Estimated Expected Family Contribution (EFC) and Income Tax?

Star` · 01-25-2010, 01:51 AM

I submitted my FAFSA but I may have to make a correction on it.

- Is an Estimated Expected Family Contribution (EFC) =0, good or bad? I know my parents won't be able to pay anything for my college tuition/books/dorming/etc..

- Line 35 of Form 1040A (like FAFSA instructed) says 0 for our tax income amount. But my dad said that was wrong but to write it down anyways since that's wha tthe form says.

Thank you!

'rentof2 · 01-25-2010, 02:03 AM

A 0 EFC means you'll likely get a full Pell grant, about $5500 I think. That's good news. The bad news is that unless you're living at home and going to community college, that won't like be near enough to cover your costs. What other aid you get will depends a lot on what school you'll attend and whether or not your grades/test scores/talents/etc. might earn you some merit scholarships.

You will also, likely, be awarded loans and workstudy... but, again, depending on where you go to school that may not be enough to meet costs.

As far as the "0" tax income amount being wrong, according to your dad, I'm not sure what to say. Yes, you definitely need the numbers on your FAFSA to match the numbers on your tax return. Since I don't know what your dad meant by that, it's impossible to comment.

Good luck!

shimmshaw · 01-25-2010, 02:11 AM

it depends on what you're aimong for; some really nice private schools meet 100% financial need. I would look for need-blind schools if i were you.

swimcatsmom · 01-25-2010, 02:12 AM

Quote:

Line 35 of Form 1040A (like FAFSA instructed) says 0 for our tax income amount. But my dad said that was wrong but to write it down anyways since that's wha tthe form says.

I am not sure what you mean by this. If it is wrong it should not be what you are writing down. If you provide wrong information then your aid will be delayed until you correct it.xposted

swimcatsmom · 01-25-2010, 02:22 AM

Quote:

I would look for need-blind schools if i were you.

Need blind does not mean they meet full need. It just means they do not consider need whether you have need when they decide whether to admit you or not. Most State universities are need blinds but very few, if any, promise to meet full need.

It is probably too late for the OP to be applying to any of the few ultra competitive schools that promise to meet full need.

As 'rent said - with a 0 EFC you will be eligible for a full Pell grant ($5550 for 2010-2011). You may also be eligible for the SEOG, depending on your school. The eligibility criteria and the maximum for that varies from school to school (unlike Pell which is just based on your EFC). For instance my son's school awards a maximum of $200 for SEOG, while my daughter's school awards $2,000. If you meet certain Academic criteria you may also be eligible for the ACG ($750) That is it for federal grant money. Any other grant money would depend on your State (if they have a grant program for low EFC students) and on your school (if they offer any of their own institutional money as grants).

Other than federal grants you would be eligible for federal loans (up to $5500 Stafford as a freshman) and possible federal Work Study.

Unless your State and/or school offers aid money in addition to federal money you may find your costs are not completely covered.

mom2collegekids · 01-25-2010, 03:30 AM

Star...

what schools did you apply to?

I think I remembered that you applied to San Jose State U and that you're a Calif resident. Is that right?

If so, and your have an EFC 0, then you should get Pell, Cal Grant, and maybe some other aid. However, you may not get enough aid to pay for tuition, room, board, books, misc.

Did you apply to any schools that you could commute to?

some really nice private schools meet 100% financial need.

Those are usually schools that require high stats and probably already have deadlines that have passed.

TrinSF · 01-25-2010, 07:34 AM

If you're applying to SJSU, remember that there is also a SUG (State University Grant) that covers the cost of the CSU fees (but not the SJSU specific ones), which you may qualify for if you have an EFC=0. So, of the $2500 that a semester costs, about $2000 would be covered by the grant. Here's a little info about it:

"The State University Grant (SUG) is a state-funded award that covers the State University fees, which is a portion of the registration fees. The SUG is available to undergraduate, credential, and classified graduate students. To be considered for the SUG, students must show financial need and be California residents. Funds are limited. The maximum award amount for undergraduates for 2008-2009 is $4,266: for graduates, it is $5,256; and for Teaching credential students, $4,496."

For EFC=0 at SJSU, you could qualify for the full Pell, the full SUG, Federal Work Study, and possibly Cal Grant A. With mine, I end up getting a 3K extra per semester in grants after the SUG takes care of most of my fees. I haven't even bothered to get a workstudy job even though I have an award for one.

That's not quite enough for the dorms+food, but it gets you pretty close. The key to the process is to apply on time, and stay on top of the financial aid office.

scottaa · 01-25-2010, 08:41 AM

"0" EFC is good, but its impact depends upon the schools to which you have applied. Some schools will leave you with out of pocket expenses to cover. Other schools could cover all of your costs.

What schools did you apply to? We could check their financial track records and give you a better idea of what to expect from them.

As for the income tax paid... it's important that the information on the FAFSA is accurate. However, any additional income tax listed on the FAFSA would decrease your EFC. But since you already have a "0" EFC, if the taxes your family paid were higher, it would make no difference in you EFC. You can't go below "0".