What contributes to the EFC?

knightforum
Wed, 27 May 2009 13:34:36 +0000

I will be getting money back, since the amount of scholarships and grants I receive exceed my housing and tuition.

FAFSA’s FAQ states:

"How do I report the financial aid I received last year as part of my income?

Money you or your parents received from student loans, grants, and scholarships should not be listed on your FAFSA, unless you were taxed on them by the Internal Revenue Service (IRS). If you or your parents reported financial aid money to the IRS, then you must include that total amount as part of your Adjusted Gross Income and in the appropriate location on the Additional Financial Information section in questions c and d."

I will be putting this extra money that I get from financial aid in the bank. Would I include that on FAFSA next year where it asks for how much money I have in my checking account?