<p>Unless your kids get accepted into schools that either guarantee to meet 100% of need or they get big scholarships, you will have to pay out a lot more than your EFC.</p>
<p>Most schools don’t meet need, so many gap anyway. </p>
<p>And, your TOTAL EFC will be high…probably about $40-45k per year. So, even if your kids get into full need schools, they will expect you to pay out about $40k per year. </p>
<p>EFC is not the most you have to pay. </p>
<p>You’d be better off encouraging your kids to apply to schools that will give them big merit scholarships for their stats.</p>
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<p>Yes…above is true. BUT to clarify…that will be about $40,000 total for ALL three kids, not each kid. BUT if the community college kiddos do not count on the four year college kid’s FAFSA, THAT kiddo will be deemed the only kiddo in college and your EFC for that kiddo will be $40K is…for one year.</p>
<p>Yes, a good point. This is why, as thumper said, you want to make sure when you have multiple students in college that they are all enrolled as degree-seekeing students, preferably full-time… whether that be at community or 4-yr colleges.</p>
<p>Even still, as mom2 points out, your EFC won’t likely be all that you’ll have to come up with.</p>
<p>*Yes…above is true. BUT to clarify…that will be about $40,000 total for ALL three kids, not each kid. *</p>
<p>Right. I only mentioned the “$40k total” per year because it sounds like they can’t afford to pay out much…*My husband makes 180K but every bit goes to food, mortgage and books. *</p>
<p>If “every bit” of their income is already spoken for, then even if all 3 kids luckily got accepted to “full need” schools, they family would have a hard time coming up with the approx **$15k+ per kid ** that they would be expected to pay. </p>
<p>Sometimes people with large families assume that schools won’t expect them to pay much. 1) Most schools won’t care, because FAFSA doesn’t mean much to them. 2) When you have a high income, your FAFSA EFC will still be high - either singly when 1 is in college, or “in total” when a few are in college. </p>
<p>With an income that high ($180k), even a large family is going to have either 1 high EFC, or multiple EFCs that add up to a high number. I may have even “low-balled” the TOTAL EFC because of the 6 kids. The total EFC may be $50k. (That’s what I got from a FAFSA calculator with a family of 8). </p>
<p>FAFSA doesn’t take into account big mortgages. Only indirectly would it come into play because a large family with a high mortgage may not pay as much in taxes as another family would with the same income.</p>
<p>Your EFC is a number computed using info from the FAFSA and it can be important IF you qualify for federally funded need based aid.</p>
<p>BUT to the OP…the MORE important number is what your family thinks they can pay annually for each child in college. For example, if your EFC is $20K per child but you feel your contribution can’t top $10K…well…you will need to look for colleges that cost $10K out of pocket for you. OTOH… if you feel you can contribute $30K per year…you can easily afford that $20K school too.</p>
<p>So…to the OP…before you do anything else, look at your OWN finances. And remember, you right now have 6 kiddos who potentially could go to college with the thought of a 7th. College educations for 6 or 7 children really will add up regardless of where they attend school, unless they receive terrific merit or need based aid somewhere.</p>
<p>You will need to research colleges too. Check the thread written by momfromtexas who did a lot of homework to find very very money for her two kiddos to attend college.</p>
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<p>Please clarify this. It doesn’t matter WHAT the family mortgage is for FAFSA purposes. And the taxes that large family pays on their income would be the same regardless of the size of their mortgage.</p>
<p>It doesn’t matter WHAT the family mortgage is for FAFSA purposes.</p>
<p>Indirectly it does since you have to include how much you paid in taxes. People who pay lots of interest on mortgages reduce their taxable income…hence they pay less to the feds than others with the same income. </p>
<p>*And the taxes that large family pays on their income would be the same regardless of the size of their mortgage. *</p>
<p>A large family with a big mortgage that earns $180k pays less in fed taxes than a small family with a modest mortgage with the same income.</p>
<p>The large family would be deducting for each family member and be deducting the interest paid on the large mortgage - hence paying less in fed taxes on the same income.</p>
<p>So, on FAFSA, when such a family puts down how much they paid in federal taxes against their $180k income, it would be much less than a small family with modest mortgage with the same income.</p>
<p>While their AGIs may be the same, the amount that they input as “taxes paid” will be much different. A small family with a modest mortgage with a $180k income may pay - guess $35k in fed taxes…but a large family with a big mortgage with the same income will pay a lot less.</p>
<p>Also even schools that aren’t going to give you aid- even public schools using FAFSA- may want signed copies of W-2s and 1040s. We submitted them, even though the only aid was a Stafford loan- just in case.</p>
<p>Mom2…the most important number on the FAFSA is the AGI. And yes…the larger family would pay less federal income taxes on their income. BUT this has NOTHING to do with the amount of their mortgage. The mortgage amount is totally irrelevant.</p>
<p>*And yes…the larger family would pay less federal income taxes on their income. BUT this has NOTHING to do with the amount of their mortgage. The mortgage amount is totally irrelevant. *</p>
<p>Doesn’t FAFSA ask how much a family pays in federal taxes? If so, that factor plays into EFC somehow.</p>
<p>I know that you don’t put your mortgage amount on FAFSA, but a family that has a big mortgage and is paying a lot in interest that gets deducted, and has a lot of kids that get deducted will lower the dollar amount that gets put on the line for federal taxes paid.</p>
<p>So, somehow, indirectly, that somehow figures in…otherwise, why would it get asked? </p>
<p>On the FAFSA calculators…I put in the same AGI, but put in different numbers for number in family (1 in college) and different amounts of fed taxes paid, and you do get different EFCs. </p>
<p>So, it’s not totally irrelevant. IF it lowers what one pays in fed taxes, it somehow gets figured in. At least that’s how I see it.</p>
<p>I don’t think anyone with your income will qualify for any financial aid but loans. $180K is a VERY high income.</p>
<p>Community colleges typically cost much less than $15K per child per year, so you can get the older three through their first two years at a community college without too much financial strain if they live at home and perhaps get part time jobs, and then you can price your instate universities. </p>
<p>Figure with room and board, about $17-$20K per kid for each year; that’s $60K x 2 years = $120K for the three older kids. There will be loans available (about 6500$ per year per student, which may reduce your total out of pocket costs to about $81K for the last two years for the three older kids.) But then those kids will have to pay back $12-13K in student loans. </p>
<p>And you want a 7th child? Really?</p>
<p>I don’t think anyone with your income will qualify for any financial aid but loans. $180K is a VERY high income.</p>
<p>This will be true at many schools.</p>
<p>However, if when they have 3 kids in school at one time, all 3 kids are luckily at full need/low loan schools, then they would probably get some institutional grant money - along with student loans, work-study, etc to meed the “need” after “family contribution.” </p>
<p>But, the likelyhood of all three (or any of the 3) to be accepted to such schools can’t be expected (since acceptance is TOUGH!), the family needs a strategy to make sure the kids’ college costs get covered.</p>
<p>If the kids have high scores, but not “ivy/elite stats,” then they should pursue big merit scholarships at the schools that offer them. </p>
<p>Does anyone know how schools that give good scholarships treat homeschooled kids? Do they just accept test scores and whatever GPA the parents’ submit? Or are homeschooled kids sometimes excluded from merit scholarships?</p>
<p>My kids were homeschooled and I’ve worked with a lot of homeschool kids. There are certainly merit scholarships available for them, pretty similar to any other students. I think the issue for the OP will be that if her kids start at the community college and then transfer, they will end up dealing with the fact that scholarships are fewer and less generous for transfer students.</p>
<p>OP,</p>
<p>There are 2 types of aid: financial aid (grants and loans) and merit aid (scholarships). Grant money and scholarships do not have to be repaid. Your children are unlikely to get any federal grant money. Look to see if your state has $ for which they may qualify. Some states based it on the FAFSA number (if your state does that, your kids are unlikely to get anything); other states have scholarship money that they give for certain grades, SATs or majors. </p>
<p>Next, find out what the schools themselves offer. In some states, dual enrolled kids go for free or almost free. Some state schools also have scholarships for kids who are coming in from the community college. Call the financial aid office at the 4-year college and find out about that and any requirements. Also, some 4 year schools do not consider students transfer if they are dual-enrolled even if they have 1-2 years of credit. Ask about that (at the 4 year school) because that would mean your kids can compete for more money. </p>
<p>Is it possible for your kids to live at home? At a minimum, they will get federal loans and I think that’s around $5500 for freshman year and $6500 for juniors and seniors. (Someone here will correct the amount if I’m wrong.) That and a part-time job will probably pay for most instate public colleges. </p>
<p>If you want other options, you need your kids to apply to several schools and see what packages they come up with your family. The one thing you should know is that they do expect that you’ve saved for the kids’ college education-- so the amount they will want you to pay is likely to sound very high to you. If you don’t want the kids to attend the state school, you will need them to apply to colleges where their testing puts them at the top of the class because, in general, colleges want kids with high test scores to make them look good.</p>
<p>I think the issue for the OP will be that if her kids start at the community college and then transfer, they will end up dealing with the fact that scholarships are fewer and less generous for transfer students.</p>
<p>Very good point!</p>
<p>My friend has 5 kids and she made the mistake of sending the older ones to community colleges first thinking it would save her a lot of money.</p>
<p>However, she quickly learned when it was time for them to transfer to 4 year colleges, that they weren’t eligible for scholarships that they could have gotten as incoming freshmen. So, she had to pay for all of their costs for junior and senior years (minus Stafford loans). </p>
<p>She “wised up” for the younger kids…they went straight to universities on scholarships.</p>
<p>One thing she did do to save money. For her kids’ junior and senior years in high school, she had them do dual enrollment to save money.</p>
<p>The three oldest will be in college at the same time beginning in 2011. yikes! We are considering having a 7th child. LOL! No, not crazy, just love those babies!</p>
<p>From my perspective- having kids 8 years apart- - if we aren’t going to get aid- makes expenses a bit easier to handle. Having closer together- if they happen to be in 100% need schools - then that could be taken into account. </p>
<p>Since owning a business/farm, makes it look like you have a * lot more money* available than may be true, little need based aid may be available.</p>
<p>I would guess that the parenting of the 6 kids you already have, takes priority over what might happen in the future- six college educations is a heck of a lot to come up with- not to mention all the bicycles, band-aids and birthdays inbetween- no matter how fun the babies are-</p>
<p>"I think the issue for the OP will be that if her kids start at the community college and then transfer, they will end up dealing with the fact that scholarships are fewer and less generous for transfer students.</p>
<p>Very good point!"</p>
<p>Maybe, maybe not. If these kids are likely to end up at the state school, the OP should really call them now and ask directly. Last I checked, my state has merit scholarships that are reserved for students transferring from instate community colleges. Plus, I’ve heard that many 4-year colleges will not consider dual-enrolled students transfer students for scholarship purposes. So, frankly, I think she should call. The advice given is true of most elite 4-year colleges (that aid is harder to get as a transfer and any cc savings will be eaten up by the difference in financial aid) but may not be true of her state school. Oh, and the other question she should ask is how many credits the kids can take before they are considered “transfer.” They may easily be allowed to do one year but not two. </p>
<p>And that one year can be very helpful to a homeschool student, especially if he/she doesn’t test well. First, if they’ve always been homeschooled, it can ease the transition to a typical classroom situation. Second, it may provide a college professor for a recommendation. And third, if the student doesn’t test well, it will provide an unbiased source for the student’s ability to handle college work. To answer your question mom2collegekids, colleges will look at the grades and test scores of homeschool students but tend to weigh the testing heavier than for kids coming from traditional schools. (Sort of like they might weigh the test scores more if a student is coming from a high school they’ve never dealt with compared to a school which sends many kids to their college.) This can help kids who test well but can hurt homeschooled students who don’t test well. Those kids in particular may do well applying to a 4-year school with a community college track record.</p>
<p>Last I checked, my state has merit scholarships that are reserved for students transferring from instate community colleges.</p>
<p>Yes, some states do, but usually the amounts are much smaller than what you’d get as incoming freshmen. Often, state schools only give transfer students scholarships in the $1k - 2k range at most. </p>
<p>* Plus, I’ve heard that many 4-year colleges will not consider dual-enrolled students transfer students for scholarship purposes. *</p>
<p>I’m not sure what you’re saying here. </p>
<p>I don’t know of any 4 year colleges that will not give incoming-freshmen scholarships to high schools students who also have AP, Dual, co-enrollment, or CLEP credits. The trick seems to be that these classes need to be taken before high school graduation. </p>
<p>However, some schools even allow summer school credit before freshman year of college.</p>
Follow up…first son, now 21, is graduating with degree in accounting this May. Magna Cum Laude. He earned really great scholarships at a Christian college with his ACT scores. Lived at home to save money for upcoming marriage. 
We paid cash for remaining tuition/books. Not too bad at all. He is repaying monthly from his income as he works as accountant. Second child was just accepted with generous scholarships to early admission veterinary program. Third child graduates next year with great ACT scores. Looking at engineering programs. Earned his pilot’s license at 17. All three oldest kids earned approx. 60 college credit hours as dual enrolled students during high school at our local community college. 4.0 GPAs in college. 4.8-4.6 weighted high school GPAs Community college during high school is a fraction of university cost. They still enter university as official freshman, earning freshman scholarships due to ACT scores. Though they are actually college juniors in terms of credits earned toward degrees. Youngest three are coming up fast so we’re saving our pennies! And no, I never got my 7th. 
But truly enjoying these 6. Time passes so fast. Enjoy them while they’re eating everything out of you frig! God is good. He provides for all our needs.
Wow, just wow - what a great story!