Fafsa? what determines your EFC?

Question

I made exactly the same amount as last year but my EFC is 2135 instead of 98 like it was last year? now i cant get fin. aid?

Answer 1

it could be a few things

age, parents did not claim you this year on taxes, did you claim yourself, more classes, living on own, did you turn it in earlier.  sometime they run out and your do not get your full amount, less classes last year.

Answer 2

If you want a lengthy (but understandable) explanation of how financial need is determined, visit: http://www.getreadyforcollege.org/gPg.cf...

Answer 3

Your EFC score is determined by:

Your income last year

Your assets (bank accounts, investments, cash, etc.)

How much income tax you paid last year

How much social security tax you paid last year

Your parents' income last year

Your parents' assets

How much income tax your parents paid last year

How much social security tax your parents paid last year

How many people live in your parents' household

The number of exemptions your parents claimed on their tax return

How many people in your parents' household attend college

Whether anyone in your parents' household is paid certain government aid benefits

Remember? These were all questions on your FAFSA. All of those answers are plugged into an equation, and out pops your EFC.

The most common reason for a student's EFC to change from year to year are changes in either their income or their parents' income, or changes in the size of household and/or the number of household members attending college. If any of those things changed significantly, that would explain the change in your EFC.

By the way, an EFC of 2135 still makes you eligible for a Pell Grant - it just won't be as much as it was last year. A full-time student with an EFC of 2135 qualifies for a Pell grant of $2581 for the 2008-2009 academic year.

You're also still eligible for consideration for an FSEOG grant and Federal Work-Study, and you are also automatically eligible to participate in the Stafford loan program.

I hope that helped.