Anyone else get a very high EFC?

Paying for College
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<p>"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"
emeraldkity: I know of a friend who have money for mortgage but haven't been able to save enough for kids' college. The reason he immigrated recently and had to start everything simultaneously; just stating the facts.</p>

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<p>A family who is paying $6000 a month on a mortgage and can't afford to pay for their kids education has clearly made the decision that a home is more valuable than educating their kids.</p>

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<p>Geez...just noticed this thread is TWO YEARS OLD. Seems like when they get that old, they should be archived or something.</p>

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<p>Since the FAFSA doesn't ask one question about home equity or home value, I have to wonder why the above statement is deemed accurate.</p>

<p>If your family can afford $6000 a month for a mortgage, in my opinion, they can also afford to send their kids to college...if that has been their savings priority. That's $72,000 per year on mortgage payments. The family would have to have a mighty large income to qualify for a mortgage in that amount.</p>

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<p>MY son's EFC is 39,000... We live in the northern suburbs of New York City, My wife and I are two RNs who decided to move back 5 years ago to the town where my 18 yo son was born. We moved down b to Florida,beccause it was cheap and the idea of nice climate. We decided to move back to New York 5 years ago for a couple of good reasons. First because first, we missed being away from family, secondly my wife needed to take care of her ailing parents who lived in the Bronx, and lastly to help out her sister's family ( her husband died on 9/11 leaving 6 months twins and two kids 3 and 5 at the time) and we decided to move near my brother too. So we sold our house in Florida which was 4 bedrooms 2.5 car garage colonial which sold for only 140,000 dollars, took the profit of 42,000 dollars and we bought a 4 bedroom 2.5 colonial up here, in the same town where my sister in law live for the median price in our county @ that time 520,000 dollars. Our mortage was only 1000/ month in florida and my wife worked part time., Now we both work have a mortgage of 400,000 and payments of 3200.00/ month including taxes 0f 8500/yr.
Our present house is the same size as the one in Florida, both of kids attend public school up here which is among the best in the USA, opposed to Central Florida the public schools my kids went to were horrible ( we sent our kids to Catholic school there).
My beef is why the wizards who develop FASFA can justify comparing regions of the country where a family A who lives in the same county where he grew up, say the burbs of NYC, SF, LA, Boston with the same size as family B who lives in Omaha, Duluth, Biloxi. Both families also live in the exactly the same size house, two parents who have the same exact job, who lived in the house for the same exact length of time. also buys the same amount of groceries, has cable, internet, two nice cars, etc.
But here where it gets funny. Family A earns twice the amount of money than family B ( which is the median income for that surbuburn regions of SF, LA, NY, Boston, ) , but family A's housing costs are 4 times as much) plus family A pays more for car insurance, has higher commuting costs, etc. Now I now what is coming next.. This is Family's A's choice to live, and we could move way from family and friends to family B's region 1000 miles away so we can have a lower EFC.s<br>
Ok now lets's say family' B parents who both work for a large corporation and are told the company is downsizing and we can give you choices to relocate in Family A's cities and guess what.. in order to make it fair because we all know of the high housing costs there. we are going to double your salaries!! and pay for reloacation costs, beef up your 401 k, even help with paying your mortgage for a year and giving you 100,000 dollars for a down payment for your new 515,000 house. sounds great right? Now would family B who happen to be saavy CCers, move?You tell me !!!! Maybe. but they have a 17 yo senior who wants to go to that highly regarded LAC right near mom and dad's proposed new home. Now would family B' move??
You tell me</p>

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<p>MY son's EFC is 39,000... We live in the northern suburbs of New York City, My wife and I are two RNs who decided to move back 5 years ago to the town where my 18 yo son was born. We moved down b to Florida,beccause it was cheap and the idea of nice climate. We decided to move back to New York 5 years ago for a couple of good reasons. First because first, we missed being away from family, secondly my wife needed to take care of her ailing parents who lived in the Bronx, and lastly to help out her sister's family ( her husband died on 9/11 leaving 6 months twins and two kids 3 and 5 at the time) and we decided to move near my brother too. So we sold our house in Florida which was 4 bedrooms 2.5 car garage colonial which sold for only 140,000 dollars, took the profit of 42,000 dollars and we bought a 4 bedroom 2.5 colonial up here, in the same town where my sister in law live for the median price in our county @ that time 520,000 dollars. Our mortage was only 1000/ month in florida and my wife worked part time., Now we both work have a mortgage of 400,000 and payments of 3200.00/ month including taxes 0f 8500/yr.
Our present house is the same size as the one in Florida, both of kids attend public school up here which is among the best in the USA, opposed to Central Florida the public schools my kids went to were horrible ( we sent our kids to Catholic school there).
My beef is why the wizards who develop FASFA can justify comparing regions of the country where a family A who lives in the same county where he grew up, say the burbs of NYC, SF, LA, Boston with the same size as family B who lives in Omaha, Duluth, Biloxi. Both families also live in the exactly the same size house, two parents who have the same exact job, who lived in the house for the same exact length of time. also buys the same amount of groceries, has cable, internet, two nice cars, etc.
But here where it gets funny. Family A earns twice the amount of money than family B ( which is the median income for that region) , but family A's housing costs are 4 times as much) plus family A pays more for car insurance, has higher commuting costs, etc. Now I now what is coming next.. This is Family's A's choice and we could move way from family and friends to family B's region 1000 miles away so we can have a lower EFC.s f
Ok now lets's say family' B parents who both work for a large corporation and are told the company is downsizing and we can give you choices to relocate in Family A's cities guess what.. in order to make it fair because we all know the high housing costs there. we are going to double your salaries!! and pay for reloacation costs, beef up your 401 k, even help with paying your mortgage for a year and giving you 100,000 dollars for a down payment for your new 515,000 house. sounds great right? Now would family B who are CCers You tell me move? Maybe. but they have a 17 yo senior who wants to go to that highly regarded LAC right near mom and dad's proposed new home. Now would family B' move??
You tell me</p>