I generated a fafsa spreadsheet for 2015 2016 year.
If anybody wants a copy, send me a personal message.
It is really useful to see how assets and income affect efc.
It only works if you have less than 6 kids and are a dependent student.
Did you use the 2015-2016 Department of Education’s EFC formula? That is key. Also … the EFC doesn’t change after a certain # of kids, anyway (can’t remember the number now, but I thought it was 4).
Although it’s nice to know how things affect EFC (and you can do this by plugging various numbers into one of the EFC calculators available online), the truth is that you do have to report whatever is true for you.
The hand calculations are not that hard to do: http://ifap.ed.gov/efcformulaguide/attachments/090214EFCFormulaGuide1516.pdf.
Yes I based it exactly on this PDF. Just plug in your info, and it spits out the efc. Good to run what if scenarios.
@kelsmom
If you look in the document you pointed to at Table A3: Income Protection Allowance, the protection allowance changes with family members and kids in college to infinity, therefore affecting efc.
I would like to highlight this thread and thank @rgosula publicly for taking the time to write up this spreadsheet that shows changes to your FAFSA in real time as you type out and change the numbers. It helped VOLUMES in getting me to understand how each answer in the FAFSA affects your EFC…and immediately too! Would the admin of this board please consider pinning this thread to the top somehow. I think it would help SO MANY understand! Thanks again!
@kelsmom I now understand your comment. Yes, you do have to report your correct information. But it can help you in planning what to do for the next year to minimize EFC. That is mainly what I used it for.
Data in
http://ifap.ed.gov/dpcletters/attachments/GEN1502Attach.pdf
can be now plugged into table p1, column f
now that the data is available.
I’m interested in your spreadsheet. Thx for doing this and sharing. D
I’m interested in your spreadsheet. Thanks for sharing.
need email
I’m interested in your spreadsheet…please send to millspiper@verizon.net
Thanks
Mills piper I sent it. Weekday skier you’ll have to message me your email. Most times they don’t show up in threads.
@halinthehills
thanks for forwarding it @Rdtsmith
Whoever wants it , send me personal message with email address
I would like the efc spreadsheet. Pls send to donnymcbride@gmail.com. Also, any advice on how to extend it beyond 4 children. Br. Don
You’ll have to pm one of us as emails don’t show up here.
make sure your email to me is in format:
name at xxx dot com
I have not updated it for 2016/17 because I did not have a personal need to do so.
I unprotected all cells, so you can modify it if you wish.
If you just use it as is, it might be $200s off. But you still get a feeling for the tradeoffs.
Here are links to where the 2016/17 information is at:
http://www.ifap.ed.gov/efcformulaguide/attachments/100615EFCFormulaGuide1617Attach.pdf
http://www.ifap.ed.gov/dpcletters/GEN1601.html
Thank you so much for your contributions, these are great links.
Wanted to clarify in your 1617 xls and 1718 xls the year reference in “Parent’s Income in 20XX” is different from the year referenced in the PDF. For example, your 1617 worksheet is asking for income from 2014 but so is your 1516 worksheet, and 1718 is asking for income from 2015. My kid is a 17-18 freshman, and base year I believe is now 2016. I see that you have posted the caveat that you have not made certain changes to the current sheets, but this is pretty big one, so thought I would note it, not as criticism but help for others. Many thanks again.
No, 2015 tax return is used for 2016/17 FAFSA and 2017/18 FAFSA. From October 2016 on is when prior prior year applies.