<p>Hi all, I am a parent of a high school senior and just submitted the FAFSA on Friday. Our EFC was pretty high compared to most people I have talked to and the figures I have seen when reading these threads (13,542). I think this is due in part to a lump sum 401k distribution we had in 2010 (which boosted our income by $37k). This in no way reflects our current financial standing, as my husband was laid off and most of those funds were used for living expenses, and then to start a business (which is struggling at the moment). We haven't recieved the financial package from the college yet but I am not anticipating it to be very good due to the high EFC. Is there anything I can do? I am now worried that my daughter is not going to be able to attend the school of her choice - there is no way we can pay that much out of pocket.</p>
<p>You can speak to the financial aid office and let them know that your husband is a dislocated worker due to unemployment which is why you made a 401 distribution. They may exercise professional judgment to adjust your EFC.</p>
<p>However, friends of ours who got such a distribution to start his business got no consideration from the colleges. What they decided to do, since the event truly distorted their regular income flow, is have their daughter take a gap year so that things were normalized for financial aid.</p>
<p>Did your D apply to any schools that would give her merit scholarships? Which schools did she apply to?</p>
<p>How much can you contribute each year?</p>
<p>Did she apply to a state school that she can commute to?</p>