Hello CC,
Has anybody else had this issue? The FAFSA estimate is $9K different from the actual EFC (actual is higher)
When I used the estimating tools for FAFSA 2016/2017 school year the EFC was about $27K. This seemed reasonable.
When I actually completed the FAFSA form the EFC was $36K. When I see examples in Princeton review, etc. it seems the EFC should be closer to the $27K. I'm concerned I may have filled out the form incorrectly.
This was based on the following:
2015 Gross Parent Income of $134K (this isn't adjusted gross, this is everything we make before taxes)
Parent Non-retirement assets: $96K
Student income: zero
Student assets: $500
All income from W2's... no investment income. Two working parents, the oldest of whom is 59.
This may seem like a good income in some states, but we are in San Francisco Bay Area, so its not a lot.
I think the key here is the percentage of parent income that is assumed to be contributed. Nowhere can I find an exact percentage. I'm guessing its sliding scale, but it would be helpful to know the % at different cut-offs, then maybe I could figure out what is going on.
Any idea what the underlying calculations should be? Thank you in advance!
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