<p>Hi I am a student at usc. My efc is about 5000.
We bring in about 27k a year, no real estate,assets or anything of the sort, so we are pretty much low-income broke. </p>
<p>My question is, we are seriously considering a foster child/ adoption of a foster child (grade school-middle school age), and are wondering if the $6000 federal stipend/check a year FOR PURPOSES SOLELY FOR THE CHILD..(.ie food,clothes,toys) (I DONT KNOW IF ITS CONSIDERED INCOME??)
will affect my EFC?.... if it counts as income, that's what, 33k a year...</p>
<p>IF it does affect the EFC a whole lot, then we probably might need to reconsider the foster/adopting a foster child.....:(</p>
<p>If your parent income is $27k there is no way your EFC should be 5000.</p>
<p>^Yeah that’s what I thought too, until that package came…oh AND THATS with TWO siblings in college…</p>
<p>btw, its usc=university of southern california</p>
<p>$30k should qualify you for the automatic 0 EFC. Even if it didn’t it would be well below 5000. Are you sure you didn’t make an error on your FAFSA.</p>
<p>Foster/adoption payments are currently excluded from untaxed income for FAFSA. See pg 62 of the 09/10 filing instructions here:
<a href=“http://studentaid.ed.gov/students/attachments/siteresources/CompletingtheFAFSA09-10.pdf[/url]”>http://studentaid.ed.gov/students/attachments/siteresources/CompletingtheFAFSA09-10.pdf</a></p>
<p>But, as swimcatsmom said, your EFC is way too high for a $27K income with no assets and 3 dependent students in college! You might want to pull up your SAR and verify that the other info was entered correctly and check the qualifications for the Automatic 0 EFC.</p>
<p>You mention that you thought the EFC would be lower “until the package came.” Is $5,000 your FAFSA EFC, or is it the amount USC expects you to pay (USC uses FAFSA + CSS/Profile)?</p>
<p>As sk8rmom says, the Fost/Adopt payments do not increase your EFC. (We are a fost/adopt family and a USC family.) If the adoption is completed, there is a tax credit ($10,000 that can be carried over for multiple years) that will slightly increase the EFC by lowering the taxes paid. That would almost certainly be offset by the additional dependant your family would have.</p>
<p>Yes, I just checked over, no mistake.</p>
<p>Alamemom, that is the amount usc wants me to pay. Hmm, $10000 tax credit? The people in orientation that we just went to said that it was $500 (federal check) a month. I dont know, but maybe they do it differently now. </p>
<p>Yay, great news, thanks everyone. Now time to move that foster child/ adoption plan forward :)</p>
<p>The monthly payment is the foster care payment. If you go ahead and adopt, in the year you **finalize **a special-needs-foster child adoption you are eligible for up to a $12,150 (for 2009) Adoption Tax Credit. “Special needs” includes many situations, including older chilren, so a middle-school age foster child would qualify. The credit can be carried over multiple years. [NACAC</a> | Post-Adoption Support](<a href=“http://www.nacac.org/postadopt/taxcredit.html]NACAC”>http://www.nacac.org/postadopt/taxcredit.html) You would also possibly be eligible for Federal Title IV-E post-adoption payments that would continue after the adoption was finalized. [Adoption</a> Assistance for Children Adopted From Foster Care: A Factsheet for Families](<a href=“http://www.childwelfare.gov/pubs/f_subsid.cfm]Adoption”>http://www.childwelfare.gov/pubs/f_subsid.cfm)</p>