My expected family contribution from FAFSA form is way too high...did we do something wrong?

Question

I have used multiple financial aid calculators, including ones from valid and reliable sites, like www.collegeboard.com. The expected family contribution on my FAFSA student aid report is much much higher than the calculated value...by about 5,000.

My family also makes a lot less than certain friends of mine, and their expected contribution was way less. We have nothing saved up, no investments...yet the amount we're expected to pay is almost a third of my parents' total yearly income.

Maybe we made a mistake. Should we have entered in our total taxable income instead of the gross income number?

Answer 1

Families that did not save up can either refinance their home or let the student take out student loans.

Answer 2

You were right to fill in the gross income--it's what they ask for, thus what you need to supply.
The FAFSA gets easier to fill out after a few times--here's my advice:
I always got a much higher expected family contribution: I panicked and thought of multiple ways I would need to pay for schools. But in most cases your University or College will give you a bigger financial aid package than expected and it will meet your needs.
Also, make sure you check off that you are interested in student loans and work study. You can take out private loans as well. Also, think about getting a credit card for yourself with a low spending limit and use it to make monthly payments to your school (many Universities and Colleges offer monthly payment options). Just make sure you pay off your credit card in a timely manner.
But if you feel safer bringing in your FAFSA to a professional, do it.
Just don't compare to your friends--they never know their financial aid package until it actually arrives--just like you.

Good luck!

Answer 3

Unfortunately, the expected family contribution is on a sliding scale, I don't much about it, I'm sorry! The best advice is to contact a financial aid officer set up a meeting with them. Take in a copy of your FAFSA and take in the tax information and they will make sure that you filled it out right and fix it if it is wrong.

Hope this helps,

Jennifer

Answer 4

Like anybody else mentioned.. particular!! I as quickly as had an EFC of $seventy two!! That become a howdy!! i become very undesirable then, and proud to declare I nonetheless am on the instant! In my case the EFC become how plenty i become contributing. in case you're fortunate sufficient to have your mothers and dads help, then possibly the EFC may well be how plenty you and your mothers and dads are anticipated to pay.