FAFSA Issue

Paying for College
1

<p>So my Mom and I just filled out FAFSA and got a EFC of 55k. My Dad passed away 4 years ago, but he left us with a good deal of money. The thing is right now my mom is unemployed(and has been for 2 years), and I've just had a job for a month, and take home about 200 a month. I only have two bank accounts under my name, and they have less than a 1000 dollars. </p>

<p>Given these circumstances does 55k seem like too high an EFC? Also, my family does not own a house(but FAFSA doesn't ask whether you own a home, and equity of said home), so our finances are a bit skewed in comparison to those that are homeowners. So basically I'm asking is a EFC of 55k too high, is there anything you suggest I do?</p>

2

<p>Seems high unless you have alot of assets (1,000,000+ maybe?). THe FINAID is mostly based upon income unless you have alot of assets. They use 5 or 6% of your parents assets in the formula, they user somewhere around 20-25% of the students assets. Make sure that you didn’t put any assets under your name that should have been under your mothers assets.</p>