<p>I am in a strange situation regarding my EFC. On paper, my families income looks high 70k but this is not ness. the case. We are paying off enormous amounts of debt accumulated by my mother from gambling debts so it brings our income much lower. </p>
<p>My parents filed bankruptcy a few years back and still have a still more years in it. Is ther some way FAFSA can calculate this into my EFC given that we really dont have as much money as we say we do?</p>
<p>Additionally, i already submitted my fafsa and recieved tax documents stating that i made more money than i stated on my FAFSA? What will be the response (if any) when I change my FAFSA figures?</p>
<p>You have to correct your FAFSA to accurately reflect your correct tax returns. That is not a problem as most people estimate for FAFSA and correct once they file taxes. Financial aid offers may be made based on the estimates but no money is paid out until correct figures (that tie in with tax documentation etc) are entered. If the income is higher than originally reported the EFC will probably go up.</p>
<p>The debt situation is probably impossible for anyone to answer other that the financial aid officer at your school. The general stance is that personal debt is not taken into consideration for FAFSA. Whether there would be any sort of exception made in a case like this - bankruptcy etc - I don't know. Here is a link to some discussion on finaid about this. Does not really have a definitive answer. Talk to your financial aid officer. Good luck.</p>