Hello ya’ll! I was checking my EFC for next year as my brother is graduating this year and I saw that it had doubled to 15,00 when last year it was 7,000. My parents’ combined income for 2016 was 13,000. Is this some kind of mistake?
15,000* not 1500
Do your parents have substantial assets? That’s the only way you could have such a high EFC relative to income, unless a mistake was made in the FAFSA.
Something isn’t right. With an income THAT low, you should qualify for auto $0 EFC…but that is assuming your parents can file a 1040A or 1040EZ to form…or that they qualify for a means tested benefit like SNAP…OR that one parent is a dislocated worker.
If you meet that test…your assets are not counted.
Do your parents own a business? Do they own rental properties?
Do they have a ton of money in the bank?
Oh…and if the $13000 income is what they had in 2015…there is NO WAY you would have had a $7000 EFC…unless there is a HUGE HUGE amount in assets. HUGE.
OK…ETA…last year you were considering transferring to Miami (FL). Was the $7000 what the school expected YOU to pay…or was that your FAFSA EFC?
Miami doesn’t guarantee to meet full need…so it’s very possible the SCHOOL could be expecting more from you this year.
But you can’t draw blood from a turnip. Go talk to the financial aid office.
In general, it’s not surprising the EFC doubled with your brother graduating. If you had not mentioned your parents income,I don’t think anyone would have quested the doubled EFC. However, with that low of income something appears to be wrong.
Where are you attending college, and how much does it cost per year?
If you had an “EFC” of $7000 last year…how did your family pay that amount…and how were your remaining costs covered for the current academic year.
And for your brother too.
Your financials are not adding up. You say two of you were in college…and you had an EFC this year of $7000…with parent income of $13,000? And two in college.
Not a believable story…without someone else bankrolling you.
I’m not sure what to tell you friend, my dad is 67 and part time retired and my mom substitute teaches. My brother had an almost full ride due to an athletic scholarship so he didn’t pay anything. My parents paid for my college out of their income. The house is paid off so there aren’t many other payments and my dad receives most of his money from a pension.
Also I attended college at the University of Miami, and they met all my need so 7,000 a year this year
Are you talking about your FAFSA EFC or about your college’s financial aid package net price? Your FAFSA EFC should be zero for that low of an income, but your college net price could exceed income because many schools do not meet need.
Your parents paid $7k last year out of a $13k income? Even with a paid off home, that’s hardly believable. There would still be property taxes, insurance, electric bill, water/sewer bill, car expenses, car insurance, food, etc.
Did your parents own a business before he retired?
Where were you checking this? Online? Was the result of your FAFSA that you filed?
Sounds like your parents have a lot of assets/investments/savings/stocks…any other properties
It sounds like you are talking about what Miami expects you to pay. Last year…they paid ALL but $7000 of your costs…which is a very generous aid award from them.
The school doesn’t meet full need.
When you are talking about your family income…are you including EVERYTHING…Social security and pension income plus your mom’s salary? It sounds to me like you aren’t including some of the income in the yearly family income for both parents.
Does the 13K income you list include your dad’s pension checks, or is that the earned income from your mom, and THEN your dad is collecting a pension?
^I was wondering the same thing blossom…
And I wondered the same thing in the post above Blossom’s.
Seems like mom’s sub income would be $13,000 a year…SS should be at least that amount in addition. And a pension…how much is that a year.
Also, unearned income like pensions and social security get a bigger hit financial aid calculation wise than earned income.