<p>While filling out both the FAFSA and CSS Profile, my family used our 2012 tax return because we had not yet filed for 2013. We knew that we made more money in 2013 than 2012, but did not worry because we expected it to be roughly around the same. We just filed the 2013 and it turns out that instead of making $48,000 like in 2012, we made $81,000 in 2013. So now all of the information on my financial aid forms are wrong. We have never made this much money before, and it only happened because my father is a roofer, so he had a lot of work due to rebuilding from Hurricane Sandy. A lot of the money he earned went to divorce lawyers anyway. We have almost no money saved for my tuition so my EFC is practically zero right now and despite this large increase, will remain to be. For 2014, our expected income will once again be back to approximately $48,000. So I have a few questions:</p>
<ol>
<li>Do colleges actually take away some of the fin aid they offer you when you update your tax return?</li>
<li>I applied to NYU (a notoriously stingy school) EDII and I find out in 8 days (Feb 14th). Should I wait to possibly get accepted and see what they offer me before updating my financial aid information, or do it now and possibly risk being offered less?</li>
<li>When I do update my information, should I explain my case in my the "Special Circumstances" box? Would this be considered one? </li>
</ol>
<p>Thank you so much! :) </p>
<p>If your taxes are completed, then update the FAFSA NOW. That way the colleges will have your 2013 information which is what your financial aid package will be based on. Yes, colleges can and will adjust your financial aid based on the figures from your 2013 tax returns. It would be smart to get them the accurate information ASAP.</p>
<p>You can explain your situation, but I’m not sure what there is to explain. Your income was higher in 2013. </p>
<p>Even with a $48,000 income, your calculated EFC would NOT have been $0. Are you saying that is all your family can afford to pay?</p>
<p>Okay, thank you! And frankly, I don’t think I understand EFC. We estimated about $3,000 because we have close to $12,000 in my college fund… I’m going to use an EFC calculator right now and update my forms.</p>
<p>Juliet. There is a net price calculator on EACH college website. This will give you the BESTmestimate at each school of YOUR net cost…an estimate…but the best estimate. Do those. Do the NYU one. Put the numbers in for 2013 and see what you get.</p>
<p>If you completed your FAFSA, you should get a SAR, student aid report. This will have an EFC number right on it. THAT is your FAFSA EFC.</p>
<p>What you have in the bank will help your family with costs…but it is NOT how colleges compute need based aid awards.to be honest, they don’t use what you think you can pay. They use a formula that uses income and assets to determine what they expect you to pay. </p>
<p>I’m going to say…I think your actual FAFSA efc is going to far exceed $3000 for the year. And you may find that colleges expect you to pay in excess of your FAFSA efc also. Most schools do NOT provide need based aid that fully meets need. Your FAFSA EFC should be viewed as the MINIMUM your family will be expected,to pay.</p>
<p>I’m sorry this is not cheerier news.</p>
<p>Thank you for your help, honestly. I’ve been so involved with the college-application process, but financial aid really confuses me. I updated my FAFSA and it told me around 7 thousand is my EFC, so at least it’s not THAT much higher. I’m going to do the NYU Net price calculator right now. </p>
<p>@thumper1 The estimate $$ from School NPC, does that includes Federal Grants like (Pell, Stafford loans, work Study…) </p>
<p>Yes…the net price calculators usually include federally funded aid.</p>