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Fafsa spreadsheet

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Replies to: Fafsa spreadsheet

  • tallgrasstallgrass Registered User Posts: 56 Junior Member
    @rgosula First off, I wanted to thank you! I used your spreadsheet a year ago to estimate 2018-2019 FA, and it was of great help. It wasn’t as close as with your kids, but it was in the ballpark. I am now trying to project our FA for 2019-2020 (will do FAFSA in October) and am struggling with 2 issues:

    1. Family size: 2 parents, 2 kids. The older kid will graduate next year (2019). So I know that number of kids in college will be 1 (the younger one that will be freshman this fall of 2018). What I don’t know is what family size do I use? Will it be 3 bc older one graduated, or 4 because I will have supported him for more than 6 months in 2019 (assuming he gets a job in August or later)? I have no idea when he will start working and supporting himself.

    2. Our income for 2017 was entirely traditional IRA withdrawal, so 1099-R equals our AGI. No earned income by either parent, no FICA taxes, no untaxed income. No matter what I do, the sheet is throwing off really weird numbers. Can you please advise how to correctly fill parent income section when the only income is retirement income?

    Thank you (or anyone else) for help on this!
  • UrbanMumUrbanMum Registered User Posts: 74 Junior Member
    Icbihtsu -
    You definitely don’t need to worry about selling your house. And when they ask for savings, they expect you to contribute approximately 5k for every 100k in savings - that’s just a guideline. They don’t expect you to give up everything to send your child to college; they just want to know how much you can reasonably contribute.
  • akshayness33akshayness33 Registered User Posts: 1 New Member
    edited June 17
    Hello, I would really appreciate the spreadsheet
    My email is (taken out)
    Thank you!
    Edit- I got it now thank you!
  • Liliara__Liliara__ Registered User Posts: 1 New Member
    How long did it take for you to get fafsa ? Because I submitted my fafsa in October and I’m In July and still haven’t heard back
  • STEM2017STEM2017 Registered User Posts: 3,205 Senior Member
    @Liliara__ Have you checked your FAFSA webpage? Your answer should be there. Our answer was almost immediate, although they never contacted us.
  • BuckeyeMWDSGBuckeyeMWDSG Registered User Posts: 702 Member
    Does anyone have a spreadsheet template for planning the cash flows needed to pay for college that tracks scholarships, loans, tax credits, checking balance, tuition, room/board, indirect cost/books etc.? I built one, but apparently it only makes sense to me (no matter how many times I try to explain it). ;-)
  • mommdcmommdc Registered User Posts: 10,550 Senior Member
    edited July 19
    @Liliara__

    I would call your college's financial aid office today to make sure they received your FAFSA and that you don't have outstanding items to complete like income verification.

    Did you ever receive a financial aid award letter?

    Have you been checking your email account for messages from your school?
  • lcuriouslcurious Registered User Posts: 1 New Member
    I'm interested in your spreadsheet. Thanks for sharing.
  • mommdcmommdc Registered User Posts: 10,550 Senior Member
  • eb23282eb23282 Registered User Posts: 202 Junior Member
    edited September 10
    @mommdc Do you know what changes will need to be made to the spreadsheet?
  • mommdcmommdc Registered User Posts: 10,550 Senior Member
    edited September 10
    The income protection allowance for parents and student changes every year. The auto zero EFC income threshhold is going up to $26,000. The parents' contribution from AAI calculation formula changed as well, I think, and the asset protection amount for parents has decreased from last year (for us it went from $20,000 something to $13,000 something).

    I don't know anything about how to program the spreadsheet though.

    But I worked through the EFC formula by hand.
  • mommdcmommdc Registered User Posts: 10,550 Senior Member
    edited September 10
    @eb23282 Looks like you will have to change the values in tables 2-6 of the spreadsheet to reflect the new numbers for the 2019/20 EFC formula (pages 17-19 in PDF) and change student income protection allowance to $6,660.
  • bemart14bemart14 Registered User Posts: 22 Junior Member
    @rgosula I downloaded the google docs spreadsheet and was trying to update it per the new formula sheet but the worksheets are locked. Will there be a new spreadsheet soon? Is there an unlocked version?
  • MaineLonghornMaineLonghorn Super Moderator Posts: 36,058 Super Moderator
    MODERATOR'S NOTE:

    I appreciate that the OP wants to help other users, but links to google documents are not allowed - only links to authoritative websites are permitted under the Terms of Service. You may PM the OP to request a link. If you don't have enough posts (15) to PM, you can ask that he/she send you a PM with the link.

    Also note that posting email addresses is also prohibited by the TOS.

    Thanks for your cooperation.
  • joecolettajoecoletta Registered User Posts: 24 Junior Member

    TO: Steward of the FAFSA/EFC-DEPENDENT Excel (TM) Worksheet

    Please let me know if you would like some help updating the EFC-DEPENDENT Excel (TM) worksheet for AY 2019-2020 (or making any other input/output/calculation improvements on your "Nice To Have" list).

    I am currently between jobs and have nothing planned except for Parents' Weekend at The George Washington University and leaving to visit my 80-something parents on October 13.

    PM me and we can exchange contact information, define the deliverables, etc.

    Best regards,

    Joe
This discussion has been closed.