The AGI (adjusted gross income) of the Parent's and Student is the only amount considered in determining the EFC (estimated family contribution). This amount is taken from income tax returns for the previous year. This formula must take into consideration current family circumstances, including but not limited to, reduction in income, job loss, employer and employee deductions, and other factors which drastically reduce their AGI. The loss or reduction in a second income leaves families struggling to keep up with obligations that were made long before the reduction, a depletion in savings, and a paycheck to paycheck existence.This formula is biased and antiquated, and does not provide a clear understanding of a potential Student's financial needs when applying to Schools. Revise FASFA.
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