<p>Ok, so I have a question about how my efc will be affected since my parents own two homes. They make a little over 200k/yr for just them, my brother, and me.</p>
<p>But here's the thing. The only reason we have a 2nd home is because my mom had to relocate for her job as a statistician. It would've caused significant financial hardship if she did t take her job, especially since we lived in a place where there was practically no statistican jobs besides her old one. So we bought a new home close to her new work.</p>
<p>But we retained our old home because my dad works till kept his old job since quitting would also wreck Pur family.</p>
<p>So it's not as if we have bought a vacation home. It does mean that my family has to pay off 2 mortgages. If you take our family's relatively high income and subtract expenses, we only gain about 5k. However, my parents have been saving money for college since I was a baby, and we have 80k in my collee fund.</p>
<p>Will my efc be less than most ppl with same family incomes?</p>
<p>Your parents income (even without the second home) is too high for financial aid at most if not all schools. </p>
<p>The fact that your parents have a lot of expenses won’t matter.</p>
<p>And, you have a college fund.</p>
<p>I highly doubt that you’re going to qualify for any aid.</p>
<p>You will not be receiving any need-based aid. Expenses are not considered for FA, your parent’s income is much too high, and your assets are too high. </p>
<p>The only thing you will be offered is an unsubsidized Stafford loan every year (assuming you fill out the FAFSA) and any merit aid you qualify for due to your grades. Other than that you will be full pay everywhere. </p>
<p>With that income and level of assets did you honestly think you would be eligible for FA?</p>
<p>As others have said, you are not a candidate for financial aid. Even those who have a lot of need, don’t get it fully met most of the time. Perhaps at Harvard, under their calculators, you might get something, but whatever you get is not likely to be much.</p>
<p>You and your parents are eligible for some loans to help spread out the payments. College costs are meant to be paid in past, present and future earnings. It looks your parents have done well with saving money for you, are earning a good income to meet college expenses and they have the option to borrow if they find it tough to make the payments during the 4 year period.</p>
<p>If you have good test scores and grades, look into some colleges that have merit scholarships. That is often a source of some relief for those families who do not qualify for financial aid. A local favorite would be Fordham. They give out a number of grants to top students.</p>
<p>You and your parents can run the EFC federal and institutional calculators but honestly another person concurring that you are most likely not going to qualify for much if any need based financial aid. Find out what your budget is for college and then find colleges that will fit that budget with or without some sort of merit scholarships.</p>
<p>Xmsamurai…</p>
<p>Hopefully, you’re not a senior. </p>
<p>If you’re a junior, you need to:</p>
<p>1) Find out how much your parents will pay each year.</p>
<p>2) Try some NPC calculators, but understand that your parents’ income alone is too high. Then when you add in assets (college savings, personal savings/investments, second home), you won’t qualify for aid.</p>
<p>3) Find a few schools that will give your large merit scholarships. Include a couple that will give you LARGE merit for stats.</p>
<p>I have that question too. I mean, if I send it to an ivy league or similar caliber school, im afraid that they’ll just put it in the bottom of a drawer with the other 10k high PSAT scores.</p>
<p>If you have a high PSAT, then apply to a few schools that give NMF scholarships as financial safety schools.</p>
<p>You may have your sights on ivies, but if your parents won’t pay the high $60k per year for those schools, then what will you do?</p>
<p>Why would your EFC be less than most people with the same income?</p>
<p>The primary home is a non reportable asset for FAFSA. You can only have one primary home. The 2nd home will have to be reported as an asset which will likely increase your EFC. FAFSA does not take into account actual expenses. It just give a small amount of income protection based on the family size. </p>
<p>But it is a moot point really. With an income of $200k your EFC will be much to high for need based aid at most, if not all, schools.</p>
<p>Why would your EFC be less than most people with the same income?</p>
<p>He was hoping that schools would make some kind of exception because the family “has” to own two homes. But, schools won’t do that. And, no one HAS to own two homes. The mom could rent a cheap apt or do what many other people do…find a job in their area even if it’s not in their field. </p>
<p>The second home was purchased (as opposed to renting) as an investment…obviously. Otherwise they would have rented. It’s an asset.</p>
<p>But, regardless, the income and savings will kill any hopes for FA.</p>
<p>The second home won’t count if it is mortgaged up to the hilt. Some schools, the ones who also want a PROFILE financial aid app, will count the first home too, depending on how much equity is in it.</p>
<p>True that it won’t “count” as much of an asset if it has little/no equity. But, that’s not the OPs real concern </p>
<p>He thinks the schools should take into acct that his parents are paying two mortgages. So, if his parents are paying $5k a month total for two mortgages, he wants the school to take that into consideration…but they won’t.</p>
<p>Need based aid, and the EFC per FAFSA (and Profile too) are largely driven by income, not assets. Home equity in that second home would be an asset. With an income of $200,000 and a family of four, your EFC will exceed the cost of attendance at almost all colleges.</p>
<p>As noted by others…your family CHOSE to purchase a home for your mom. She could have rented a room if there was a financial hardship with her owning a second home.</p>
<p>Ok, thanks for all your answers. It’s true that she didn’t HAVE or NEED to buy a second home, but we got it in the hopes that we can resell for more money when they retirements.</p>
<p>That is exactly why a 2nd home is treated as an investment.</p>