Help! EFC number confusing

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.

  1. Did you do a IRA or TSA rollover in 2016?
  2. Did you list the parent income and assets ONLY in the parent section?
  3. Did you add any 0s anywhere...making something like $1000 $10,000?
  4. Do you own any real estate other than your primary residence? What is the equity in that?
  5. Assets? Are they significant?
  6. 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?