<p>sorry if there have been similar questions already, but i (as well as my family) am i a complete noob at this since im the first one to go to college in my family. so my mom calculated the EFC for the FAFSA AND CSS wrong and it's WAY off (she actually just made up a number thinking that the lower it is, then the more money we get for college). we just recalculated it on collegeboard and it came out to be:
Total Estimated FM Contribution = $ 22,071
Total Estimated IM Contribution = $ 61,585
are they supposed to be that high? because the second one exceeds my parents' income by like 20k.. which one do i use? is it too late to resubmit them? and is the collegeboard EFC the same for the FAFSA EFC? ahhh. can someone please guide this very confused child T_T</p>
<p>It is possible that your EFC could exceed your family income if you have significant assets in the bank (e.g. just sold a house or received a large life insurance payment...or just have a lot in savings, or have signifiicant unearned income like interest or dividend payments). You need to print out the FAFSA worksheet and fill in that with the correct numbers, not estimates. Then do the Profile too.</p>
<p>so it's considered incomplete if they're all just estimates? how would i change the EFC? i went to edit my SAR but there wasnt anything on changing the EFC.</p>
<p>You do not change the EFC, you correct the FAFSA you previously submitted(they recalculate the EFC) and a corrected CSS.</p>
<p>To amend or change your FAFSA, go back to the FAFSA website and look on the right side. There is a section for editing a processed FAFSA. That is what you want. You will need your PIN and other identifying info to access the form. Then you will also need to indicate which line items you want to correct (so have a copy of the first one so you'll know). You should only change the items that are reflective of your completed tax returns. AND change your filing status from "will file" to "taxes completed" (or however that is phrased). The submit again.</p>
<p>my mom says she wont be able to file the 06 tax forms until july because there are lot of things that are incomplete (or something...) o.0; how will that affect everything? also, i talked to other people and many said their EFC's were only like 3000. even though we have savings, is it possible that our EFC is SO MUCH higher?</p>
<p>In most cases, your finaid award will not be finalized until your taxes are complete and your finaid application form(s)...fafsa and profile are amended to reflect the 2006 tax return info. HOWEVER, if you have a reason (not an excuse....a reason) that your taxes can't be done, call the finaid offices and ask them what to do. This has happened to others. But...you have to let them know.</p>