Not understanding the EFC number on my daughter’s FAFSA. Received EFC 059517, does that mean family contribution is estimated at $59,000?
I think we did something wrong. Total family income is 94,000. We are new to this!
Can someone help me understand this better?
Yes, your EFC is $59,517. Do you have investment income etc. Otherwise you may have added an extra zero on the form somewhere.
Check your FAFSA line by line. Here are things that could add to a higher EFC.
- Did you do a IRA or TSA rollover in 2016?
- Did you list the parent income and assets ONLY in the parent section?
- Did you add any 0s anywhere...making something like $1000 $10,000?
- Do you own any real estate other than your primary residence? What is the equity in that?
- Assets? Are they significant?
- Did you list the correct number of members of your household?
But first answer the question about the IRA or TSA rollover in 2016.did you do that?
Thank you- I will go back and check over all of those things. If we notice a mistake, then what do I do? Can I re-submit?
Your FAFSA is locked for a couple business days during initial processing, but then you can fix it and resubmit.
If the mistake is a rollover of a TSA or IRA, it cannot be fixed. You would need to contact the colleges.
Did you have a rollover of a TSA or IRA in 2016?