I got an email that my son’s FAFSA was updated today.
When I logged in to the account I noticed that the EFC went up about $5,000.
The adjustment was listed as initiated by “College.”
Thoughts? Will this change the aid he’s already been offered?
Yes, it can affect/reduce the aid he’s been offered.
Look to see what the adjustment was. Was their a 401k or similar contribution that was left off? For the EFC to go up about 5k, it seems that something around $10k-15k was left off before.
I had this happen as well, more than once. We had assistance filling out the FAFSA and the college rep assisting us left stuff off or filled things out incorrectly (like splitting income between 2 parents when only 1 parent worked). So yes, in your best interest to figure out what they changed and make sure it’s correct, but that’s probably your real EFC.
After review they reduced our taxes paid by almost $12,000. As a guy that wrote a check to the government for $9,000 last year for my 2016 taxes I find it strange that they would lower what I paid.
That sounds very odd. I know the FAFSA doesn’t show what college changed it, but if your D didn’t apply to too many I would suggest calling the colleges and seeing if they tell you, or calling the FAFSA office, though I don’t know how helpful they’ll be.
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After review they reduced our taxes paid by almost $12,000. As a guy that wrote a check to the government for $9,000 last year for my 2016 taxes I find it strange that they would lower what I paid.
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So you’re saying that you paid a good bit in taxes, plus wrote an add’l check for $9k and sent it in last spring for 2016 taxes?
Did you receive a large refund for the previous year’s taxes?
@mom2collegekids I haven’t received a refund since 1996. I pay plenty of taxes.
Refunds have nothing to do with how much you owe in taxes, but only to do with how much you had withheld or perhaps come credits you received.
At this point he’s only received “out of state” grants at public schools and an $18k scholarship at a private one. I don’t know if those would be affected. My EFC was already in the high 20’s. Now it’s in the 30’s.
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Refunds have nothing to do with how much you owe in taxes, but only to do with how much you had withheld or perhaps come credits you received.
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Oh i know …but i thought i remember someone who had a large tax refund one year caused their EFC to go up…but maybe i’m not remembering correctly.
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At this point he’s only received “out of state” grants at public schools and an $18k scholarship at a private one. I don’t know if those would be affected. My EFC was already in the high 20’s. Now it’s in the 30’s.
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OOS grants? Or are those OOS merit scholarships for stats??? Are these schools OOS publics?
Where all did he apply and what is your home state?
@BelknapPoint will be able to correct me if I’m wrong…but I don’t believe a federal tax refund is considered income.
But IIRC, a state refund can cause issues with folks hoping to qualify for simplified needs or auto $0 EFC…my e because you can’t file a 1040A? I don’t remember!
^^^^maybe that was the case… i just vaguely remember someone making this comment. Since we’ve never filled out fafsa, i have no personal experience. Just trying to remember what that situation was.
In the olden days (last year) if you itemized and took a state tax deduction on your Sch A but then received a state refund, you had to include that on your federal return the next year.
FAFSA is looking at income and taxes owed, not federal refunds.
Any chance the amount you entered as Federal taxes paid included self-employment tax?
@allyphoe My wife actually is a 1099 outside contract employee.
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this point he's only received "out of state" grants at public schools and an $18k scholarship at a private one. I don't know if those would be affected. My EFC was already in the high 20's. Now it's in the 30's.
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Are these “grants ”really OOS merit scholarships for stats? Are these OOS public schools?
Or were these need-based aid?? You used the word grants, which is usually reserved for need-based aid.
Sounds like the 18k scholarship is a merit based award.
I didn’t ask whether you had SE income. I asked whether you included SE tax in the “Federal taxes paid” line of your FAFSA, or if you used just your income tax liability, which is what belongs there.
We live in Massachusetts.
One OOS public school that he’s been accepted to responded with a “Non-Resident Tuition Grant.” A second OOS public school offered an “Out of State Grant.” Were they for his stats? No clue.
The private school scholarship was listed as the President’s Scholarship.
@allyphoe I may have.