<p>Our EFC: 42k
Her assets: 220k
Her income: 12k</p>
<p>Even if you drop my holdings (~9k in a stock account which will be used for school next year) it's still 33k.</p>
<p>All of that money was an inherritance. After it goes, there will be nothing. I have a younger brother who will be entering college after I graduate.</p>
<p>I sat on the phone waiting for the FAFSA help people to see what they said -- and they can't even look at it for at least another 3 days . . .</p>
<p>I might be stuck at this school because I won't be able to get any aid, and we can't take out that many loans. Mom was expecting about 9~10k out of her own money, not triple that.</p>
<p>Are you and your mom eligible to file the 1040EZ? </p>
<p>There is something called the Automatic Zero-EFC (FAFSA only)</p>
<p>I quote from Paying for College Without Going Broke
Your EFC will be judged to be zero if you meet these requirements:
Have 2004 (this is the 2005 edition, so for this year it would be 2005) combined adjusted gross income of $15,000 or less or if non-filers have combined income from work of $15,000 or less, and provided:
the parent(s) in the household as well as the student can file the 1040A or the 1040EZ tax form, or do not file a tax form at all because they are not required to do so.</p>
<p>Does this describe your family? If yes, do a google search and learn more about the Automatic Zero. There is also another thing called the "Simplified Needs Test" but I can't find my information on that. The most important thing if you qualify is to make sure you and your mom file the right type of tax form (1040EZ or 1040A)</p>
<p>Also, I wonder if it would help to explain this in the special circumstances section.</p>
<p>ok. it was worth a shot. but still, your EFC looks high. </p>
<p>Depending on the age of your mom, she gets an asset protection allowance (i.e. $15,500 if she is 45 - 49 years old and you live in a one parent family). For FAFSA, her remaining assets are only assessed 5.65%</p>
<p>So $220,000 - $15,500 = $204,500 x .0565 = $11,554 estimated EFC not counting her/your income or your assets.</p>
<p>Double check that you filled in everything correctly. There is an estimator on collegeboard.com and if you play with the numbers, you can see what makes your EFC higher/lower.</p>