<p>Hello,</p>
<pre><code> About when does your EFC get finalized? I have checks waiting to be cashed.
</code></pre>
<p>cheers</p>
<p>Not sure what you are asking. EFC is just a number a school uses to determine your eligibility for certain types of financial aid. What does having checks to cash have to do with anything?</p>
<p>if you put more cash in your account school will revise your EFC and raise it. </p>
<p>when is the total finalized for 2011-2012?</p>
<p>The cash you have is reported on the day you fill out the FAFSA. When you fill out FAFSA, it is wise to pay your bills and be in position that your next pay check has not yet been deposited so that it is not included in the assets. If you are find yourself accumulating some money, pay your parents room and board or reimburse them for expenses and have them set up a fund on your behalf in their names since the hit on them will not be as hard as it would be for you, 5.6% vs 20%.</p>
<p>The assets used on your EFC are supposed to be the assets you had on the day you filed FAFSA. The school will not adjust them to reflect subsequent changes (though they would if they have any reason to think you reported them inaccurately in the first place).</p>
<p>If you were holding uncashed checks on the day you filed your FAFSA and didn’t include them as part of your assets, your filing, and hence your EFC, was inaccurate. Cashed or not, they were part of your assets, and you need to file a corrected FAFSA to include them. Anything else is fraud. However if the checks came into your possession after you filed, they aren’t relevant to your EFC determination.</p>
<p>Ye,s MommaJ is right. Whether the funds are in the form of uncashed checks, cash , bank account or stocks, they are YOUR assets once they are given to you.</p>
<p>Ooh really. Okay thanks :0</p>
<p>Agreed…if those checks were already disbursed to YOU…they are YOUR assets.</p>
<p>Having said that…parents have an asset protection allowance on the FAFSA…so unless these assets were in excess of that allowance, I’m not sure why you didn’t put them in your accounts.</p>