About the FAFSA?

Question

Ok so I filed my FAFSA and got the e-mail that it had been processed. I went to check out the online thing and it says DRN: 5550....what is the DRN? Ohhh and get this my EFC is 45,640....Isnt that what my SHOULD be able to pay for my college? If so thats really strange b/c my parents make right at $60,000....I'm guessin I'm probably not gonna get anything?

Answer 1

Probably the fastest way to get a straight answer is to call your college and ask them what FAFSA has allowed.  The college code you gave automatically gives your college knowledge of everything you qualify for... so contact your College Financial Aid Office right away and you'll soon learn how you did.  Most students will learn of their results back in April from the college, but perhaps you didn't receive a mailing (the U.S Post Office unfortunately sometimes doesn't always deliver).

Answer 2

Hi-

The DRN is the Data Release Number.  You need this number as well as your PIN to make corrections.  I would go back to FAFSA and check over your form for mistakes.  That EFC number sounds wrong.  Have someone who knows how to fill it out look it over.  The number one mistake people make on a FAFSA is to leave an entry blank.  Always enter a "0", instead of leaving a blank space.

Answer 3

u have to call your individual fin. aid counselor or send him/her an email. I had questions with mine and she fixed them herself.

Answer 4

The Expected Family Contribution (EFC) is the amount a family can be expected to contribute toward a student’s college costs. Financial aid administrators determine an applicant’s need for federal student aid from the U.S. Department of Education and other non-federal sources of assistance by subtracting the EFC from the student’s cost of attendance (COA).

An EFC is not solely based on annual income, it is also based on assets.  If you are a dependent of your parents and they are wealthy in assets, your EFC will be higher.

Unless you are going to an ultra-high priced school, it is unlikely that your school's COA (cost of attendance) will exceed your EFC.  

In this case, many say your only option is alternative student loans.  However, as a financial counselor, I would tell you to stay away from loans.  If your parents can't help you with college, then go to a public school, live in the dorms, eat dorm food, work a part-time job (and full-time in the summer) to cash flow your way through college.  You *do not* want to come out of school with debt (many do it, but normal is being broke).  Good luck.

Answer 5

Your EFC seems out of line with your parents income.  

That said, I can't see your SAR so I can't tell if you put an extra zero somewhere.  

Also, remember that assets are factored in, so if your parents have alot in savings or assets, that would account for the high EFC.

I still think there is some error on your FAFSA.  Check under your parents income, adjusted gross income, and assets.  There's got to be a 'false' number there.