can you compare last year’s FAFSA SAR to this year’s? Household size, number in college, income should be the same, right? Only your assets are higher, which would increase EFC by a few hundred.
Did your parents have pretax retirement contributions in 2015? Those need to be reported in question 94a under untaxed income. DRT doesn’t bring those over since they are not listed on tax return.
Yes I added the pre-tax retirement in and I also compared the SAR from 2015 it was the same. Thanks @mommdc
@kelsmom any ideas?
^Try running the numbers through this calculator (federal methodology). Is the EFC similar to this year’s FAFSA or last year’s?
@mommdc did it and it came out closer to last year’s!
Now it’s in progress do I can’t even access it to check it again. (Unless I just don’t see where)
^^That’s what I kind of figured. Since the number is so much lower this year, but you had higher assets.
Something must have been wrong. You might have to wait until the FAFSA processes and you should get an email when the SAR is ready.
Then you can sign in and make corrections, if you know what went wrong.
Yep just got SAR back with errors and I transposed some numbers in the retirement contributions. All fixed and now it’s where its supposed to be. Higher than last year.
^higher by about $600?
Glad you found the problem.
Yep, roughly. Thanks again! @mommdc