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Author Topic: Another EFC question  (Read 819 times)

2Legit

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Another EFC question
« on: January 09, 2006, 06:13:05 PM »
So based on the EFC calculator I found, I qualify under the simplified needs test because my income is below a certain level. Therefore, assets (bank accounts, homes, etc) are ignored. My question is, if this is true, could I theoretically own a $1M home and have another $1M in the bank and not be expected to use any of it to pay for tuition as long as I make less than a certain amount each year?   
In: Cardozo, Fordham, U Mich, Cornell
Out: Columbia, Penn, NYU
Waitlist: Northwestern

Typhoon Longwang

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Re: Another EFC question
« Reply #1 on: January 13, 2006, 12:00:28 AM »
Fill out the FAFSA-do the real thing...you may have a bit of a surprise.  I suspect if you had an income of $0 but $1M in cash they would expect you to pay up.

You may want to do the Education Department's worksheet to see what the EFC will be:
http://www.ifap.ed.gov/IFAPWebApp/currentEFCInformationPag.jsp