parental age and EFC

Paying for College
1

<p>Does parental age play any role in determining EFC? My D is a rising jr–when she completes college apps/FAFSA/etc in 2006, her dad will be 64 and I will be 55 (yeah, we started late); I have already retired from 25 yr career and am receiving a pension. My ‘second career’ job pays about 1/2 of former career position, so my income has actually risen when the two are added together. Her dad, my ex, is 2 yrs out of lung cancer and I’m a 2x cancer survivor myself–but I don’t think there is a space on forms to enter these tidbits. I have a ygr teen adopted after divorce so I will soon have two college age kids vs ex’s (our) one. I realize that at some point the 2nd child will impact my FAFSA and any change in our health could constitute changed circumstances, but I wonder if parents’ age alone impacts the EFC in any way.</p>

2

<p>The age of the older parent has an impact on the Education Savings and Asset Protection Allowance, as it reduces your ASSETS availabla for contributions. </p>

<p>The size of your family and number of children in college had an impact on your INCOME available for contributions. It is, however, different from the asset exclusion. </p>

<p>For instance, in 2004-2005 the allowances (for assets) for a two-parent family would have been:</p>

<p>50 … 47,900
51 … 49,100
52 … 50,300
53 … 51,800
54 … 53,100
55 … 54,700
56 … 56,000
57 … 57,700
58 … 59,400
59 … 61,200
60 … 63,000
61 … 65,200
62 … 67,100
63 … 69,000</p>

3

<p>Xiggi,</p>

<p>I know that the CSS profile takes all of ths into consideration , but does the FAFSA?</p>

4

<p>The allowance for FAFSA 2005-2006 is reduced from 2004-2005 as shown in
<a href=“http://www.fafsa.com/fmtables.htm[/url]”>http://www.fafsa.com/fmtables.htm&lt;/a&gt;
25 or under $0
30 $11,100
35 $22,200
40 $33,300
45 $37,700
50 $42,800
55 $48,900
60 $56,200 </p>

<p>or page 3 in
<a href=“http://www.fafsa.com/downloads/EFC/6-17-04%20Federal%20Register%20with%20FM%20tables%20for%2005-06.pdf[/url]”>http://www.fafsa.com/downloads/EFC/6-17-04%20Federal%20Register%20with%20FM%20tables%20for%2005-06.pdf&lt;/a&gt;&lt;/p&gt;

5

<p>Sybbie, yes it applies to the FAFSA as well. I used the EFC Formula as reference.</p>

<p>As fftd posted, the numbers are different for 2005-2006. Here’s the latest one. </p>

<p><a href=“http://studentaid.ed.gov/students/attachments/siteresources/EFCFormulaGuide0506.pdf[/url]”>http://studentaid.ed.gov/students/attachments/siteresources/EFCFormulaGuide0506.pdf&lt;/a&gt;&lt;/p&gt;