5 FAFSA Tips That Will Reduce Your EFC
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- Опубликовано: 10 сен 2024
- Here are 5 FAFSA Tips that will reduce your expected family contribution (EFC) And help you get more financial aid!
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When I started this business I quickly realized that 90% of my clients and people reaching out to me for questions were parents of high school seniors navigating the overwhelming financial aid process for the first time.
Often times they came to me in sheer panic 😫when the financial aid offers rolled out not knowing how they were going to afford college tuition.
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✅ Stay on track and not miss important deadlines
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Thank you for your help ! Really appreciated our phone call. I also want to warn folks NOT to use IRS DRT ( Data Retrieval Tool). It is not transparent and it screwed up our EFC because of an IRA rollover.
The new form has no questions about saving, simply the income and authorizing irs linking.
Thank you for sharing your tips! I'm was worried because my EFC came out bigger than I wanted when I completed the FAFSA recently but I'm going to contact my financial aid office now to ask about special circumstances c:
Did that work??
Explain how important it is to have the child listed as a dependent on your taxes even if you are already head of household. Divorced and I am the custodial parent. Are the new FAFSA rules for 2024/2025 settled yet? I’m doing my taxes now for 2022 tax year. We normally alternate years taking child as our dependent on the taxes. That is part of the divorce agreement. We can make alterations as long as it benefits the child. Should I keep them as my dependent (I am the lowest income parent) all college years going forward? I use the direct IRS tool linked on FAFSA. Is that “dependent” status a hard and fast new rule?? Very fuzzy….. can’t seem to get a solid answer in my searches.
Does it depend who claims the child on the taxes who fills out the fafsa ?
What do we have to do to get some scholarships that will fund for masters program. I know there’s no pell grant for masters program only student loans for masters programs which I don’t want to take
Is a custodial savings bank account listed under student’s assets or parent’s assets ?
What does it mean to be an 'independent student'?
Inheritance .. invested it and can’t take it out now. It’s fluctuating everyday . Do I tell them it was a one time windfall and it’s losing money?
you list the value of it as of the day you fill out the FAFSA. and you can notify the FA office that it was an inheritance
Can you please tell me what to do so i dont make a detrimental mistake? My daughter and i are homeless. We live off of SSDI and very little food stamps. I am in the middle of a divorce and im confused because i dont want to lose any of our income but i want to find a career so i dont have to worry about living off of the government later. I can't physically work the jobs i use to. My bones are covered in arthritis i can't lose their help right yet.
Do you lump sibling savings/checking acct info with parent savings/checking acct money? I have 3 kids with savings and checking accounts which I am on; one of which is saving up for a car. We obviously won't be using her money towards her brother's college fund, but wondering if I am supposed to count it. Also, my son, whom we're filling this forward out for still has me on his accounts. I imagine he will be including his checking/savings on his fafsa form. If I hypothetically include his $ on my form, we'd be counting that twice. What to do in this situation? Thank you!
Thank you 😊
you're welcome!
Great info!!
Wait. I have a rental house deeded in my name alone (it was purchased with money I inherited) and is my individual property.
Are you saying I can “separate” from my wife, go live in that house and then just use my wife’s numbers to fill out the FAFSA?
If you are separated living in different households... then the parent that provides the most support to the child is the one that fills out the FAFSA
Does it matter what housing plan we put on the FASFA
I’m totally confused on the EFC. Student aid website say it’s not the amount the family has to contribute. But every RUclips video says the opposite.
the truth is you could owe more than the actual EFC... and in some cases less...it is the number college financial aid offices use to determine financial aid. They subtract if from their cost of attendance to come up with a students financial need then meet anywhere from 30-100% of that need depending on the college.
How do we arrange a call with you? We are the parents and in desperate need of help.
Do brokerage/mutual fund account count as retirement?
When should you notify the FA offices on loss of income? Prior to or after FA awards is best? Thanks
prior to...so they can consider it before putting together the FA offer
Here’s a question. My husband didn’t listen to me and watch to some of your videos. He included information on our assets which isn’t required. Since its already submitted are we kind of screwed moving forward? I feel like it’s going to send up red flags.
you can go in and make a FAFSA correction which is what I recommend doing
So, Mutual Funds and Roth IRAs are basically counted against you?
Do I need to report money balance I have in my company employee stock purchase plan ('not 401K)?
Yes that would be considered an investment on your FAFSA
no that's considered a retirement plan
Martinez Maria Walker Mary Williams Betty
Sit on your hands
Do they require a step parents income and checking/savings account information?