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Chuck Moore, CCFC, CAMC, CAFC Louisville, Kentucky 502-721-8646 â–ª tuition2@insightbb

Chuck Moore, CCFC, CAMC, CAFC Louisville, Kentucky 502-721-8646 â–ª tuition2@insightbb.com www.collegeliteracyacademy.com www.gearuped.com. How To Complete The FAFSA. How The EFC Is Calculated. FAFSA Formula Similar To Tax Formula Income Protection Allowance

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Chuck Moore, CCFC, CAMC, CAFC Louisville, Kentucky 502-721-8646 â–ª tuition2@insightbb

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  1. Chuck Moore, CCFC, CAMC, CAFC Louisville, Kentucky 502-721-8646 ▪ tuition2@insightbb.com www.collegeliteracyacademy.com www.gearuped.com

  2. How To Complete The FAFSA

  3. How The EFC Is Calculated

  4. FAFSA Formula Similar To Tax Formula • Income Protection Allowance • Asset Protection Allowance • Employment Allowance • Deductions For Certain Taxes Paid

  5. Income Protection Allowance

  6. Income Protection Allowance Example Number In Household 4 Number In College 1 AGI: $85,000 Income Protection Allowance $26,290 Available Income $58,710

  7. Asset Protection Allowance

  8. Asset Protection Allowance Example Oldest Parent 46 Allowance $37,100 Exposed Assets $50,000

  9. Asset Protection Allowance Example Oldest Parent 46 Exposed Assets $50,000 Allowance (minus)$37,100 $12,900 $12,900 X 5.65% Adjusted Available Assets $729 ($729 Is Added Into Your Adjusted Available Income)

  10. Employment Allowance Example Number Of Parents Working 2 Lowest Earner Amount $26,000 Employment Allowance % 35% Maximum Allowance $3,500 (Single Wage Earners Do Not Get An Employment Allowance)

  11. Employment Allowance Example Number Of Parents Working 2 Lowest Earner Amount $26,000 Employment Allowance % X 35% $9,100 Maximum Allowance $3,500 (Single Wage Earners Do Not Get An Employment Allowance)

  12. Employment Allowance Example Number Of Parents Working 2 Lowest Earner Amount $7,000 Employment Allowance % X 35% $2,450 Maximum Allowance $2,450 (Single Wage Earners Do Not Get An Employment Allowance)

  13. Tax Allowance Example Federal Taxes $ 5,250 Social Security Taxes $ 6,120 State Taxes 4% $ 3,200 Total Tax Allowance $14,570

  14. Total Allowance Income Allowance $26,290 Asset Allowance $ 729 Employment Allowance $ 3,500 Tax Allowance $14,570 Total Allowances $45,089

  15. Adjusted Available Income Of Parents Total Income $85,000 Total Allowances -$45,089 Adjusted Available Income $39,911

  16. Adjusted Available Income Of Parents

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