<p>I know it's a little late to apply for financial aid (CSS/IDOC), but maybe better late than never. My corrected EFC should be like $70,000... so is it worth it to try? I don't really want to do a CSS Profile for 7 schools and just get nothing out of it. I know you're saying "WOAH, your parents make that much and you don't want to spend 100 dollars on sending your CSS Profile? You're cheap! Just suck it up!" I understand your viewpoint, but money does not grow on trees for me either and a penny saved is a penny earned.</p>
<p>What got me thinking though is reading up on CC, an EFC of $50,000+ is pretty high, and it might just be a waste of money to spend 9.80 or whatever it is per school for a CSS profile. I know it's hard to say and all, but realistically, at this point, do I even have a chance at any grants/work study with such a high EFC?</p>
<p>you have to understand that an EFC of $70,000 means that your parents are expected to contribute $70,000 this coming year to the cost of school. Financial aid would not be available unless the school cost more than $70,000 (and there aren't any). CSS generally changes the EFC to a higher number, because it looks at assets a little differently.</p>
<p>if that is truly your EFC, I wouldn't waste you time or money filing the Profile -- unless the school requires it to award merit money (some do). Ask the FA department at the school if you need to do that Profile to qualify for merit aid.</p>
<p>You may want to ask your question directly to your FA Office. I have personally awarded Stafford Loans to students who had an EFC of 99,999...which is the maximum the EFC can go. Depending on the methodology of their cost of attendance calculations, you may still be eligible for Unsubsidized Loans.</p>
<p>Not true. My EFC was around $60,000 but <em>colleges make their own formulas.</em> As a result, I have gotten need-based money thus far from both schools I was accepted to . (between $5-10 K in both cases)</p>
<p>Yep, Aube....each school has a different method for calculating a student's financial need. Using such a broad answer can be costly. The only people truly capable of saying whether it would be worthwhile to complete the FA requirements is the FA Office. They will be able to tell you.</p>
<p>Nikki -- I hadn't thought about the unsubsidized student loans. A FAFSA is required for those and every student is eligible, regardless of need -- correct?</p>
<p>Do you often find that the EFC according to Profile is lower? I was under the understanding that it is usually higher and therefore a FAFSA EFC of $50,000 will most likely result in no aid.</p>
<p>I think virtually anyone can take out loans... my family has the max EFC ($99,999) and we aren't looking to get need based aid, but my brother still received loan offers...</p>
<p>Some schools require an FA app (FAFSA & Profile) as a freshman if they're going to give aid later on. Since no one knows what the future will hold (loss of job, injury or death of breadwinner, etc.), you might want to have them on file "just in case."</p>
<p>Having the documents on file for September will also allow you to ask for aid or see if there's anything you can do if an unforeseen circumstance occurs during your freshman year.</p>
<p>I went to a FA seminar where the presenter said just that. He gave an example of a family where the father who earned $350k lost his job during the school year and FA Office said they couldn't help him since he hadn't filed the FAFSA.</p>
<p>In most cares, all students are eligible for Stafford Loans. As a dependent student, you may only be eligible for either the Subsidized, Unsubsidized or a combination...depending on where your EFC falls in correlation to the FA calculations. The primary reason for ineligibility would be default on prior loans...followed by refusal to submit necessary documentation by the schools deadline. While Unsubsidized Stafford Loans are still loans, it can be helpful.</p>
<p>And you all know my feelings. Regardless of your finances NOW, I suggest doing the finaid applications. You are fortunate that your financial situation is a solvent one. BUT that could change due to unforeseen circumstances (loss of income, death in the family, high medical expenses, etc). If that happens, you might find yourself in the position to want the college to consider "special circumstances" and reevaluate your financial aid. These forms need to be on file for that to happen. The last thing you will want to do in the event of a family financial crisis is fill out finaid forms. Do it now.</p>
<p>I still get a laugh when I read award letters and that include a PLUS loan, Work Studing, etc as "financial aid"! Why not call it what it is .... if you want to go to college you will have to borrow large amounts of money and hope to pay it off within your life normal life span!</p>
<p>Stafford Loans, Work Study and PLUS Loans are financial aid because of the strict federal regulations which govern each program. While Stafford and PLUS are loans, in most cases, the interest and repayment schedule are better than private alternatives of funding. And honestly, students and parents who borrow wisely can usually repay all their education debts in 10 years. The problems develop when both students and parents borrow unwisely and to the extremes. I know with some of my graduate students...who are eligible for $18500.00 each year...many borrow their maximum amount both years in our MBA program...even though they would only reasonably need a grand total of $18500 for tuition and books for the entire degree program.</p>
<p>Just remember when reviewing your Award Letters....there are no requirements for students and/or parents to take out their ENTIRE eligibililty if it isn't necessary to cover ACTUAL cost. Taking ACTUAL cost into consideration, one can save themselves years of unnecessary loan payments.</p>