What contributes to the EFC?

kelsmom
Wed, 27 May 2009 13:39:22 +0000

If you received grants & scholarships in excess of tuition, you will have to report it on your taxes next year (there are several threads on this subject in the Financial Aid Forum).

If any of this money is left when you go to fill out the FAFSA next year, you have to report it. If it’s gone (e.g., you may need it to pay the taxes on the above!), you wouldn’t report it in the asset section … you only report what is there on the day you fill out the FAFSA (not what was there 3 or 4 months earlier).