<p>So last summer I interned at a very reputable Tech Company (I'm a CS major). In addition to paying me salary for the summer, they also payed for housing.
After getting my W2 in january, I see that all of the amount they paid for housing + tax breaks is included as my income, which is fine.
From my W2, it looks like I earned a lot of money over the summer, while actually I was paid ~40% of that amount directly as salary. Now after filling my FAFSA, I see that I've an EFC of 016681 (I'll be an independent student next year).
Questions:
1. Is the EFC a dollar amount? meaning I'm expected to pay 16681$? I guess I wouldn't be eligible for Pell Grants and the likes any longer, correct?
2. Is there a way for me to talk to my financial aid office about my situation? Would that help at all, or is it a correct approach?</p>
<p>Thanks in advance!</p>
<p>I’m not sure that including housing and whatever tax break as your income is fine–why are you saying that? It may be valid and legal, but for you, fine it is not. </p>
<p>You lost your PELL grant. The maximum EFC you can have to get anything from PELL is in the $5000 range, can’t remember the exact number. The EFC is usually the absolute minimum you have to pay before you get any federal aid like SEOG, subsidized loans, work study. Pell is excepted, but you are over the maximum EFC to get PELL. You can still get the Direct Loans but they will no longer be subsidized. What your college does with this is up to their rules. Many school will not give you need based aid over the EFC, unless it is merit. Yes, call your financial officer and find out waht your options are, but there isn’t much they can do with PELL and other monies under federal rules. They can do what they please with their own money.</p>
<p>I see. I just meant that apparently it’s a common practice at the company when I said that it’s “fine”. Thanks for the info!</p>