<p>Hi I just finished my financial aid (I think…) and I checked the status of my transaction which it said I had 99,999. Whoa, did something go wrong there? What hints can you guys give out that I’m doing such a mistake on my fafsa? Is it because I filled in my “net worth of current investment wrong”? My parents said they get around 500K in net worth.</p>
<p>FAFSA EFC is based on both income and assets. 99,999 is the highest EFC that FAFSA will produce. For a 99,999 EFC both the income and assets must be quite high.</p>
<p>Check the income you have put in is correct.</p>
<p>Check that the assets do not include the primary home or retirement accounts such as IRAs or 401ks (which protected assets).</p>
<p>If the reportable parents assets are $500k and your parents income is over $200k then the 99,999 is probably correct.</p>
<p>if the income is well below $200k then you have probably made a mistake.</p>
<p>500K in net worth or 500K in current investment? The FAFSA considers the AGI (adjusted gross income) on your parents tax returns. It also considers the value of any investment accounts and the value of any second or rental property. As swimcatsmom said, check that you did not include retirement or the equity in the house you live in. If there is 500K in investment accounts, the 99,999 doesn’t surprise me.
If the 500K is net worth (including retirement and equity in primary home) you need to adjust your figures.</p>
<p>Not enough information to answer the OPs question. A lot depends on the family income as well. If the income is very high than that could also account for the high EFC…especially if there are any other assets to add to that (e.g. second home or other real estate property, large CD/bank accounts or investments that are not retirement accounts). $99,999 is the highest EFC that can be calculated.</p>