<p>OMG! I'm kind of freaking out right now! I got 2 emails today from FAFSA saying corrections were made on our FAFSA which REDUCED our EFC by $8000. I called the FAFSA info center and they explained what happened and said we should be getting a new award letter from Smith!</p>
<p>Could this be true that we could get some better aid? If so, I guess it could just be some extra loans :( They had only packaged $3500 in Fed subsidized loans in the original package.</p>
<p>Has anyone else had this kind of experience???</p>
<p>I've also posted this thread on the Financial Aid forum.</p>
<p>We received the email, too, but haven’t been able to log in to see what changed.</p>
<p>I received the email and it looks like my EFC increased…? :(</p>
<p>uh oh. Mine increased by a lot.</p>
<p>Wow upstatemom, that is great news for you!</p>
<p>My D is a returning Smith student, so her FAFSA hasn’t been edited yet, but my son is an incoming Lehigh freshman, and his was edited. His EFC rose. Our incomes were both increased, and I am assuming this is why:</p>
<p><a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1116465-making-work-pay-credit-untaxed-income.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1116465-making-work-pay-credit-untaxed-income.html</a></p>
<p>Compare both the old and current SAR (both can be seen when you log into the FAFSA website) to see exactly what has changed.</p>
<p>As far as a new award from Smith - I would call Smith because only they can tell you if they are reevaluating aid. FAFSA help operators can only assume that they might.</p>
<p>Susgeek-- good to hear from you. We’ve PMed several times and I remember our conversations. I saw that thread about Making Work Pay Credit and I don’t even know what it is. I was worrying that it would affect us too and was hoping not to get a FAFSA email.</p>
<p>Until I speak with Smith in about an hour or so, I’m staying dubious of this latest EFC development. With so many people talking about their EFCs increasing, I’m very nervous! Could it be some cruel joke? Is it bait-and-switch (lower it for the first year, up it back to the original number for the subsequent years [if financials stay the same of course]). When we first got her award, I called Smith about the bait-and-switch issue and they assured me that they never do this.</p>
<p>Making Work Pay was a new credit on the 1040 this year. I don’t know how it was calculated (we use Turbo Tax and I just recall thinking “how cool, another tax credit :)”). </p>
<p>I sure hope next year that the instructions are clearer. It is a line item on the 1040, so there should be a corresponding line item on the FAFSA, not just lump it into “untaxed income.”</p>
<p>Decision time is soon - I hope your D is able to nail down her choice soon :)</p>
<p>Making work pay was available last year too. But it won’t be available next year, it’s being phased out (I think as part of the tax cut deal from last fall).</p>