It's your turn to try your hand at the FAFSA4caster.
The FAFSA4caster will give you an estimate of your Expected Family Contribution (EFC). In this lesson, you will use your own information for the first part of the form. If you indicate that you and your parents filed tax returns last year, you will be asked to list your adjusted gross income (as listed on your taxes). Remember the need to protect privacy, and use the sample income amounts below to complete the form.
Complete the FAFSA4caster three times, using the different financial information below.
- Your gross income: $500; your parent's gross income: $42,000
- Your gross income: $1000; your parent's gross income: $105,000
- Your gross income $3500; your parent's gross income $34,000
Depending on the size of your family and your tax filing status, the EFC may change a great deal.
Later, you and your parents should complete the FAFSA4caster with accurate information for your family. This process will prepare you both for completing the FAFSA and give you a great foundation for a conversation about your college funding plan.
Go now to the FAFSA 4caster to complete the form three times using the above income information. All other information should be accurate for you and your family. Click here to access the FAFSA4caster.
As you discuss your FAFSA information with your parents, remember that there are many resources that can work together to influence your college funding package. By being aware of your financial aid and funding options, and have a clear understanding of your family's intended role in your education, you will be ready to make good decisions about college financing.
When you have completed the FAFSA4caster, return to this page to respond to the following questions before you complete your lesson quiz.
