<p>So here is my situation. Back last fall when we were college hunting, we used a EFC calculator that estimated our EFC to be around 11K based on our 2009 income of $72k. We are pretty happy with that and feel we can handle it with a combination of savings and current wages. Our daughter applied and got accepted ED to GW who also gave us an incredible financial package. Now last night we fill out the FAFSA with our 2010 estimated info (we haven't officially filed our taxes yet) and now it says our EFC is 16K. My husband ended up working a lot of overtime this year so now this year our income is 82K which is not typical. Now I am afraid that GW will take away some of the grant money they offered. What is everyone's thoughts?</p>
<p>Also my second question is what will happen next year when our wages goes back down to 72k...would they offer us more grant money or is this year's award package set for 4 years?</p>
<p>You EFC may change as a result of earning more this year. I’m sure you have to update GW with your actual tax forms once they are complete. i would include a copy of the first couple pages of your tax returns from the last couple years and a brief unemotional letter explaining that your income was $XXX and $XXX the last two years, that this year’s is higher for this specific reason, and that it is not expected to be that high next year. keep it short and factual, but do mention that it is your daughter’s intention to attend if it is financially possible.</p>
<p>Unless they’ve changed their policy since last year (my son was accepted for 2010/2011 but doesn’t attend), one thing I really liked about GWU was that they freeze your financial aid once admitted - you will never have to pay more for the next three years, although it can be adjusted in your favor if circumstances justify that. It was the only school that did that.</p>
<p>Sorry to hear about your unpleasant surprise. The darn calculators are really only useful if you have close estimates of income and assets, so using current YTD numbers from paystubs, and projections based on how you think the rest of the year will go, is usually better than using the prior year’s tax info. When you did the estimated FAFSA, did you use actual income numbers from final paystubs?</p>
<p>If there’s no gap in her financial aid package, and you gave them the lower estimated income, it’s probable that they will reduce her grant aid for next year…in other words, it’s unlikely they’re going to leave need-based aid in place in excess of her need. You should ask them what their policies are regarding future years. Schools award need-based aid annually, depending on the current aid application, so it’s unlikely that the current package is set in stone.</p>
<p>Regarding the ups and downs of the EFC calculators-- I have calculated our EFC using the same information and same calculator and have gotten DIFFERENT EFCs many times. It seems like hocus pocus to me! I also found that last summer I used the college board calc (vs fafsaforcaster) and was able to get a detailed breakdown of how the EFC was calculated. Recently I ran the numbers again and could not get the details. Then it seems that each college has its own way of calculating using these “official” EFC only as a guide!!!</p>
<p>MomofBlue, could your H’s employer write a letter stating he will not be receiving so much overtime in 2011? That it isn’t in the budget, there is not enough work etc. etc. If indeed this will be the truth, then certainly consider doing it. </p>
<p>In other words, “special circumstances” “loss of overtime” is what I am citing here.
Your 2011 income will be X dollars less than 2010 income. Just a suggestion! </p>
<p>Do you have high out of pocket medical expenses in 2010 that should be considered by GWU? Do they exceed 5% of your AGI? Another thing that might help lower your EFC.</p>