<p>Next year will be the first time that I will be filing for income taxes so I am unfamiliar with all this… By estimate, how much would my students portion of EFC be if my income will be $10500 and with $500 saved up in the bank and no other source of income, assets, or investments? thanks</p>
<p>you really need to do this yourself, since the questions that are asked by FAFSA and Profile forms include detailed info on income, assets and taxes</p>
<p>try this link: <a href=“http://www.finaid.org/calculators/finaidestimate.phtml[/url]”>http://www.finaid.org/calculators/finaidestimate.phtml</a></p>
<p>remember – the more accurate the info you put in, the more accurate the estimate will be. Federal methodology refers to schools that use FAFSA only when determining the EFC – Institutional methodology refers to schools that use Profile or their own forms (check the school’s website to determine this).</p>
<p>also – unless you are 24 years old, an orphan, married, a veteran of the armed services, parent of a dependent child you support or already have a 4 year degree – you are a dependent for financial aid purposes and you will also need to include your parent’s income an asset information.</p>
<p>If you are asking what college will expect you, the student, to pay if you have an income the previous year of $10,500 and $500 savings – the answer is almost all of it. Since college expenses include room and board, tuition, transportation and personal expenses – college would expect that the majority of any money you earned would be put towards college expenses. Work-study money isn’t counted in that income, since it is expected to be used during the time it was earned.</p>
<p>any questions? just ask.</p>
<p>Assuming you are still a dependant for finaid purposes and that you are looking at FAFSA not profile - students have @$3000 income protection and anything over that 50% goes to student portion of EFC. so $10,500 - $3,000 = $7500 x 50% + 3750 from income. Student assets/savings 20% goes to EFC so $500 x 20%= 125 from savings/assets. 125+3750 = 3875 for student portion of EFC which is added to parent portion. </p>
<p>For a more accurate number run the figures through one of the calculaters on finaid which will give you a little higher protected allowance for taxes, fica, state taxes etc etc</p>
<p><a href=“http://www.finaid.org/calculators/finaidestimate.phtml[/url]”>http://www.finaid.org/calculators/finaidestimate.phtml</a></p>
<p>oh I see I crossposted - I am slow typing!!</p>
<p>If 10.5 is your gross income, you would be paying about $500 in income tax + about $700 in SS taxes.</p>
<p>Thanks so much! I just calculated a rough estimate right now…</p>
<p>Just noticed I put 20% of $500 is $125 instead of 100 - I should not post when I am tired!! Today I Can’t type, spell, or apparently do math!!</p>