$686 EFC with FAFSA, $6,000 with CSS/Profile

Paying for College
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<p>I'm submitting transfer apps to some LACs like Grinnell, Wellesley, Smith, and Mt. Holyoke, so I'm filling out the CSS/profile for the first time. It's fairly disturbing to see my EFC jump from $686 to $6,000. Even though colleges might expect my family to dole out $6k each year at minimum, that's not possible.. at all, given our financial circumstances (it's also why I'm currently attending a public in-state school that I hate and never wanted to go to). We have more than 1 mortage, which we haven't paid off, and we're neck-deep in debt. There are more than 7 people in this single-income family (also: 3 kids in college), so it's like WHAT! WAIT, WE CAN'T AFFORD TO GIVE THAT MUCH TO A SCHOOL A YEAR. I'm a first generation college student and a minority to boot (just not Hispanic or black, yay for luck). And even though my father OWNS property, he's not making a handsome profit. We recently paid $20,000 for a tenant's water bill, which is not something we can afford without more debt! /end woe-is-me lament</p>

<p>Is anyone else lower middle-class and worried about how financially well-off the CSS/Profile makes them seem? And does anyone with a similar EFC have experience with financial aid at the above schools?</p>

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<p>a couple of things to understand about the profile -- most schools will expect a contribution from the students which will increase with each year. I don't know if that is part of the $6,000 EFC you are looking at -- but it might be. They look for couple of thousand from a sophomore/junior. </p>

<p>Profile also takes into consideration any assets -- including a business.</p>

<p>Many profile schools also include an income for a non-working spouse. Unless there are very small children at home (under age 5) or the spouse is disabled, they believe that the spouse should work and will factor in an income for them.</p>

<p>So -- Profile adds in a contribution from you, and income for your mom and includes the property your father owns as assets.</p>

<p>If three kids are in college right now and your profile EFC is $6000, then it is really $6000 per student -- for a total of $18,000. That is a pretty significant EFC -- and you wouldn't be considered lower-middle class with that amount of income/assets. </p>

<p>Once good thing about most profile schools -- they have a much larger endowment and usually award better aid packages than state schools.</p>

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<p>My daughters school didn't offer merit aid but both Smith and Holyoke do ( and quite generous at that)</p>

<p>There are also many private schools that don't require PROFILE</p>

<p>I would also agree with hsmomstef that the students contribution is included.</p>

<p>I also never saw the PROFILE efc- just the FAFSA.</p>

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<p>Hsmom,
1) We don't have a business.</p>

<p>2) My mom is a traditional homemaker and does not speak English. She does not provide income for the family. It seems unfair that the school will make up an arbitrary # for her, because she does not contribute financially.</p>

<p>3) Correction: there aren't three kids in college, there are only two. For the Financial Aid Calculator I used, the EFC wasn't halved for each student attending college. You make it seem like the EFC is doubled for each kid. When I calculated, it only took 40% of the total EFC off, not 50%.</p>

<p>4) What's the student contribution that's factored in? I always assumed it was only 1k.</p>

<p>Emerald, can you please clarify what you mean by "I also never saw the PROFILE EFC - just the FAFSA?" And unfortunately, since I will be a transfer student at Holyoke or Smith, I will automatically be denied merit aid (it's only offered for freshman first-years).</p>

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<p>Zetetic -- sorry, I was responding to what you posted.</p>

<p>I assumed that you father had some type of business involving tenants, since you mentioned that he paid a tenant's water bill. I don't know of anyone that would pay a tenant's water bill except a landlord. If you parents own property other than their primary home, those assets are considered available to either sell or borrow against for college expenses. Your parents choice if they want to -- but they are considered. One thing that parents sometimes make a mistake with is to consider the value of the property and not the equity -- make sure that any additional property that has a mortgage has that mortgage amount subtracted from the value.</p>

<p>As far as your mother being a homemaker -- I am not the rule maker, I am just telling you how it is. colleges consider the expenses of the child to be the primary responsibility of the parents -- not the college (which I am sure you can understand). They take the stance that each able-bodied spouse should be working to contribute income and not sitting at home. They will factor in an amount for your mom. They won't make her work -- but they also won't award you aid so that your mom doesn't have to work. I think that makes sense. What you can do is add a note or send an additional letter explaining that your mother does not speak English and the most she could make would be minimum wage. That way, they don't add in $20,000 a year for her possible income.</p>

<p>you originally wrote that there were 3 in college -- that is why I used that number. And you are correct -- Profile schools don't cut the EFC directly in half (FAFSA does) -- I forgot that. Profile schools will only reduce the EFC amount by 40% for each additional student.</p>

<p>I can't tell you what the specific expected student contribution is for each school is -- you would have to ask them. i do know that some private schools increase the amount each year. I know that Princeton, for example, expected an average of $2280 per student last year. That is from summer earnings -- most schools also include work-study in the package.</p>

<p>it has been said before -- many times -- you have other options. You have to understand that attending a pricey college is a luxury and it just may not be one you can afford right now. it isn't fair -- but it isn't meant to be.</p>

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<p>Thanks for the detailed replies, Hsmom. I'm considering transferring to another public college (it's a top school), if the financial aid packages at the above colleges are dismal. I believe I should try and see what the financial aid is like before I automatically declare that a private college is just not an option, though. :)</p>

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<p>I'm going to post this, and it may be an unpopular reply, but here goes. The cost of attendance at the OPs college choices is well in excess of $40,000 per year. If that student had to pay $6000 for that education, that is QUITE the bargain for those schools. A student could earn a good chunk of that by working two jobs during the summer (maybe one full and one part time), and by working during the school year for 10-12 hours per week as well. My own DD earned well over $4000 last summer by working overtime when asked, and working as many hours per week as she could. In addition, she picked up babysitting jobs to supplement. She also has a job during the school year that nets her another at least $2500 during the school year. She could easily earn $6000 per year to help pay for the costs, if she were eligible for need based aid, and that is what she had to pay. If there is a shortfall, surely the family can contribute SOMETHING...even a thousand dollars for the year. I realize that for some FAMILIES coming up with $6000 is a lot of money. BUT the student can and should help earn this money if they are applying to high cost schools. Just my humble opinion.</p>

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<p>thumper1 -- what you say is very, very true. alot will depend on how the EFC ends up being calculated. A school could, conceivably, come up with an EFC of $6000 for the family plus a student summer earning contribution of $1800 plus factor in work-study in the FA package. That would preclude working during the school year to put money towards the EFC and the summer earnings would be limited since they are already factoring in some of it. I have seen packages like this.</p>

<p>Zetetic -- definitely apply to a few schools that you would be happy with. You really don't know what your FA package will look like -- you may find the state school gaps you enough that even with a $6000 EFC, the private school is cheaper. State school rarely meet 100% of demonstrated need. </p>

<p>Another factor to consider is that private schools have more resources to draw from for the most part. You may be able to establish that your family has special circumstances that might cause them to lower your EFC. I don't think it will be as low as the FAFSA efc -- but it might be more doable.</p>

<p>Where you attend school now -- do they award you enough aid to cover all expenses except your EFC? I am guessing they don't. Where I attend school as a transfer my grant aid covers tuition, fees and books -- but no living expenses. Typical for state schools</p>

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<p>* I also never saw the PROFILE efc- just the FAFSA.
*
Well I thought that was fairly self explanatory-
but FAFSA when complete- gives you an EFC
PROFILE when I completed it- just said- " any changes need to be submitted directly to the schools"
I didn't see a stated EFC from PROFILE anywhere.
Is it different now?</p>

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<p>Not to cause more worries, but I think you should also be aware that many schools do not have the same polices in financial aid for transfer students. Make sure you check how transfer students are handled. </p>

<p>I agree with Thumper's post in that $6K is a bargain for a $40K school. How much of your need does your state school meet? Are you communting?</p>

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<p>If the school feels that my family can sufficiently come up with $6k, then I will definitely need to pay $6k out of my own pocket each year (or take out loans).</p>

<p>In addition to that, these schools meet 100% of need, so I will receive a grant package AND loans/work-study for the remainder of the cost of attendance. Those loans will amount to a few thousand dollars, so I WILL NOT be paying $6k each year. That's $6k PLUS $3k-20k in loans and work-study. To say that's a bargain.. well, I was raised on South Asian frugality and the amount of financial stress this burdens the family with induces guilt.</p>

<p>Cptof, none of the schools that I'm applying to are severely unkind to transfer students, though I am aware that Smith and Mt. Holyoke do not award merit aid.</p>

<p>My current school (public, in-state 4 year) only gives me ~$2,000 to attend college, even though the tuition alone is ~5,000. I commute to save money. The Pell Grant I'm receiving is disgustingly meager. The Honors college doesn't even offer incentives for students (no tuition reduction or full scholarship--cue the incredulity). The reason why I'm going there is because my parents are forcing me to go to a school that's near instead of a school that's far away. Having never attended college, they rigidly maintain that all colleges are on equal footing--something that would make every CCer snort derisively.</p>

<p>The repugnance I feel toward my current school is tremendous and I sincerely doubt my ability to tolerate it for a full four years. First of all, the enrollment is massive (over 30,000 students). It's the complete antithesis of the educational environment I feel I legitimately deserve. Second, it has NO reputation, classes are overcrowded, professors are inaccessible, registration is a nightmare, and the academic programs are weak and underdeveloped beyond belief. (It's star program is MUSIC. Ha ha ha.) Yay for being an anonymous number that feeds money into the machine! (College Experience: F).</p>

<p>I frequently feel that if I never transfer, I might as well drop out of college and get a job, because this degree is comically worthless.</p>

<p>I recognize transfer admission to LACs is a quixotic hope, but I'm not simply applying to the aforementioned LACs but a reputable public school in a distant city. Tuition would be the same, but I would need to buy an apartment and live in the city independently, which would require a job either way.</p>

<p>So.</p>

<p>I don't know.</p>

<p>Let's summarize:
College is expensive and, oh, my collectivist parents should care more about academic programs before they bully their kids into attending Podunk U. 15 mi. away from home.</p>

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<p>merit aid for transfer students( from Smith website)Phi Theta Kappa Scholarships:</p>

<p>Scholarships ranging from $2,000 to $5,000 (maximum of three per year) are awarded to eligible students based on recommendations from the Office of Admission. There is no special application form. (U.S. citizens applying as a transfer or nontraditional student)</p>

<p>My suggestion since you don't seem to be getting anything out of your college experience is to work until you are old enough to to qualify as an independent student.</p>

<p>I am very impressed that your parents are responsible for 7 people, have three kids in college & yet their income is low enough for the FAFSA EFC to be less than $1000.
Most families in that situation would have college far down on their list of concerns, believe me.</p>

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<p>My parents discouraged me from attending college at all, emerald, (my mother outright forbade it at some point), so you're right, it is far down on their list of concerns.</p>

<p>I, however, think it's too early to hang in the towel and say "I'm quitting college!" Going to school at a nontraditional age does not appeal to me. The money will not be any easier to come by if I'm working to support myself to put myself through a 40k/yr school. I might as well apply to these schools, see what the outcome is, and then if that isn't viable, transfer to a better public school where tuition would be the same as it is now, in worst case scenario.</p>