Fafsa Help

Paying for College
1

Hello, I have just filled out the FAFSA…few questions…

  1. Estimated Expected Family Contribution (EFC) = 030784
    What does this mean?
  2. Am I likely to only get loans out of this package?
  3. When applying, I didn’t put my social security # for 2 schools. Do they need it?
  4. Do i have to re-file when taxes are filed?
2
  1. According to the FAFSA formula, your family can pay $30,784 for your education this year.
  2. To find out what aid a particular college or university might give you, you need to run the Net Price Calculator at that institution’s website. For example, if the Cost of Attendance at College X is $60,784, then you could have $30,000 in need that might be covered with some combination of grants, scholarships, loans, work-study, etc. If the Cost of Attendance is $30,700 at College Y, then you probably would not be offered anything at all, and would have to specifically request a federal student loan.
  3. Ask those two schools. They will tell you what they need.
  4. When your federal taxes and your parents’ federal taxes are filed, you will need to log into FAFSA, and follow the instructions to link the taxes to the FAFSA, and then re-submit. That will allow your colleges/universities to have the most accurate information, and to give you your final aid offer.
3

Thanks. Do schools require the CSS profile? Or optional?

4

And when should the package for the individual schools be ready?

5

The schools website can tell you if they require the CSS PROFILE. You can also contact their financial aid office to determine when the aid packages will be ready. For new freshman, this is typically anywhere from March-May.

6

What is your parents’ AGI? Just as a check figure to confirm you didn’t enter extra zeroes.

7

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Hello, I have just filled out the FAFSA...few questions.. 1) Estimated Expected Family Contribution (EFC) = 030784 What does this mean? 2) Am I likely to only get loans out of this package? 3) When applying, I didn't put my social security # for 2 schools. Do they need it? 4) Do i have to re-file when taxes are filed?

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It means that your EFC is $30,784…however, it may actually be higher if some things were left out. Who helped you fill out FAFSA? Did you just put in numbers from your parents’ last pay stubs?

since many of your schools are publics (OOS and instate), then you will likely only get loans from those schools.

In another post, you mentioned that you don’t need aid…is that still true?

Yes, your FAFSA will need correcting later if there are any changes.

Did you fill out FAFSA all by yourself? If so, then you may not be aware of everything that needs to be included…such as 401k contributions, value of second homes (do your parents own two homes?), etc. You may not know about all of your parents’ assets, savings, investments, etc.

Some of your schools will need you to fill out CSS Profile…that isn’t optional for those schools.

8

@Madison85‌ I believe they put down 108,000
@mom2collegekids My parents helped me fill it out. I applied to mostly public schools but also Baylor in TX and Syracuse University. We would be more comfortably will a lower amount but I am unsure at this point. We reported the #'s using last years tax information. I believe they estimated for the value of our homes. My dad is leaning towards sending me to UPitt but their OOS tuition cost i believe is higher than our EFC. I have been accepted to MSU, Alabama, FSU, Pittsburgh, Baylor, deferred by Michigan, waiting for Penn State and Syracuse.

9

AGI- adjusted gross income. Ussualy little less than both parents’ salary’s combined.

10

@MHMdad 108,000 I believe is what they put down

11

bump

12

I am not sure what you are bumping for. What specifically has not been addressed in the responses provided to you?

13

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believe they estimated for the value of our homes.


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homes? if you have more than one home, that will affect EFC. Do you rent out that other home? If so, what about that income?

You need to ask your parents how much they will actually pay each year.