My EFC # is 5326, I only made $20,000 last year. Thats over a quarter my gross income...does this seem right?

Question

I am single, no kids, and live alone.

Answer 1

Are you a dependent student?  Dependency is determined by answering the 7 dependency questions located at www.fafsa.ed.gov

It would seem as though you are a dependent.....

If that's the case, then your parent's tax information probably reflected a strong income.  Or perhaps money they have invested.  If you want to see the formula for calculating an EFC, go to the FAQ page at www.fafsa.ed.gov.  It is a PDF  link, so make sure you can view it.

I hope this helps you.  I wish you the best of luck!

Answer 2

Yeah, unfortunately they do not accurately reflect what a person can and cannot afford. I have both of my parents income on my FAFSA and my EFC turned out to almost be a third of their income. I live in San Diego and living is expensive. They really dont take into consideration where you live and individual economics, which sucks but thats how they have set it up.

good luck with getting money for school!

Answer 3

EFC is mostly a function of your income.  If you want to determine if you figured it correctly, you may want find an EFC calculator on line and put your information in.  If you just put in your income and no assets, it will show you how much your income contributed to your EFC.  Then go back and add in your assets.  Also at age 23 (unless you already have a degree or qualify as an independent student) you are assumed to be a dependent of your parents and that also could be contributing to your EFC "seeming" to be too high.

I wish you much success.