<p>I’m looking to transfer over to UCF this Spring 2015 and am trying to lower my EFC. I am trying to reduce my college expenses as much as possible for my parents due to some financial burdens they have. As of now, my EFC is 2476. My parents make $59,500 a year and our family size is 7 (my 2 parents, both my dad’s 1 year old niece/nephew, both my grandparents and myself). I’m also a work study student at my current college. Any tips to try to reduce my EFC would be great!</p>
<p>There isn’t anything much you can do to reduce the EFC. It is a formula as determined by the federal government, based on financial figures from this last tax year. You have already reported those figures, and there isn’t anything you can do to change it. </p>
<p>Are you saying that currently your parents have to pay $2400 or so a year? If so, the best way for you to reduce their financial burden is to get a job during the summers and vacations…in addition to your work study money.</p>
<p>The other option would be to attend a college where you can commute from home so that you don’t have room and board expenses.</p>
<p>And lastly, did you take the Direct Loan?</p>
<p>How much will it cost you to attend UCF per year? Will you get Bright Futures? </p>
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<p>Are you sure that all of these folks qualify as family members? Your parents would need to be providing more than half of their support. If your grandparents are collecting social security or a pension, this likely is not the case.</p>
<p>The most direct way to lower EFC is by lowering income. What is reported on federal tax forms as AGI with some adjustments is the primary number for EFC. Number of dependents isn’t going to do much with that other than increase the asset protection allowance. But assets for parents are only hit at about 5.6% after that allowance so not a lot of movement there.</p>
<p>Do you have assets? STudent assets are hit at 20% with NO protection allowance. So if you have $5K saved up in your name the day you file FAFSA, you get hit up a direct $1K for student EFC. It’s best to spend it down, or repay your parents for expenses, and have one open a joint account with you, but parent name and ssn listed as primary so that it’s included as a parental asset, not a student one on the FAFSA.</p>
<p>“My parents make $59,500 a year and our family size is 7 (my 2 parents, both my dad’s 1 year old niece/nephew, both my grandparents and myself.”</p>
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I was wondering the same thing! OP, please elaborate.</p>
<p>Why does OP need to elaborate? If the whole lot are dependents for tax purposes, it will be cross checked through verification without a hitch. Even if they are all dependents, it isn’t going to do anything for the EFC most likely unless the parents have a lot of assets. Number of dependents increase the asset protection allowance, doesn’t affect the income part of the EFC. </p>
<p>^Does the EFC already include student loans, sub or unsub? $2476 is hardly a large EFC. </p>