Correlation between FAFSA and Profile EFCs

emeraldkity4
Sat, 27 Jan 2007 17:43:30 +0000

money in the 401K doesnt get noted for available funds* except*
for instance- if you are filing for the 2007-2008 year- money from 2006 is considered.
So- money that is put into 401K in 2006, will be added back to available income.

$35K in these days of increasing home prices isn’t much actually.
There is a formula for figuring what isnt considered, I believe you have to have more than $100K in equity for it to be considered.
$6K seems low actually for EFC for a before tax income of over $50K
Our experience has been that it is anywhere from 1/4 to 1/3 of income.
It isn’t meant to come out of income alone- it also comes out of savings and future earnings