How much would this have affected my EFC?

Paying for College
1

<p>My EFC is 1053. On the FAFSA I inputted $40,000 for "Parent's Total of Cash, Savings, and Checking Accounts". Would that have increased my EFC?</p>

2

<p>Wait, have you submitted your FAFSA? Did they say your EFC is 1053?</p>

<p>My parent’s total cash was higher than that, not by too much, and FAFSA said my EFC is under 3000 (not giving the exact number xD)</p>

3

<p>Yes, I submitted my FAFSA about a month ago and that’s how I got an EFC of 1053.</p>

4

<p>Usually, $40K of parental assets won’t increase the FAFSA EFC a dime. There’s a parental Asset Protection Allowance that’s usually a bit higher than that (depends on age of the older parent, number of family members).</p>

<p>Use one of the financial aid calculators to see whether parental assets impacted EFC, and to see exactly what your asset allowances are.</p>

<p>EFC is usually driven by parental income, more than parental assets.</p>