So, This EFC Is Completely Misleading, Right?

Paying for College
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<p>Sorry for the influx of questions, but my parents like to do stuff at the last second, and here we are. So, I found out we completed the FAFSA incorrectly at first by putting my non-custodial parent's information down in addition to my custodial parent. After finding out that we were only supposed to put down our custodial parent's data, our EFC went from $48,000 to $19,000. My dad makes about $300,000 a year, and my mom makes about $30,000 a year, so is $19,000 going to be completely irrelevant, considering most of my schools require CSS/their own form?</p>

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<p>They will factor in your dad's $300,000 if that tells you anything.</p>

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My dad makes about $300,000 a year, and my mom makes about $30,000 a year, so is $19,000 going to be completely irrelevant, considering most of my schools require CSS/their own form?

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<p>An EFC of $19K sounds high to me...for someone with an income of $30,000 unless there are some assets. However, if the parent made less than $50K aren't they eligible for simplified needs IF they were able to complete a 1040EZ or 1040A (Swimcats or Sueiphilly or Kelsmom...??).</p>

<p>Anyway...Most Profile schools require the non-custodial parent form. However, some do not. You should check to see what your school(s) require. Schools also use that non-custodial parent info in varying ways.</p>

<p>Have you had a conversation with your dad about your college expenses? If his income is in the $300,000 per year range, perhaps he is able to help you with college costs.</p>

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<p>If a 19k income generates a 19k efc, there is something unusual at play. A couple ideas:</p>

<p>Does Dad pay Mom child support and/or alimony? Child support is reported as untaxed income & will bump up the efc. Alimony is taxed & will bump up the agi, thus the efc.</p>

<p>Does Mom have a bunch of savings & investments? If she got half the stuff in the divorce, maybe she does. These assets will bump up the efc - plus, they probably force Mom to file a 1040 - so she won't be eligible for simplified needs.</p>

<p>Did you forget to take Dad's assets or anything else of his off the FAFSA when you adjusted the figures?</p>

<p>Did you include retirement accounts (401k, 403b, IRA)? Don't!</p>

<p>If none of the above applies, there is something else. Again, a 19k income won't generate a 19k efc on its own.</p>

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<p>Oh yeah, I forgot to mention alimony. My mom receives about $64,000 from my dad for that, which is why the EFC is probably $19k. But, I suppose none of this matters since all the colleges will see my dad's income/assets.</p>

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<p>so your mom's income is REALLY $94000 (that $64K plus her $30K). In that case...I would say that your EFC sounds low.</p>

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<p>The alimony definitely makes the difference. While your mom doesn't earn that much through her job, she definitely has access to a lot more money than her job provides. </p>

<p>To be blunt, your family can afford to send you to school. If they choose not to pay, that is their choice. However, you will need to find a school that you can afford without need based aid ... because you do not have need.</p>