<p>I'm having trouble calculating EFC for my parents online...(english is their second language and they aren't very tech savvy). I have tried a bunch of EFC calculators but I don't have readily available all of my family's income information.</p>
<p>Is there an easy table or chart I can look at to gauge what my family's efc would be before I have to apply and fill out all those forms? If it helps my parents make about 80k a year together...everything else I'm not so sure about.</p>
<p>And one more thing- my dad's job is not steady, he might get laid off soon...what if this happens during my first year of college, will they adjust my financial aid situation for me or will i have to fill out more forms?</p>
<p>You really do need to know how much is in their bank account or investment accounts, if they own a house, how much equity. You might want to go over their 2006 tax return with them regarding income and discuss whether the 2006 income is similar to 2007. 80K is important, but there are so many variables re their assets, your assets, your income, how many kids in family, how old everybody is...At that income level, though, you should be applying for aid.</p>
<p>There is a basic chart here FinAid</a> | Calculators | QuickEFC Chart but, yes, you will need asset information for it as well. Also it is not going to be as accurate as the calculators although it was pretty good in predicting dd's first year's efc.</p>
<p>If you are applying to schools that require the FAFSA only, you do not need home equity information. You DO need income for the 2007 tax year, and any assets in the bank (that would be bank accounts of any kind not including IRA balances). The FAFSA does not use home equity in its calculations. The Profile does.</p>
<p>thumper1 makes a good point -- are you applying only to FAFSA schools? None of the schools you are applying to require the Profile? It makes a big difference.</p>
<p>FAFSA also has an asset protection allowance -- an arbitrary number based (I think) on family size and age of oldest parent. If assets are below that number, they won't be calculated into the EFC formula. Official retirement accounts don't count. here is a link to the table for 2005/06 -- I couldn't find the latest one, but I think it has increased slightly. Federal</a> Methodology Tables 2004-05</p>
<p>This way, you can ask you parents if there savings is above or below this number -- without getting into too much detail. For example, if you father is the older parent and he is 45, you could ask if the family has over $43,000 in asset other than retirement accounts. if not, assets won't play a part in the EFC</p>
<p>do not use the first like in sueinphilly's last post. it connects you to FAFSA dot come which charges like 80 bucks to help you file a FAFSA. And FAFSA means FREE application for Federal Student Aid!!!</p>
<p>I clicked on the link labeled "2008-2009 Expected Family Contribution (EFC) Formula Guide" and it took me to the National Association of Student Financial Aid Administrators, which looked pretty darn legitimate. Which link was the problem?</p>
<p>Neither of Sues links take you to FAFSA.com (which is indeed a site to be avoided) - not sure what aka is talking about.</p>
<p>The first link sue has posted is a very useful site that explains the FAFSA formula. I use it frequently for clarification (cause I like to understand how it works). Does not charge or link to sites that charge.</p>
<p>I'm not going to address your question about filling out the FASFA because al lot of people have provided suggestions and info. </p>
<p>However, you also asked about if your father loses his job. If this happens you should notify the financial aid office of the school you are applying to. For example, if your father loses his job in the next few months then you let the school know that there has been a "change of circumstances" from 2007 income. They will likely take this into consideration when determining your aid package.</p>
<p>If your father loses his job during your first semester at school, there is a good chance that the financial aid office can do nothing about it since they may have already distributed funds that were available. But check anyway because they may be able to find loans or workstudy money. However, as an earlier poster stated, you will be filling out the FASFA again for the following year, and the lower income will be reflected on that one. </p>