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Congress sets the formula for calculating the EFC - does anyone know it, or know of a table where one can compare such things as assets verses EFC?
What's the formula?
- Thread starter BACMEDIC
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Wow, I found it two years ago on some government website...thanks, of course, to someone on this same thread. It even had all of the great tables showing the amount of spouse income and investments that are ignored in the formula. I will dig through my papers, but for now you can check out www.finaid.com for their EFC calculator, or do a search on this thread for EFC formula. (Oh, it may have been on the pre-med thread as well).
Good Luck.
Good Luck.
The EFC formula is laid out in great detail here:
http://www.ifap.ed.gov/efcinformation/attachments/0112EFCFormulaGuideFINAL0405.pdf
I built a spreadsheet from this and my calculations were only $63 away from the number I got on my SAR.
One thing that really annoyed me is that they estimate your 2003 state tax based on your legal residence at the time of filing the FAFSA. If you moved from a high-tax state to a low-tax state last year, the EFC won't reflect all the state tax you paid out.
I spoke to someone at DoE about this and they told me to mention it to the individual finaid officers at each school and have them adjust the EFC.
http://www.ifap.ed.gov/efcinformation/attachments/0112EFCFormulaGuideFINAL0405.pdf
I built a spreadsheet from this and my calculations were only $63 away from the number I got on my SAR.
One thing that really annoyed me is that they estimate your 2003 state tax based on your legal residence at the time of filing the FAFSA. If you moved from a high-tax state to a low-tax state last year, the EFC won't reflect all the state tax you paid out.
I spoke to someone at DoE about this and they told me to mention it to the individual finaid officers at each school and have them adjust the EFC.
