<p>Question 1: </p>
<p>As soon as I submitted my FAFSA the confirmation shows an estimated EFC (Expected Family Contribution) that is pretty high. Is this number the number i'm going to have automatically? Or does this EFC amount change in the future and the one on my confirmation is only a temporary estimate? </p>
<p>Question 2: </p>
<p>I have 11 colleges to send FAFSA to and only 10 are allowed to be submitted electronically. How do I send FAFSA to the last college?</p>
<p>Thanks!</p>
<p>That EFC will only change if you go back and edit data and the values change higher or lower</p>
<p>After you send it to the first 10 schools I think you are supposed to wait a few days, go back in and edit and send to any additional schools.</p>
<p>So the high EFC number is pretty much mine to keep for the year hahaha. I guess you'll never know unless you apply. </p>
<p>Also by editing it in a couple of days, it won't delete a school? Will the school I replace the new one with already have gotten it? I was thinking I was going to have to print it out and send it in.</p>
<p>Thank you sueinphilly!</p>
<p>I think you will still see the same schools you sent it to the first time until you delete them all and enter the one more
You can do a review before submitting to look it over before hitting that final button to submit it</p>
<p>Don't freak just yet. Go ahead and keep sending in whatever it is a school wants from you (transcripts, etc). When you get an acceptance letter, it will also have your aid/merit package-- and that number may be lower than your EFC.</p>
<p>Keep in mind that the EFC is NOT the amount you write out on a check. For instance, DS school insists that everyone has health insurance (a good thing!) -- but my hubby's health insurance covers our offspring who are enrolled in college -- so we fill out the appropriate paperwork each year (paying attention to the DEADLINES) and that saves us about $1600 each year. There are other ways to save significant dollars, such as using the medium sized meal plan instead of the large meal plan -- or buying used books instead of new -- or choosing a housing option that is less expensive. EFC is important but it's the starting point -- not the final bill.</p>
<p>Yes...to the above post...but if your EFC is more than the cost of attendance at the school, you will not get any need based aid. However, maybe your school has merit aid and you might get that.</p>
<p>When filing fafsa, I'm thinking of something sueinphilly said in another thread... about opening roth ira and not itemizing so assets are not reported. (0 EFC) Did the Fafsa stop asking you questions because of the information you entered or do you enter all the info but assets are not considered?</p>
<p>
[quote]
When filing fafsa, I'm thinking of something sueinphilly said in another thread... about opening roth ira and not itemizing so assets are not reported. (0 EFC) Did the Fafsa stop asking you questions because of the information you entered or do you enter all the info but assets are not considered?
[/quote]
Your AGI would have to be below $50k and you would have to be eligible to file a 1040a or 1040ez to qualify for the simplified needs test which is the one that ignores assets. Contributing to a roth IRS will not reduce your AGI. The simplified needs test does not give an automatic 0 EFC. The automatic 0 EFC requires an income below $30k.</p>
<p>When simplified needs or automatic 0 EFC are triggered by the income/tax return/means tested benefits questions it will depend on your State of residence whether you are asked for asset information. Some states give you the option of not reporting them. Others do not.</p>
<p>HoppingLass, you wrote "For instance, DS school insists that everyone has health insurance (a good thing!)"</p>
<p>How can a school insist that a student be covered by a family health insurance plan?? Is this common? (Lots of families simply cannot afford health insurance these days.) How were you notified of this? Is it featured prominently on the school's website?</p>
<p>schools ask for proof of insurance. If you don't have it, they make you buy the plan the school offers (that is what NYU does).</p>
<p>I have to go in each year and request a waiver by giving them my Blue Cross info</p>
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<blockquote> <p>"For instance, DS school insists that everyone has health insurance (a good thing!)">></p> </blockquote>
<br>
<p>All schools have this requirement. If your child does NOT have some kind of health insurance, you will be required to purchase the college's plan offered to students. If your child has private health insurance you can apply for a waiver IF your plan meets the specifications for your school (and that varies by school).</p>
<p>if you have a HMO that is local to your state, you may be out of luck. Much better to have a national plan like Blue Cross which operates in all states</p>
<p>Okay, I see. Thanks for the responses. That makes sense. About how much do college plans run? Does it vary a lot?</p>
<p>My son's school has 2 options, $1400, $2100 depending on level of coverage. that is the annual price. But you can buy it for specific terms, spring, summer, fall. This is in a NYC so if you are in a lower cost area, price might be less. There is an option for (extra cost) dental insurance too.</p>
<p>just to clarify, having an AGI <50K and being able to file a 1040A will exclude your assets from being part of the EFC. Also you must have a regular IRA, not a Roth for the money you put to be subtracted from earned income. That money is actually added back in (along with all tax deferred money put into 401k) to EFC calculation.</p>
<p>Even though my AGI is under 50K, my total income is over 63K and at age 48 with 2 people in family my EFC based on my income is just under 10K </p>
<p>When I was doing the fafsa, it asked me IF I wanted to enter assets, but that it was not necessary. I plan on calling the FA office tomorrow to ask them if they are going to ask for that anyway (and I'll put it on the Fafsa, which I have not submitted yet).</p>
<p>There is nothing illegal at all about this 'strategy' for FAFSA. I'm not hiding anything, just putting money in different places for my advantage. I'd rather put the $$ into IRA than part of EFC. Although I always end up paying more than EFC, I figure the lower it is to start with, the better.</p>
<p>Is there a list of what states will ask for the assets for the stage grant? I have searched the interent and have not found information -yet, people on CC know, perhaps from their own experience.</p>
<p>On the insurance issue, it varies depending on the school. At my son's school they require students either buy the insurance they offer, or be covered by another plan that is "substantially equivalent." Our Blue Cross has similar coverage but a very high deductible. The college determined the high deductible made it not substantially equivalent, so they increased my son's grant aid to cover the cost of their own insurance. </p>
<p>At my daughter's college, every student, whether they have other insurance or not, is required to pay for a very minimal plan (really minimal -- I think it caps out at $2500 or something), but they get unlimited usage of the student health center as part of that fee. It's only around one hundred dollars a year, but is mandatory. We have our family coverage for her too, but the school does not require, and does not even ask, about additional coverage.</p>
<p>So the insurance thing can vary quite a bit from school to school.</p>