<p>^^^
Remember that when you have their grandchildren.</p>
<p>24k efc. </p>
<p>ive been working since i was 14…ive saved over 15k + in my savings. I work, my mom makes over 100K. The way i see it, i can afford it. though, i dont want to use my savings for undergrad, rather use it for law school.</p>
<p>I remember financial aid night when my oldest child was a senior in high school. It was, of course, a lesson in how to fill out a FAFSA. When I pulled up at the school in my battered minivan, I saw a sea of late-model, gas-guzzling Suburbans and top-of-the-line Lexus SUVs. I’m assuming that many of those kids would up in the flagship state universities or found schools that gave merit aid packages.</p>
<p>^^^</p>
<p>Or some are from affluent families that can afford pricey cars and pricey colleges. My kids’ school had kids like that. One student drove a new BMW and her parents pay full freight at Vandy.</p>
<p>I don’t understand my EFC. I received 49,000. Why is it so high? I only made 12k last year from working, I live alone, and am over 25. My rent alone is 4000 a year + utilities. That doesn’t include gas, food, and other expenses. It leaves like 2000 for school, if that…</p>
<p>I am one of those parents with a high income and a EFC. What I don’t get is how I could pay to pay 1/4 of our income in college expenses and 1/4 in taxes while still saving for retirement. The only way we could afford to pay $50,000 is to not fund our 401Ks. But my husband and I are over 55 and won’t qualify for pensions. We have cars that we have paid off, a mortgage that is reasonable, don’t take expensive vacations. But we still need some money to live on, we can’t only pay college, taxes and retirement.</p>
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<p>If you could get into Smith or Bryn Mawr, you might be eligible for merit aid at American, which does not depend on your EFC. Our EFC rules out need based aid but my son got a nice merit aid package from American, which will increase with the cost of tuition.</p>
<p>My parents really don’t want to pay a whole lot. They still have another dependent (my brother) to take care of. The only thing they said they would do for me is co-sign on a loan for me, which is sort of disheartening. The in-state school I applied to that I could pay for without being too much in debt hasn’t accepted me and placed me on its wait list. I’m basically stuck with my out of state schools. I haven’t really gotten any substantial aid from those schools.</p>
<p>We’re completely new to this college financing world, with one daughter heading off (somewhere!) in the fall and another in 3 years. We are VERY middle class: 2 working parents; both drive minivans (one 5 years old; one 10 years old); vacations are few, far between, and low cost; income is well, well, well below $200,000 – and some federal formula says we can pay $40,000 per year for college?! That’s insane. Almost as insane as taking out $100,000 in college loans.</p>
<p>I don’t have an answer (other than, like all other things in life, do what we can afford) and I’m certainly not suggesting that someone else should pay for my child’s college, but this entire FAFSA-EFC business is just plain silly. The numbers aren’t connected to any sense of reality. And what’s up with kids from divorced homes using only 1 parent’s income?! Am I reading THAT correctly? Where is the logic and reason in that?</p>
<p>This has definitely been a learning experience. Ok. There’s my little rant. Thanks.</p>
<p>
I believe most colleges expect you to redirect 401K contributions toward college expenses for the years of your D/S’s enrollment. Whether YOU are willing to do so is another matter, but that is the assumption.</p>
<p>Kids with divorced parents are required to submit financial information to PROFILE for both biological parents and any stepparents, even if the non-custodial parent has no plans to contribute. A few exceptions are made in extenuating circumstances. FAFSA only considers the custodial parent.</p>
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<p>yes, I have 2 other siblings & one is in college</p>
<p>$0 EFC 
So relieved!</p>
<p>So, when we submitted our FAFSA not only did we get zero they sent us a list of additional kids that we could help through college. JK. FAFSA does not take into account the state or city that you live in or other enormous expenses. (In our case it is my medical care and the expense of living in a big city.) </p>
<p>No one WANTS to pay for college. No one wants to go (further) into debt for college. But when I see how my children have grown it is worth it. </p>
<p>I will never forget when my h and I were young marrieds he went to New York to meet with a client. Client lived in Manhatten with 3 kids. Guy complained that he was in severe debt because he only made $750,000 a year, in 1980. Gives one a bit of perspective.</p>
<p>The number of kids in college makes a huge difference.</p>
<p>Last year S’s EFC was $49k.</p>
<p>This year its $28k (for 2010-11). Our income was virtually identical. What changed? We used up the last $40k in his 529 plan, and his sister will be a freshman in college next year.</p>
<p>I don’t understand my EFC. I received 49,000. Why is it so high? I only made 12k last year from working, I live alone, and am over 25. My rent alone is 4000 a year + utilities. That doesn’t include gas, food, and other expenses. It leaves like 2000 for school, if that…</p>
<p>You’ve made a mistake somewhere. Did you file as an independent w/o parents’ info? Check your numbers…you probably have an extra 0 somewhere.</p>
<p>Kids with divorced parents are required to submit financial information to PROFILE for both biological parents and any stepparents, even if the non-custodial parent has no plans to contribute.</p>
<p>Actually, many (most, maybe??) PROFILE schools do not require NCP info.</p>
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<p>Well, here’s that handy dandy info!</p>
<p><a href=“https://profileonline.collegeboard.com/prf/PXRemotePartInstitutionServlet/PXRemotePartInstitutionServlet.srv[/url]”>https://profileonline.collegeboard.com/prf/PXRemotePartInstitutionServlet/PXRemotePartInstitutionServlet.srv</a></p>
<p>^^Well, the “most selective” PROFILE schools almost universally do require NCP info. Certainly all the ones that promise to meet full need.</p>
<p>Yes, most do want the NCP forms but they do have forms to request to waive the info. Usually it depends how long the former person was involved, last time they paid any support, saw the student, never provided any assistance and there is documentation to that. Some schools want 1 or 2 letters from third parties for additional proof, etc.</p>
<p>Well he’s not URM. He’s white and male! I guess men are becoming a URM at some of these expensive liberal arts colleges. Look at the numbers between male vs. female. Absolutely staggering!</p>