EFC this year is 4700 as an independent. Last year I made 19k but I'm not working this year. What should I do?

Question

I think there is something about reporting you are unemployed 10 weeks later but I'm not really very clear on it. Does that significantly reduce your EFC?

Answer 1

You need to report this change to your financial aid office at your college/university and they will report it to FAFSA.  Yes, it will reduce the EFC since you are not working.

Answer 2

Your EFC is based on your prior years income.  The amount on your taxes would be used to calculate this years EFC.  Your EFC would not likely be changed because you quit your job. Your lower income, (or lack of it) would be reflected on your EFC when you apply for fin aid for next year.