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UltimateFrisbeeUltimateFrisbee Posts: 722Registered User Member
What kind of EFC can one expect with a total annual family income of $100,000 and no assets?
Post edited by UltimateFrisbee on
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Replies to: Efc

  • surgeongeneralsurgeongeneral Posts: 95Registered User Junior Member
    go to <http://finaid.org/calculators/>; fill out the big worksheets they have. it will give you a number for efc, add about 8000 to that and you have your efc.
  • calmomcalmom Posts: 16,744Registered User Senior Member
    run the numbers here:
    http://finaid.org/calculators/faaefc.phtml

    I estimate an EFC of around $26,000 -- but I had to make some assumptions since I didn't have detailed information. I assumed a 2-parent home, 1 kid in college, and assumed 0 assets/ 0 earnings for the kid. Different factors would change the EFC.

    And I don't know what Surgeongeneral is talking about with the "add 8000" thing -- the calculators on the finaid.org for "Federal" methodology have always been accurate for me within a few hundred dollars.
  • sblake7sblake7 Posts: 1,691Registered User Senior Member
    The FinAid calculator has matched my FAFSA EFC to the dollar-- but you have to input the same numbers into both the calculator and the FAFSA.

    Frisbee-- you need to find out whether the 100K is total income, adjusted gross income, or taxable income. Makes a difference--

    At 100K AGI-- you'd be at a place where you could still be eligible for some aid at the pricier schools. But probably not much.

    FinAid calculator will give both EFC's.
  • surgeongeneralsurgeongeneral Posts: 95Registered User Junior Member
    here's why i say add 8000. when i got back my federal efc, it was about 28k. I was surprised, because the fin aid calculators said it should have been about 21k. so i ran my numbers through the financial calculator again, and it still gave me 21k as my efc. I checked these numbers a couple of times, so i don't think i put in any numbers wrong. I guess my case might have been an isolated one, or I might have had one particular factor not calculated in financial aid calculator but calculated by fafsa.
  • geniusgengeniusgen Posts: 271Registered User Junior Member
    If 100k is your total income it would only be about a 75k ajussted gross income. This is what my parents will have this year and the efc is aroung 5k. Other factors do apply however.
  • hsmomstefhsmomstef Posts: 3,579Registered User Senior Member
    geniusgen -- I think you case must be a different one. Even with an adjusted gross income of $75,000, no assets, one older parent, etc -- the EFC is still over $8,000. do you have a sibling in college that splits the EFC?

    I don't want the OP to get the idea that a $5,000 EFC is typical for a family with $100,000 income. It is most likely closer to double that figure.
  • emeraldkity4emeraldkity4 Posts: 33,230Registered User Senior Member
    our after tax income is $50,000
    Our EFC is $15,000
    few assets- just some equity
  • calmomcalmom Posts: 16,744Registered User Senior Member
    A $75K AGI, 2 parents, 1 kid, no other assets, still yields a $17K EFC.
  • xiggixiggi Posts: 22,893Registered User Senior Member
    ^^^^
    ^^^^^

    Do not forget the taxes (income/ss) PAID.

    PS For a family of 3 in CA, older parent 50, AGI of 75K, the EFC should be about $12,500 IF assuming income taxes paid of $9,000 and SS of $5,737.50. Income protection allowance should be $17,970.00 and state allowance $4,500.
  • sblake7sblake7 Posts: 1,691Registered User Senior Member
    "..a 75k ajussted gross income. This is what my parents will have this year and the efc is aroung 5k."

    Yeah-- something's wrong on this one. I don't think it's possible to get to 5K EFC with a 75K AGI. Unless you had 6 kids with one in college -- then your income protection allowance would be about 37K, and if you paid a bunch of taxes that get deducted-- you might be able to come in around 5K. But it would be an unusual case.
  • UltimateFrisbeeUltimateFrisbee Posts: 722Registered User Member
    Why don't the taxes paid include self-employment tax paid. Including that would have lowered my EFC $3000 dollars. Without SE taxes, our taxes paid were $4000. With, it was $9000. That is so stupid to neglect SE taxes when my mom had a SE income of $30,000.
  • emeraldkity4emeraldkity4 Posts: 33,230Registered User Senior Member
  • sblake7sblake7 Posts: 1,691Registered User Senior Member
    Your SE taxes are calculated automatically based on the answers to the questions about 'income earned from work'. The formula then deducts them from your AGI automatically 'behind the scenes'.
  • sblake7sblake7 Posts: 1,691Registered User Senior Member
    arggh.

    Sniped by ek again. :)
  • calmomcalmom Posts: 16,744Registered User Senior Member
    PS For a family of 3 in CA, older parent 50, AGI of 75K, the EFC should be about $12,500 IF assuming income taxes paid of $9,000 and SS of $5,737.50
    Well, the finaid.org calculators assume income taxes of $7580 in that situation. I ran the numbers again using the full EFC calculator at finaid.org rather than the "streamlined" version - and I arbitrarily selected a state - in this case NY -- because there is also a $5250 allowance for state & local taxes showing up. in the calculation. So this time around it gives me an EFC of $15569.

    If I change the state to TX -- no state income tax -- EFC is $17684. Move the family to CO -- and now its $16979.

    But this definitely was a worthwhile exercise to me as it explains to me the mystery of how our Barnard aid was calculated so favorably. I can see now that Barnard reduced our EFC because my 2005 tax return reflected an unusually large amount of state income tax paid in 2005 in relation to our income. (That was state tax paid in 2005 for one-time lump sum income in 2004 - way in excess of what a formula "allowance" would have been.)
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