Fed Financial
Working and Savings affect Fafsa Financial Aid Question College?
This year I got quite a bit of financial aid including the pell grant to go to school. I had around 2000 in savings and my parants made under 20000. I am wondering how much my financial aid will change if I make 6000 and have a total of around 10000 in savings. Does it matter how much you make or just your parents if you are a dependant. thanks
Public Comments
- Unfortunately, you will definitely have a higher EFC - especially with having $10k of your own in savings. A dependent student's EFC is calculated from the following: parents’ contribution (income, assets, and number of students in college), a student’s contribution from income, and a student’s contribution from assets; the EFC is the sum of these three. Even though the 0809 FAFSA is not yet available, if you are that curious and have the time and inclination (and some patience), you can guesstimate how much your EFC for 0809 will be by using the 0708 EFC Formula worksheet : http://www.ifap.ed.gov/efcinformation/attachments/0708EFCFormulaGuide1120.pdf There shouldn't be that many changes between the 0708 formula and the 0809 formula. You should talk to a financial aid officer at your school for more information (and if you make an appointment, s/he may even help you with the worksheet). Best of luck to you!
