<p>I am currently attending Texas A&M University in College Station, and have been working at the past year or so, and on my Taxes I made about 12,000$ last year on my W2, well when I put it on my FAFSA, my Family EFC jumped through the roof! we went from only 500 efc last year, to now 15,000! with my financial aid package the past two years in school I have been able to pay for school with good refunds to help me with my bills, but I decided to get a job so I didn't have to keep asking my parents for money. Dad's income didn't drastically change to cause this much of a jump in our EFC, so did my income last year cause this? I no longer have that job as of last week so I could focus on school, so really the government shouldn't expect me to have that income anymore to help out! is there anyway I could show that to my school? I guess my best option would be to contact a Financial aid representative next week when I got back to College Station!</p>
<p>The first $5k of your income shouldn’t affect your EFC. However, since you earned $12k, then the difference would.</p>
<p>However, it seems like the jump is tooooo much. Are you sure that your parents’ income or assets didn’t change much? Check your FAFSA for mistakes.</p>
<p>BTW…was any of the earnings thru work study? if so, w-s earnings don’t affect EFC.</p>
<p>Anyway…the thinking is that a good portion of your earnings beyond that first $5k should be available for your education. After all, WHAT should that money be used for? Fun and games???</p>
<p>EFC is based on last year’s income. What did you do with all that money? If you spent in on personal stuff (cars, dates, clothes, etc), then that was your choice. The gov’t doesn’t give taxpayers’ hard earned money so that kids can spend large amounts of earnings on luxuries.</p>
<p>No, none of the earnings was through work study, I worked at a bank off campus. I guess I will have to go back through and see what all I put in for my parents stuff, Dad is self employed so maybe I put the value of the company instead of what he claimed as income somewhere? i dunno I will have to double check. </p>
<p>well everything I got back in financial aid refund from the university after my tuition was paid for went to rent and utilities and other bills, everything else I made at my job was used as my “spending money”, what ever aid money I received I kept in a separate account than my spending money. being only 19 and financially independent for a year now without asking for help from my parents I thought I was doing pretty well living within my means, but I guess mom and dad will have to pitch in now.</p>
<p>. </p>
<p>“well everything I got back in financial aid refund from the university after my tuition was paid for went to rent and utilities and other bills, everything else I made at my job was used as my “spending money”, what ever aid money I received I kept in a separate account than my spending money. being only 19 and financially independent for a year now without asking for help from my parents I thought I was doing pretty well living within my means, but I guess mom and dad will have to pitch in now.”</p>
<p>In another thread, you indicate that you got a LOT in financial aid…so it looks like none of your income went to college costs. And, from your above post, the money from your job was “spending money”. That was your choice. Most college students don’t have that much money to just blow on “spending money”.</p>
<p>It does seem like either you put in your dad’s income wrong, or your dad did earn more money. Also, does your dad contribute to a retirement fund? if so, that is added back in.</p>
<p>If without your income, your EFC would TRULY be $500, how will your parents contribute much? </p>
<p>You should try to get your job back, even if it means not working so many hours. You may need the money.</p>
<p>aggie, if what you posted is accurate, it defintely sounds like you made an error on your FAFSA input. As a dependent student, the first $6,000 of earnings are exempt from the EFC calculation, along with various allowances for taxes. If you received a lot of student aid in 2011, some of it may be included in your AGI for tax purposes. Make sure you report that in line 43 as that excess grant/scholarship income could otherwise affect your EFC. Finally, if you have money in the bank that is left over from your student aid refunds, do NOT report that as an asset. </p>
<p>If you have any doubts, print your SAR and go through it while referring to the FAFSA instructions:</p>
<p>[Completing</a> the FAFSA: Financial Aid from the U.S. Department of Education](<a href=“http://studentaid.ed.gov/students/publications/completing_fafsa/index.html]Completing”>http://studentaid.ed.gov/students/publications/completing_fafsa/index.html)</p>