Panic bc EFC Is too high. Updated in first post.

[ScoutTN]

I think I must have done something wrong on the FAFSA! Our EFC came out about 3x what it should have. Any wisdom or thoughts? I am too upset to do anything about it right now, but will go back in and check all our answers/info later. 
 

Update: After talking to the helpline, I think I figured out my mistake, but cannot correct it til they have “processed” the initial form. Then I can go back in and correct. Ugh. Stupid me.

2nd update
I fixed the mistake and the EFC number is greatly improved. Still more than we can pay, but there are ways around that.

Edited October 27, 2022 by ScoutTN

[teachermom2834]

Ack! 

Aren’t most of the places your dd is applying places that you are depending on merit aid vs. financial aid? In that case it doesn’t matter. But I could be wrong. Surely you just made an error somewhere for it to be that far off from what you were expecting. Hopefully it is obvious when you go back in. 
 

ETA- for alot of us that number doesn’t really end up mattering a whole bunch. For the people it does, it is very important, but for a lot of us filling it out is just a formality. 

Edited October 21, 2022 by teachermom2834

[ScoutTN]

22 minutes ago, teachermom2834 said:

Ack! 

Aren’t most of the places your dd is applying places that you are depending on merit aid vs. financial aid? In that case it doesn’t matter. But I could be wrong. Surely you just made an error somewhere for it to be that far off from what you were expecting. Hopefully it is obvious when you go back in. 
 

ETA- for alot of us that number doesn’t really end up mattering a whole bunch. For the people it does, it is very important, but for a lot of us filling it out is just a formality. 

Yes, mostly merit aid. We cannot afford to take loans. Dd may be headed to the mission field, definitely no loans. From the research I've done, I'd expect something in a grant, but really not sure how much. Work study for sure. 

I cannot get back in right now. It says, "processing". On hold with the fed student aid people now. 

[freesia]

29 minutes ago, ScoutTN said:

I think I must have done something wrong! Our EFC should have come out at about 10-15K, but the FAFSA says 44K.  Any wisdom or thoughts? I am too upset to do anything about it right now, but will go back in and check all our answers/info later. I think Dd may not be going to college. 😢😨

((( hugs))) Did your house go up in value over this last year?  That's what make our EFC double last year.  Definitely check.  Also apply to schools with merit.  You can also appeal financial aid.  Sometimes you just don't know how it will all work out  Do you have a local CC that she can attend if the finances don't work out.  We have always tried to have something like that for our kids.

[freesia]

2 minutes ago, ScoutTN said:

Yes, mostly merit aid. We cannot afford to take loans. Dd may be headed to the mission field, definitely no loans. From the research I've done, I'd expect something in a grant, but really not sure how much. Work study for sure. 

I cannot get back in right now. It says, "processing". On hold with the fed student aid people now. 

There are some schools--like Wheaton--where if you go on the mission field, they will pay back your loans for you.  I was a missionary and it isn't that uncommon for missionaries to be paying off school loans. I agree with you that you should try not to use loans, but if you keep it low, and she works while raising support (actually most agencies require some work experience), she can pay them off easily over the first few years.  (I'm talking keeping them under 20,000.)

[kokotg]

Did you have a rollover? That's the main thing I hear about messing up FAFSA (somehow the IRS retrieval tool doesn't know how to handle it). Primary home doesn't matter for FAFSA. 

[ScoutTN]

1 minute ago, freesia said:

((( hugs))) Did your house go up in value over this last year?  That's what make our EFC double last year.  Definitely check.  Also apply to schools with merit.  You can also appeal financial aid.  Sometimes you just don't know how it will all work out  Do you have a local CC that she can attend if the finances don't work out.  We have always tried to have something like that for our kids.

Yes, it did, but I thought the FAFSA doesn't count our home's value. Did I misunderstand? I read that our income and liquid assets are all that they use. The value of our home is irrelevant, since we still owe on it and cannot/will not borrow against the equity. 

Dd is NOT applying to selective schools. Only mid-level schools where she is at the top of their merit aid criteria.

[ScoutTN]

14 minutes ago, freesia said:

There are some schools--like Wheaton--where if you go on the mission field, they will pay back your loans for you.  I was a missionary and it isn't that uncommon for missionaries to be paying off school loans. I agree with you that you should try not to use loans, but if you keep it low, and she works while raising support (actually most agencies require some work experience), she can pay them off easily over the first few years.  (I'm talking keeping them under 20,000.)

Many mission agencies, including our denomination's, will not permit support raising to pay off loans. Not an option here. 

[ScoutTN]

5 minutes ago, kokotg said:

Did you have a rollover? That's the main thing I hear about messing up FAFSA (somehow the IRS retrieval tool doesn't know how to handle it). Primary home doesn't matter for FAFSA. 

No rollovers. 
But we did use the IRS info retrieval. Will double check that! 

 

Edited October 21, 2022 by ScoutTN

[ScoutTN]

Just talked to the FASA hotline. I think I made a mistake entering info. He said it will take 3-5 days to "process". After that I can go back in and make corrections. Ugh. So stressful. 

[freesia]

18 minutes ago, ScoutTN said:

Yes, it did, but I thought the FAFSA doesn't count our home's value. Did I misunderstand? I read that our income and liquid assets are all that they use. The value of our home is irrelevant, since we still owe on it and cannot/will not borrow against the equity. 

Dd is NOT applying to selective schools. Only mid-level schools where she is at the top of their merit aid criteria.

Oh, ok.  Our house that we own is actually rented out, so it probably is in another category.   I will let someone else weigh in on that.   My kids have done well with scholarships from mid-level schools. (Have you looked at University? They have a low tuition and some academic scholarship money.  Ds had a wonderful experience there.)

[freesia]

44 minutes ago, ScoutTN said:

Just talked to the FASA hotline. I think I made a mistake entering info. He said it will take 3-5 days to "process". After that I can go back in and make corrections. Ugh. So stressful. 

Oh, good.  I hope it works out for you.  We get a double whammy with our house being a parsonage so counting as income (and dependent on the rental market so when prices go up, so does our "salary," but it's not money we can use for college) and our house investment for retirement, which earns a low rent, going up in value---but it doesn't count as our primary residence even though it's our primary house money.  Ugh.  I have to say, though, it's always worked out so far.  Next year we will have 2 in college so we will have to see. The only other year we had that after all the real estate prices went up, the Covid money helped.  The next 2 years are probably going to be pretty painful around here. 

[teachermom2834]

I think I remember making corrections after it processed. I’m sure you will be able to but yes it is shocking and stressful to get a crazy number when you have been on top of everything all along and knew what to expect. 
 

I was once upset about not qualifying for work study but all three of my kids did really well with non-work study jobs at their various schools. But if you qualify for any kind of grant of course you want to maximize that. 
 

I am sure you will get it worked out. But so aggravating!

[ScoutTN]

8 minutes ago, teachermom2834 said:

I think I remember making corrections after it processed. I’m sure you will be able to but yes it is shocking and stressful to get a crazy number when you have been on top of everything all along and knew what to expect. 
 

I was once upset about not qualifying for work study but all three of my kids did really well with non-work study jobs at their various schools. But if you qualify for any kind of grant of course you want to maximize that. 
 

I am sure you will get it worked out. But so aggravating!

Yes, re work study. I made WAY more waiting tables than my w/s job paid!

[teachermom2834]

6 minutes ago, ScoutTN said:

Yes, re work study. I made WAY more waiting tables than my w/s job paid!

Yes I remember when I was in college so many campus jobs were limited to just work study applicants but my kids haven’t run into that (even pre-covid when jobs weren’t so easy to come by). 
 

My current student has a really cushy campus job that is not work study. He mostly can study on his shifts and gets paid time and a half if he works on a weekend. Super sweet. Oh and they feed him.

Edited October 21, 2022 by teachermom2834

[Lori D.]

3 hours ago, ScoutTN said:

...Work study for sure...

Here is the Federal Student Aid website, and the page on types of aid, and the page specifically on Work Study.

Frankly, Work Study is so NOT worth it, and hasn't been for years:
- the amount awarded is small (the AVERAGE award last year was just over $1,500), even for those with the lowest EFC #s
- the student has to find a job that works with Work Study, and apply for it, just like any other job
- money is awarded by halves -- half in fall, half in spring -- so the student may have to do the job search TWICE in one year
- the student is paid an hourly rate to receive the Work Study $$, and when the award amount is gone, the job ends -- which is very unpleasant mid-semester to lose a job that you were counting on to pay for expenses

Here's a recent Nerd Wallet article on Work Study, and all the ins and outs.

Edited October 21, 2022 by Lori D.

[ScoutTN]

19 minutes ago, Lori D. said:

Here is the Federal Student Aid website, and the page on types of aid, and the page specifically on Work Study.

Frankly, Work Study is so NOT worth it, and hasn't been for years:
- the amount awarded is small (the AVERAGE award last year was just over $1,500), even for those with the lowest EFC #s
- the student has to find a job that works with Work Study, and apply for it, just like any other job
- money is awarded by halves -- half in fall, half in spring -- so the student may have to do the job search TWICE in one year
- the student is paid an hourly rate to receive the Work Study $$, and when the award amount is gone, the job ends -- which is very unpleasant mid-semester to lose a job that you were counting on to pay for expenses

Here's a recent Nerd Wallet article on Work Study, and all the ins and outs.

Sounds terrible.

I think Dd would rather babysit, accompany a children’s choir at church, teach piano, tutor elementary math, etc. than deal with w/s hassle. She makes $16/hr working in a restaurant right now. We will see how it all shakes out when we know where she is going. Some places will have more opportunities than others. We have already decided that she will not work first semester, while she is settling in. Other things are more of a priority: school and study habits, church and Christian community,  exercise, music, etc. 

[kokotg]

53 minutes ago, Lori D. said:

Frankly, Work Study is so NOT worth it, and hasn't been for years:
 

I think that depends on the school and on the individual situation; my son in school in Minnesota has had a cushy library job for his work study all 4 years. Minnesota’s minimum wage is high, so he makes pretty decent money, and has a job that is flexible and works with his school schedule (he tells them when he wants to work every semester once his class schedule is set). They tell him how many hours to work based on his work study award…it comes out to 7-8 hours a week, which is perfect for him. It’s a small college and seems to do a good job working with students so work study works for them (one semester he did a TA type job, and it was no problem splitting the hours just for that semester). For my kid in Tennessee with a much lower minimum wage it’s much less likely to make sense. He has a campus job for just a handful of hours a week right now, and he’s getting almost twice as much hourly as a work study would pay.

[Lori D.]

11 minutes ago, kokotg said:

I think that depends on the school and on the individual situation; my son in school in Minnesota has had a cushy library job for his work study all 4 years. Minnesota’s minimum wage is high, so he makes pretty decent money, and has a job that is flexible and works with his school schedule...

That's awesome!

I think this is the first positive experience with Work Study I've heard on these boards over the many years I've been active on the high school/college forums, so that's good to know it is a help for some! 😄 

[Lori D.]

5 hours ago, ScoutTN said:

Yes, mostly merit aid. We cannot afford to take loans. Dd may be headed to the mission field, definitely no loans. From the research I've done, I'd expect something in a grant, but really not sure how much. Work study for sure. 

I cannot get back in right now. It says, "processing". On hold with the fed student aid people now. 

Can't help with the 3x too high EFC # (hopefully it's just an error and you'll be able to change it), but a few other thoughts:

Scholarships are awarded by the college and many are merit (not need-based/EFC#-based), so a high GPA and/or SAT/ACT score may cover much of her costs. Many many colleges require the FAFSA in order to award the scholarship, even if it is NOT dependent on the EFC# -- so don't panic yet! 😉

Federal grants are either the Pell (based on EFC#), or are the TEACH grants for those going for an Education degree.

You might also research your state's college grants. Based on your board name 😉 , here is info on TN Money for College.

Finally, you might look at PAGE 3 of the "College Motherlode" thread, pinned at the top of the WTM College Board forum for $$ ideas. Here are a few:

Alternatives to fund college / reduce college costs
s/o Cautionary Tale/high college costs — a brainstorm $$ ideas thread! 
How are YOU managing to pay for college? (lots of real-life creative ideas) 
College as cheap as possible: need advice 
College breaking the piggy bank? (how are homeschoolers affording college?) 
Unexpected ways to save a little money in college? 

[ScoutTN]

5 minutes ago, Lori D. said:

Can't help with the 3x too high EFC # (hopefully it's just an error and you'll be able to change it), but a few other thoughts:

Scholarships are awarded by the college and many are merit (not need-based/EFC#-based), so a high GPA and/or SAT/ACT score may cover much of her costs. Many many colleges require the FAFSA in order to award the scholarship, even if it is NOT dependent on the EFC# -- so don't panic yet! 😉

Federal grants are either the Pell (based on EFC#), or are the TEACH grants for those going for an Education degree.

You might also research your state's college grants. Based on your board name 😉 , here is info on TN Money for College.

Finally, you might look at PAGE 3 of the "College Motherlode" thread, pinned at the top of the WTM College Board forum for $$ ideas. Here are a few:

Alternatives to fund college / reduce college costs
s/o Cautionary Tale/high college costs — a brainstorm $$ ideas thread! 
How are YOU managing to pay for college? (lots of real-life creative ideas) 
College as cheap as possible: need advice 
College breaking the piggy bank? (how are homeschoolers affording college?) 
Unexpected ways to save a little money in college? 

Thanks, Lori. I’ve read everything on the boards about paying for college many times over. An amazing resource! So thankful for y’all who’ve walked ahead of me!

We know we can swing what two of her schools, regional state U’s, will cost after the lottery scholarship (She’ll get both levels.) and automatic merit. Could be even lower after competitive merit and FA. She is already accepted to these schools.

 

Three private schools are way more iffy. Going to those will depend on both FA grants and generous competitive merit aid. So the EFC will matter for FA there. She has been accepted to one of these schools and invited to the Honors College and scholarship competition. 

[Frances]

2 hours ago, ScoutTN said:

Sounds terrible.

I think Dd would rather babysit, accompany a children’s choir at church, teach piano, tutor elementary math, etc. than deal with w/s hassle. She makes $16/hr working in a restaurant right now. We will see how it all shakes out when we know where she is going. Some places will have more opportunities than others. We have already decided that she will not work first semester, while she is settling in. Other things are more of a priority: school and study habits, church and Christian community,  exercise, music, etc. 

Some work study jobs are worth it because of the connections you can make to faculty or staff. And some colleges now let students do off campus work for work study. For instance, one of my nieces who wants to be a high school math teacher, but did not major in education, tutored at a private high school for four years for her work study job.

[Kassia]

4 hours ago, Frances said:

Some work study jobs are worth it because of the connections you can make to faculty or staff.

My first work-study job was fabulous for this and also for my original major.  I was a psych major in my first semester and got a work-study job with a psych professor who published a quarterly psychotherapy journal.  My title was "editorial assistant, " which was really cool even though I was only doing a lot of paperwork at the time and wasn't doing any editing but if I had stayed I would have gradually had more responsibilities.  My other work-study jobs were mostly clerical but easy and paid well.  

OP - hope this is all fixed soon! 

[Lori D.]

22 hours ago, ScoutTN said:

Update: After talking to the helpline, I think I figured out my mistake, but cannot correct it til they have “processed” the initial form. Then I can go back in and correct...

Yea! Good luck! 😄