Hi guys, last year for my freshman year, my EFC was 3726 with my parents’ combined total income at approximately $58k. In 2017, they made $64k so slightly over. However, after filing the FAFSA today, I saw my EFC is at 8857. Why did it increase so much with a slight change in income? Also, I saw that I didn’t qualify for a pell grant when technically I am still low-income. Will this change after my FAFSA gets processed? Lastly, does anyone have tips on how to lower my EFC? I don’t think my parents can pay $8857 for my sophomore year considering debts and car payments. (I’ll for sure highlight this in my CSS Profile since Georgetown has a way of meeting student needs, but they almost always tend to match the EFC so I am scared).
Things to check…
1.did your parents do a TSA or IRA rollover in 2017?
- Did they contribute more to their TSA or IRA...because those contributions are added back in as income.
- What was your income?
- Do you have a sibling in college this year who won’t be in college next year?
Try this…run the net price calculator for Georgetown. While it’s really set up for incoming freshmen, it might give you an idea.
Also, if you are a current student…set up an appointment NOW to talk to your financial aid officer in the financial aid office.