We filled out a FAFSA in January using preliminary tax info from the last
check stubs of 2006, etc. The EFC is over $20K. Using some sites that try
to
derive the methodology at how the EFC is calculated, it appears that it's
not due to parental assets (mostly in 401k/IRAs) but due to parental
income.
I received a couple of patent awards in 2006, so the income is
"artificially" higher. Also, there are some factors that I don't see
reflected in the FAFSA form--younger siblings in private school, etc. I
don't see anywhere that home equity loans are factored into home equity.
I don't get a pension, so I have to fund my retirement from a 401k--but it
looks like that money is added back in to the AGI and so 401k
contributions
don't help lower the AGI for financial aid amount.
Don't get me wrong--I don't want to cheat the system, but I *do* want to
present my info in the best allowable light.
Any advice or ideas before we finalize the FAFSA form?
Thanks.
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