question about vandy financial aid: EFC

LittleLostFlute
Sun, 13 Sep 2009 17:55:53 +0000

Technically, when you take money out of the bank you’re still in possession of it, and therefore it should be considered when calculating EFC. If you or your family are considering a big purchase (i.e., a new car, house, boat, etc.) around January, if you do that before you fill out your FAFSA and Profile that may help a little. Also, if you have savings in your name, try to move them to a sibling’s name, or your parent’s name. If it’s in your name, then the university considers a higher percentage should be used toward paying your tuition. A lower percentage is considered if it’s under your parent’s, and even lower if it “belongs” to a sibling.

In the end though, there isn’t a whole lot you can do to make a difference. Above all, be truthful, because audits do occur (or so I’ve heard).