<p>I just finished my FAFSA and my EFC came out to be ~10k.
My parent's current income is ~99k with ~7k in income tax. Does this sound like a reasonable score?</p>
<p>That does not sound accurate. With an income of ~$100K I would expect an EFC of $25-33K. That would be for one student in college.</p>
<p>Our income is at about 76000 and we have an efc of about 13000.</p>
<p>Rxl…that sounds very low for that income UNLESS you have a sibling in college. Do you??</p>
<p>With an income of about $100k, then your EFC should be about $25k.</p>
<p>If you don’t have a sibling in college, review your numbers…you probably made a mistake. </p>
<p>What is your family size? 2 parents? how many siblings?</p>
<p>I’m still trying to wrap my brain around $99k income and only $7k in income taxes . . . something seems very off with these figures.</p>
<p>Yeah I have a sibling in college. What can I check to see if I made a mistake? I thought this was really high lol</p>
<p>By the way, this is for both of my parents</p>
<p>EDIT: I got the income numbers from line 22 of my parent’s 1040 and tax from line 55.</p>
<p>
AGI not total income.
83. What was your parents’ adjusted gross income for 2012? Adjusted gross income is on IRS Form 1040—line 37; 1040A—line 21; or 1040EZ—line 4.</p>
<p>AGI from line 37 is the same as line 22, which is ~99k.</p>
<p>
</p>
<p>OP doesn’t say if there are younger siblings still eligible for the child credit. I could see a family of 5 or 6, 1 or 2 eligible for the child credit, 1 already getting the AOC credit, state taxes, property taxes, mortgage interest. We don’t know the whole story. </p>
<p>It’s in line with what we paid with a similar income back when our two kids were under 17.</p>
<p>With a sibling in college the EFC is about right.</p>
<p>The lowish amount paid in taxes may be because of the deduction of a lot of mortgage interest and maybe other deductions.</p>
<p>Yeah my parents are paying a lot in deductions.</p>