Question about Fafsa EFC?

Question

Well I applied for Fafsa and when I looked at my EFC is says "00000". When it was sent to the college I wanted to go to. A month later they send this back

"As indicated on the results of your processed FAFSA for the aid year listed above, your application has been determined to be incomplete by the Federal Processor.

WHAT YOU NEED TO DO NOW:

Go to FAFSA on the Web (www.fafsa.ed.gov) and make the necessary corrections immediately!

We cannot determine your financial aid eligibility until we receive a calculated "Expected Family Contribution" (EFC) from the Federal Processor.

If you have already received federal financial aid awards for the aid year listed above, they will be cancelled unless immediate action is taken."

My question is does EFC: 00000 mean my EFC is 0 or it is an error? thanks!

Answer 1

In short, there must of been some inaccurate information. Once, I didn't receive my financial aid on time. When I called the financial aid office, they told me that they had inaccurate information on my birth. It was wrong by a year!!!!! That's it. No big deal. Check our FAFSA to correct any mistakes. Since your EFC is 0, you will get financial aid. It's a very good thing!

Here is more info:

Inaccurate, missing or incomplete information on your FAFSA can result in processing delays or rejections that may cause you to miss out on all or part of the financial aid for which you might otherwise be eligible.

When using FAFSA.com to prepare and file your FAFSA, your application will be personally reviewed by an experienced Student Aid Advisor on our Application Review and Processing Team in order to help spot and resolve potential errors before your application is submitted for processing. However, because FAFSA.com does not independently verify the accuracy of information you provide to us (such as your Social Security Number, date of birth, the correct spelling of your name, your income, assets, household information, etc.), it is highly recommended that you also take time to carefully review your FAFSA. If errors are discovered, or if you want to change information on your application (either before or after submission to the federal processor), you can make corrections.

Another common reason for correcting the FAFSA is to update financial information. FAFSA filing deadlines typically occur before many applicants have completed their annual income tax returns. Because financial aid is often limited (there is not enough for everyone who applies) and awarded on a first-come, first-served basis, applicants are encouraged to estimate income on their FAFSA (preferably using pay stubs, W-2s, bank statements and other financial statements for accuracy). You should file as soon as possible after January 1st—before most school and state priority filing deadlines—and make any necessary updates later, once your tax returns are complete. Estimating your income and filing your FAFSA early/on time improve your odds of receiving consideration for the maximum amount of financial aid for which you may be eligible.

(Note: There is no penalty for estimating income on the FAFSA, but you must make any necessary corrections once your taxes are complete so that your Expected Family Contribution (EFC) can be adjusted accordingly. If your application is later selected by your school financial aid administrators for “verification,” you may have to provide documentation, such as your completed tax returns, to confirm the accuracy of the information on your FAFSA.)

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Making Changes AFTER Submission

Once your FAFSA has been submitted to the federal processor—either by mail if you filed a paper FAFSA or electronically through the FAFSA.com FAFSA preparation and filing service or the ED website—you will need to wait until after your FAFSA has been processed and a Student Aid Report (SAR) has been generated in order to make changes.

You have several options for making changes (each outlined in further detail below):

Make corrections on a 4-page, paper SAR and mail it to the address listed on the last page. An updated SAR will be sent to you within 2-3 weeks.

Make corrections directly online at the Department of Education website by using a Federal Student Aid Personal Identification Number (PIN). An updated SAR will be e-mailed to you—typically within 3 days.

To add a college to your FAFSA application or to update a mailing address, you may call the Federal Student Aid Information Center at 1.800.433.3243 . You will need to provide them with the Data Release Number (DRN) that appears on the SAR in order for them to assist you.

You may contact the financial aid office at your school and request that they make changes to your FAFSA/SAR record. If they are willing to do this, they will also need your Data Release Number.

(Note: If you made a mistake in entering the student’s date of birth, you will need to make corrections using the 4-page, paper Student Aid Report. If you made a mistake in entering your Social Security Number, or if a misspelling of the student’s last name affected the first two letters of the last name, please phone us at 1.866.514.5948 to speak with one of our Student Aid Advisors. You may need to submit a new FAFSA to avoid potential confusion, and we will guide you through this process.)

Answer 2

No it does not.  It means, that it's being prossesed.  You must take that paper to the financial aid office.  They are going to ask you to bring paperwork, proof of income, and so on.

Answer 3

The financial aid office should be able to tell you what the error is.  The school receives an ISIR which tells them what's wrong (if anything).  It could be that it wasn't signed electronically by a parent (if you're dependent), if any tax status is at a 'will file', possibly a social security number is wrong, the adjusted gross income and taxes paid are the same number...........these are some very common mistakes we see on FAFSA's every day.

The EFC of 00000 is a code that means something is wrong.

The financial aid office in the college you want to go to should be able to assist you in correcting the errors.

Answer 4

You clearly had an error. Go back on the website and edit your information quickly. Did you print out each page of your completed form? If so go look at those pages to see where it went wrong. If you don't find any errors contact FAFSA immediately!