<p>I have some questions about the FAFSA that may be answered by some of you.
I have twins going to college this year for the first time
It says my EFC is 15848 per child. I think that is a bit high. we have a combined income of $90,000 and have no assets. We own a $70,000 house and got a refund last year and didn't pay any tax.
We have $20,000 in tax deferred pension plan (USPS TSP Program) and have $12,700 in Veterens benefits.</p>
<p>any tips to make this lower?</p>
<p>Actually, I think your EFC sounds about right to me. Keep in mind that your family's expected contribution is basically just divided by 2, for having two in school at the same time.</p>
<p>But, I'm not an expert by any means, so you may want to go back and double check your numbers to make sure you entered everything correctly.</p>
<p>I am doing that right now.... but 30,000 would be 1/3 of our income and no way can I do that.</p>
<p>It sounds a little high.</p>
<p>I would have expected something more along the lines of $10-12K per student depending on what State you live in and how much is earned income.</p>
<p>Some things to check</p>
<p>Is the $90k all earned income? Make sure you entered the amount that is earned income where the question asks for earned income. Although that is already included in the AGI the earned income figure is used to calculate allowances for FICA and state taxes.</p>
<p>You didn't report the house or the pension plan did you? Primary home and money in pension plans are not reportable assets.</p>
<p>Is the veterans benefit income? If so that would increase the income available for the EFC.</p>
<p>Do your kids have any income or assets? They can have a big impact on the EFC.</p>
<p>i did the pension plan because it said put the number in a certain box on your W2.
The Veterans income is disability income from the V.A.
my kids didnt work. I made a pact with them that if they got great grades then no job.
they got 2050 and 2100 on SAT so I am proud</p>
<p>Is the $20,000 the amount you contributed to the plan in 2008 rather than the cumulative balance in the account? If that is the case then it would affect your EFC. Pension plans are not reportable as an asset but any current year contributions are added back to your income as they are considered to have been available income. </p>
<p>The $20k and the $12.7k added to the income would make the EFC about right as they increase your available income by $32.7k for the EFC formula.</p>
<p>I read and updated my FAFSA...Thanks i will get further help when i do my taxes in 3 weeks.
The update went from 14883 to 8000 per child
Thanks swimcatsmom</p>