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EFC meanings?

themadmanthemadman Posts: 64Registered User Junior Member
Does anybody happen to have a link for the EFC need chart? I was confused by my EFC score this year as it was 00021 when all other years it has been 0. I've been searching google but have not found a suitable conversion chart. Any help would be greatly appreciated.
Post edited by themadman on
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Replies to: EFC meanings?

  • kelsmomkelsmom Posts: 12,506Super Moderator Senior Member
    There is no chart. A formula is used - it is somewhat complicated. Why did your EFC rise? Most likely because you made just enough more money this past year that it pushed your EFC up a bit. It will result in a slightly lower Pell grant, and it may result in losing some aid that your school awards only to 0 EFC students.

    Are you dependent or independent?
  • themadmanthemadman Posts: 64Registered User Junior Member
    I think because I got a job this year but I only made around 10k. My parents did not claim me on their taxes, but I am still living at home.
  • kelsmomkelsmom Posts: 12,506Super Moderator Senior Member
    Did you have to include parent information? Your earnings could definitely make the difference. It's not a big difference in EFC, but it makes a difference in Pell.
  • themadmanthemadman Posts: 64Registered User Junior Member
    Yes I did include my parents information. Does this mean I should quit my job? I can't help but think I made a mistake on the FAFSA, but going from 3k to 10k may have had a bigger effect that I originally anticipated.
  • kelsmomkelsmom Posts: 12,506Super Moderator Senior Member
    No, you should not quit your job!

    What is your parents' AGI?
  • themadmanthemadman Posts: 64Registered User Junior Member
    Their AGI was 6476, compare to around 5112 last year.
  • kelsmomkelsmom Posts: 12,506Super Moderator Senior Member
    It's most likely their increase that bumped your EFC up by $21. Question ... do they file a 1040A or 1040EZ? If not, COULD they? Look at a 1040A and look at their 1040. Is there a number on any line that is not on the 1040A? If not, they could have filed a 1040A ... in which case, with a 6476 AGI, you should have an automatic 0 EFC.
  • themadmanthemadman Posts: 64Registered User Junior Member
    They filed a 1040. Does it make a big difference? I'm hoping the verification will end up changing back to 0
  • CTScoutmomCTScoutmom Posts: 1,315Registered User Senior Member
    Your EFC rises by $21, and you ask if you should quit your job where you earned an extra $7,000 over the previous year? Think about this question, and how it sounds to those of us whose kids have an EFC in the $15-20,000 range.

    Understandably this will change your aid package, and might reduce your eligibility for certain grants, but you are asking if you should stop working so that we, as taxpayers, can pay your way through college.

    Why did your parents file a full 1040 instead of the 1040A - what is the source of their income? Also, you need to consider whether they should have claimed you on their taxes - did you provide more than half of your own support? That's the test to determine whether you should claim yourself. You provided more than they did toward your support, but that doesn't mean you provided over half yourself.
  • dodgersmomdodgersmom Posts: 5,960Registered User Senior Member
    They filed a 1040. Does it make a big difference?

    Yes, it makes a big difference! As kelsmom said, if they're eligible to file a 1040A, that could get you an automatic zero EFC.
  • kelsmomkelsmom Posts: 12,506Super Moderator Senior Member
    It's okay if they filed a 1040. The test is whether or not they HAD to file a 1040. Please look at my post # 8 again. Look at their tax form. It makes a difference.
  • mom2collegekidsmom2collegekids Posts: 60,695Registered User Senior Member
    Your EFC rises by $21, and you ask if you should quit your job where you earned an extra $7,000 over the previous year? Think about this question, and how it sounds to those of us whose kids have an EFC in the $15-20,000 range.


    Exactly! Where's the common sense. Why would you give up a good-paying student job just because your EFC is now TWENTY ONE DOLLARS????
  • themadmanthemadman Posts: 64Registered User Junior Member
    @kelsmom,

    I think the reason was we couldn't file a 1040A was because they had a business gain/loss? That was one the things that was clearly separate from the 1040.
  • kelsmomkelsmom Posts: 12,506Super Moderator Senior Member
    Yes, that is right - they would not be eligible to file a 1040 for that reason. In 2011 or 2012, did anyone in your household receive SSI, SNAP (food stamps), free/reduced lunch, TANF, or WIC If so, your parents should have checked yes - that would give your family the automatic 0 EFC. If not, your 21 EFC is correct.

    You are still better off having worked. That is money you had to spend --- there is no guarantee a 0 EFC would have netted you that much more aid than you will end up receiving with your 21 EFC.
  • themadmanthemadman Posts: 64Registered User Junior Member
    We were elligible for those programs, but due to pride we never took it. With that being said, thanks so much with your help. I guess it's still relatively low so I shouldn't be complaining. I was just worried that my chances of getting work study might have been jeopardized.
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