<p>I just finished my FAFSA and submitted it to find out that apparently my EFC is almost $14,000!</p>
<p>My issue is that my mom (single parent and the one who's info I used) has had 3 different jobs this year (all with different salaries) and a period of about a month when she was unemployed. Because of this fact we had to make really rough estimates for the income/tax information for the FAFSA (she hasn't filed her taxes for this year yet and her tax information from last year was completely different). With her current job she makes about 56,000 a year before taxes and that supports six people (herself and 5 children). She also is in a lot of debt (medical expensive, a foreclosure, lawyer's fees, etc.) that the FAFSA didn't seem to ask about.</p>
<p>I filed the FAFSA early, even with the lack of information, because I knew that it was like "saving your spot in line" and that you submit tax info to the schools after filing them and that they update/change the necessary info. </p>
<p>My question is should I have be worried? Have I really screwed up my overestimating amounts? Or, will it all be worked out when taxes are filed? Will it show that my mom only makes $56,000 or will schools just see the inflated numbers?</p>
<p>The final numbers that will be used are the ones that are going on your mother’s 2012 income tax forms. Her AGI less taxes paid, plus any additional things are what college will use for your actual EFC. Your estimate is just to give you an idea of what you are expected to pay based on the numbers YOU gave on the form. </p>
<p>You and your mother need to gather the medical expenses you PAID and send them for consideration to the schools. You aren’t getting any consideration for what you owe, just what you have paid in that category, just like with the IRS. Foreclosures and lawyers fees are not taken into account, though you can list and send the receipts of what was paid out, agian, not what is owed, but what was paid.</p>
<p>You won’t get your actual award until your mother’s taxes are filed and the cross check is done, so make sure she gets those done as soon as possible. The actual award are given based on actual numbers.</p>
<p>So do I have to send additional information to the schools I am applying to? My mother has PAID lawyer’s fees, should those be included? Also, she had to go to the ER once and just had a baby, so the medical expenses aren’t paid yet but they will have to be. Should I send a letter to the financial aid offices discussing these additional expenses and explaining the situation when we send in taxes?</p>
<p>(Sorry for asking so many questions. I kind of confused by the whole financial aid process and taxes in general.)</p>
<p>From another thread you said that your mom also receives child support. If that’s true, then her income isn’t only $56k. </p>
<p>How much does she get for child support for all of the kids? Will she also be receiving child support for the new baby? </p>
<p>Does your mom have health insurance? </p>
<p>medical bills that are covered by health insurance or state aid would not be considered. medical bills that your mom must pay for (and not get reimbursed) might get considered if they’re above a certain amount. But the consideration won’t be dollar for dollar. </p>
<p>I don’t think attorney bills from a divorce or child support issues will get considered.</p>
<p>Yes my mom does receive child support that will most likely decrease once I turn 18, I am not sure exactly how much (maybe 15000-20,000 per year?) and she does not receive child support for the new baby (it’s her new boy friend’s, they aren’t married so his info isn’t considered.) My mom doesn’t have health insurance.</p>
<p>Like I said, I am not entirely sure how taxes and the FAFSA work and my mom is from Australia so she has never had to deal with applying to American colleges. I am just trying to make sure that all of my information is correct so I don’t make any mistakes and decrease amount of aid. </p>
<p>So medical bills and lawyers fees don’t count. What about a foreclosure? My mom was forced to foreclose on our old house (long story, but basically it has dropped her credit score and she might not be able to cosign on any loans if needed).
Should I still send a message to the schools explaining that my mom’s income is $56,000 and explain why it is inflated (or is this shown on taxes)?</p>
<p>Again, I apologize if these are stupid questions, I have never filed taxes before.</p>
<p>Your mom can only use med bills that she paid and was not reimbursed for. She can not put down the foreclosure or lawyers fees. When you fill out the CSS profile there is an area that will let you write about extenuating circumstances. You can put it there. Not sure if the college will take it under consideration. Btw, you must include the child support re wives on the FAFSA</p>
<p>Since you don’t know how much your mom gets for child support does that mean that you forgot to include THAT info on your FAFSA? if so, that needs to be corrected.</p>
<p>Since your dad is paying for 4 kids’ child support, then removing you once you graduate may not reduce the support by very much. Support for 3 kids will still be a good amount of money.</p>
<p>When you fill out the FAFSA and any other financial aid forms, it is the 2012 information that counts, for the year that just ended. The information will be cross checked with your mother’s tax returns before the money is released and any estimates will be adjusted by the financial aid office to the real numbers. So only the medical expenses PAID by your family and not reimbursed will be taken into consideration. There is no consideration given for foreclosure or lawyer fees or any such hardship for yhour EFC, but you can send the information to the financial aid officer who can make some determination on that in terms of the college’s own funds. </p>
<p>Many child support situations end for the student going to college as soon as that student turns 18 or graduates from college. Though you can let the college know that as well, the awards are based on what HAS happened, not what will be happening or is scheduled to happen or should happen. If huge medical payments are going ot be paid in 2013, enough to make a difference in your aid, and if the decrease in child support when you turn 18 happens is also going to spin your mother into a whole other category, you might want to consider waiting a year to see if you would get more aid with 2013 numbers over 2012. You can ask about that. But colleges are not likely to take consideration for things that have not yet happened. They go by what has actually happened, year by year.</p>
<p>Unless your FAFSA EFC is very low (~5K or less) it doesn’t matter at most schools what it is. FAFSA just qualifies you for a few grants and a loan. You can get the $5.5K loan for a freshman with the info you have now.</p>