<p>My EFC was about 6000, but I dont know why. My parewnts have an ajusted gross income of $25,000 and There are 8 people living in our house. Plus we only have like 1500 in our checking account and practically no savings.
Could it be because I am leasing a hay field and have about 4,000 invested? If so is there any way I can get around it because I know I wont make very much money with it.
Im sorry if this is confusing, but I am just so confused aboiut all this FafSA stuff right now</p>
<p>Do you have the 4000 invested in a college funds account in your name & S.S. # ?</p>
<p>No I have invested it all so far in the actual field. But I Took out a goverment loan for 5,000 so i don't know if that will hurt me</p>
<p>Did FAFSA give you this EFC ??? Are all 8 people dependants of your family ??? We are at $25,000 this year for a family of 5 ( H was unemployed earlier ) and our EFC is 0 . Something does not jell right with your calculation .</p>
<p>Well the loan was not with the FaFSa it was with another government organization. But they told me if I default on my loan (which I dont plan on doing) I will not be eligible for financial aid. I just don't know why my EFC was so high because our family truley has no money. The only reason our AGI was so high was because my mom had to take out one of her IRA for like $7,000. so I guess that was income.</p>
<p>yea...thats kinda odd....my parents make about $21000 a year and our EFC 350....but that 350 is only there because i have some money in savings....8 people sounds like a lot for 6000....
it probalby has to do with some kind of investments....thats the only way i see that your EFC could be 6000</p>
<p>Is 6,000 a lot? will I qualify for any need based loans?</p>
<p>What type of aid will 6,000 get me.. any ideas</p>
<p>That does sound like a high EFC given your situation. Even with that, however, you could still get excellent need-based aid from colleges that guarantee to meet need. And yes, you will definitely qualify for loans.</p>
<p>suggest you recheck all the entries on fafsa, since it does seem high. But, all assets in your name are assessed at ~35%, so $4k in a hay field would equal a personal EFC of $1,400, but that is a far cry from $6k. However, check whether you need to enter the equity of your hay field, i.e., gross amount minus loan, which would then make it negative equity ($4k value less $5k loan), unless I'm missing something.</p>
<p>thank you I guess I go over it again.. but if I find errors will my EFC change?</p>
<p>The $7,000 that your mother pulled out of her IRA is definitely counted as income. So instead of having an income of $25,000 you would have an income of 32000. Even with $32,000 income and your getting hit with a 1400 EFC from your hayseed fields, I still don't think your EFC woudl be $6000. Recheck your numbers and make the necessary changes to the fafsa</p>
<p>The 25000 included the 7,000 my mom took out... god. could it be that we own land besideds our house because we live on a ranch? IDK. just a thought</p>
<p>If "ranch" and "farm" are viewed similarly than this could be the reason your EFC is high. I believe the FAFSA does have a questions referring to the value of this type of property and it is considered an asset. How much ranch land do you have, and what is the value of it?</p>
<p>uh I dont know the exact amount of land but I think the value was in the 100,000.</p>
<p>EFC derives from parent's income and assets, and student's income and assets. Nothing you've mentioned would warrant a 6K EFC, best I can tell. I'd redo it, checking every entry.</p>
<p>and then my EFC would change.. right?</p>
<p>Well, you can correct the FAFSA online, and the EFC will change. But you might also want to try playing with one of the EFC calculators, until you find out what entry is causing your EFC to be higher than it (likely) should be. </p>
<p>Your parents should be below the income protection allowance, so no contribution to EFC from parental income. Their asset protection allowance should be around 50K or so, no contribution to EFC there either.</p>
<p>Your income-- did you show income? Anything over about $2700 will result in an increase in EFC. Below that-- no contribution to EFC,</p>
<p>That only leaves your assets. No protection allowance at all-- 35% of your liquid assets goes to EFC each year. What did you input for your assets?</p>
<p>This is just a randomly chosen number (I don't know what my parents' EFC is), but say for instance, they were determined to be able to pay $22,000. So if I apply to a school that costs $45,000 a year (tuition and board), does that mean I technically SHOULD (if the school determines me worthy) get $23,000 in loans/scholarships?</p>
<p>I thought that if you live on the farm, you do not have to report it on the FAFSA....</p>
<p>QU 45/83: As of today, what is the net worth of your/your parents' current business and/or investment farms? Do not include a farm that you live on and operate.</p>
<p>So doesn't that mean that Elena puts down 0 (if she lives on the farm) even though it is worth $100,000?</p>
<p>If your house is not on the land/ranch, then I think you have to list the $100,000.</p>
<p>That's how I understand it, anyway.</p>