Anyone else get a very high EFC?

<p>I filled out my FAFSA and got an EFC of 40k. My parents make around 100k but not much more. They also have a lot of debt, which the FAFSA doesn't take into account. They have some investments so maybe thats the reason for the high EFC. Is there anything I can do? Should I bother applying for financial aid? Would schools give me any nonmerit based money?</p>

<p>Thanks</p>

<p>my efc sort of sucks too b/c my family is in the process of building a house, so we currently don't have a mortgage, we only have monthly rent of like 1500. so my efc was like 99,999. </p>

<p>but when our house is built in july/august, the mortgage will be a little more than 6000 a month.</p>

<p>i need to know the answers to the above questions too b/c i am gonna need some merit-based aid...</p>

<p>Yeah...I think I have to pay like 43,000 per year. Its a shame that my parents did the responsible thing and saved.</p>

<p>I dotn understand how I find my efc, next to it after I filled out the fafsa it said something like, 00038</p>

<p>Sanguine, you are fortunate that your parents had the means to do the responsible thing. :)</p>

<p>Yeah...I guess I really am. Both my parents grew up low income and my dad got a full scholarship U of Miami and then a full fellowship to UICU so I guess they did well. I only hope I can get some nice merit money so I can alleviate the financial stress.</p>

<p>-Perhaps my dad should have bought a BMW so the FAFSA would reflect less assets :) (he drives a subaru instead lol)</p>

<p>retirement accounts aren't tapped for EFC- except in the year that money is transferred into them.
Debt also isn't taken into consideration, except with mortgage debt, and how it impacts home equity.
The best investment you can make is to use some of those assets and pay down some of your debt.
What I don't understand, is families who can afford to pay $6,000 a month for a mortgage, yet apparently don't have money saved for their childrens education :::::::::shaking head:::::::::</p>

<p>Sanguine, your dad and I are fellow alums. Think of the need based aid you're not getting going to someone like your dad, who'll someday be able to do the same for his children. It's nice to read about parents doing the best they can for their kids. I hope you get some nice merit money, too. Good luck!</p>

<p>
[quote]
What I don't understand, is families who can afford to pay $6,000 a month for a mortgage, yet apparently don't have money saved for their childrens education :::::::::shaking head:::::::::

[/quote]
</p>

<p>my parents did have money saved for education, but i have two older siblings who are currently attending expensive private schools.</p>

<p>and, is there anyway i can let FAFSA know that our mortgage/rent will increase drastically before i start school? i think that money will really effect my efc...</p>

<p>Hotpiece, I think you need to talk to the financial aid offices at the schools you've applied to.</p>

<p>Mortgage/Rent not included in FAFSA calculation at all.
Unfair... but this is how it works.</p>

<p>i got 27k, but my dad is like in 250+ K in debt but has a lot of investments</p>

<p>
[quote]
Mortgage/Rent not included in FAFSA calculation at all.
Unfair... but this is how it works.

[/quote]
they ask for monthly rent/mortgage, so i thought it was included in the calculation. if it's not though, why do they ask for that information?</p>

<p>thanks for the advice 1moremom, i think i will call them and see what we can do, but i just talked to my mom and i think that might be a waste of time b/c my EFC will not decrease enough for me to get aid anyway.</p>

<p>I really doubt that FAFSA will take into account that your family is choosing to spend more on their monthly mortgage expenses, more than the annual median american family income.</p>

<p>Our mortgage is less than $1000, and while we don't live in NYC, it is one of the more expensive places in teh country
Middle class doesn't mean nouveau riche ;)</p>

<p>
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Our mortgage is less than $1000, and while we don't live in NYC, it is one of the more expensive places in teh country
Middle class doesn't mean nouveau riche

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</p>

<p>I never said that my family was middle class. and the only reason i even brought the mortgage issue up is b/c my sisters FAFSA from last year was like 30000 less than mine b/c we were living in a house.</p>

<p>"i need to know the answers to the above questions too b/c i am gonna need some merit-based aid..."</p>

<p>I don't think your financial situation, mortgages etc will affect aid based on merit. </p>

<p>Our EFC came in high too (65k), but I'm not complaining. We are fortunate and I would feel like scum taking need-based aid away from those who truly need, rather than liquidating some assets to pay our own way. My dh is gonna cry a little when the bank account starts shrinking, but that's what we put it there for. (I won't cry, I'm delighted to spend money on education....gives me the same thrill shopping does...lol!)</p>

<p><a href="I%20won't%20cry,%20I'm%20delighted%20to%20spend%20money%20on%20education....gives%20me%20the%20same%20thrill%20shopping%20does...lol!">quote</a>

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that's so great idmom. my parents are probably gonna cry when it comes time to pay. but i would also feel like scum for taking away need-based aid for less-fortunate students (especially since my parents only got to college b/c of need-based aid).</p>

<p>I am applying to small- and medium-sized liberal arts colleges, and here's a bit of advice that admissions counselors at two of the colleges have given me:</p>

<p>Write a letter explaining your family's special financial circumstances. FAFSA doesn't take into account medical bills, loss of income due to a family member's illness, etcetera, etcetera, etcetera. But many schools do care about those things. I was told to have my parent write a letter to the school's financial aid office explaining any financial situations not applicable on the FAFSA forms, and get it to the school by about the middle of February. (that's based on getting FAFSA turned in by Feb. 1)</p>

<p>Don't know if that helps anyone .... it's just what I was told to do for such a problem.</p>

<p>My father is top 1% but I didnt have to include him on my FAFSA because I dont live with him. However, the FAFSA with my stuff and my mother alone was 60K. Looks like im getting 0 from the feds...what a surprise.</p>

<p>my parents are both retired and it came up with 50k... what are they supposed to liquidize all their assets to pay for me to go to college?</p>