<p>we just got our scholarship info regarding my D- it was a little less than expected- they said to fill out FAFSA form in January - I've looked at site etc but what is the general rule of thumb-does it tell you what you show have to pay(EFC) based on income(including all assets etc). I have some money and can pay for college - will it tell me that I am able to pay and will get no help-</p>
<p>Did you try an online EFC estimator? That would give you an idea of how much your EFC would be. Every case is different. Was it a merit scholarship that was less than you expected for your D?</p>
<p>I’ve found that the finaid calculator on[this website](<a href=“http://www.finaid.org/”>About Finaid - Finaid) has been able to estimated EFC fairly well for us, for both FAFSA only as well as schools that use PROFILE.
But remember,
Schools expect that funds are available from past,( savings) present, & future ( loans) earnings & even at schools which claim to meet 100% of need, need can be met not only by grants, but by loans and workstudy.</p>
<p>*what is the general rule of thumb-does it tell you what you show have to pay(EFC) based on income(including all assets etc). I have some money and can pay for college - will it tell me that I am able to pay and will get no help- *</p>
<p>FAFSA EFC doesn’t tell you what you have to pay. The phrase Expected Family Contribution is a misnomer. Most schools don’t have much need-based aid to give no matter what your EFC is.</p>
<p>For people who are not lowish income, EFC really doesn’t mean a whole lot. </p>
<p>However, your income, assets, and any college savings accts/pre-paids will count as well when determining your EFC. </p>
<p>Which school is this? Is it a school that meets need? If not, then you’re not likely to get much more than the scholarship except for a student loan.</p>
<p>Small LAC- Birmingham Southern - doubt we get more help</p>
<p>I would file the FAFSA for a first year student. You may not get any FA, but many schools will not let you file in subsequent years if you did not file in year 1, and your situation could change. At the very least it could offer unsubsidized loans that you can turn down if you wish.</p>
<p>*Birmingham Southern - doubt we get more help *</p>
<p>BSC is having serious financial difficulties, so it is doubtful that you’ll get more aid. It made some glaring financial mistakes over the past 10 years that somehow were kept underwraps until recent months. </p>
<p>Because of these serious errors, BSC will have to cut its budget by 20%…going from 50 Million down to 40 million. It’s endowment is also in serious trouble…it’s down from $110M to $70M.</p>
<p>So, you can’t expect anything more than whatever fed aid you’d qualify for…which is a student loan and maybe some work-study.</p>
<p>mom2collegekids-I live in Birmingham and know all about their financial issues-I was really just asking a general ? about the FAFSA.I have many freinds who attended there and say that it is supported heavily by alumnae and it will be fine in a few years.</p>
<p>Oh…I thought you were wondering if you would get more aid, so my answer was explaining why you can’t really expect to get anything more than a small student loan. </p>
<p>As you know, FAFSA just really lets you know whether you qualify for federal grants (which you probably won’t) and for student loans (which you will). </p>
<p>I’m sure the BSC will be fine in a few years, in the meantime, there will be concerns.</p>
<p>*but what is the general rule of thumb-does it tell you what you show have to pay(EFC) based on income(including all assets etc). </p>
<p>*</p>
<p>NO…EFC does not show you what you have to pay. The words Expected Family Contribution is a misnomer. It’s really just a federal number that indicates whether you qualify for the small amounts of federal aid.</p>
<p>Thanks for the information-</p>