Fafsa?

Paying for College
1

<p>Hello, I submitted my FAFSA this year using my parents' 2010 Tax forms. Our income in the 2010 Tax forms was around $50,000. We have no assets and no other eligibility (like handicap or reduced lunch, etc..). Our bank money was around $20,000. I received my SAR and my EFC was about $1,500 and I was eligible for Pell Grant ($4000). </p>

<p>However, I have to update my information after my family do our 2011 Tax Returns. Our income for 2011 will probably be around $60,000 (a $10,000 increase). Assuming that all the other factors remain the same, will I still be eligible for Pell Grant? If possible to estimate, what will my EFC be? Oh, if it helps, I'm a dependent and I don't earn any outside income. Thank you!</p>

2

<p>You can use the worksheets and table in the EFC Formula Guide to get a fairly quick estimate…not as quick as using one of the online EFC calculators but it may be more accurate:</p>

<p><a href=“http://ifap.ed.gov/efcformulaguide/attachments/010512EFCFormulaGuide1213.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/010512EFCFormulaGuide1213.pdf&lt;/a&gt;&lt;/p&gt;