<p>Then followed by the posts from students that rant about how hard they’ve worked to ge into their dream school, and they DESERVE to go there, even though they can’t afford it. Someone (the government, the school) should give them money because they DESERVE to go to the best school.</p>
<p>…and it was that attitude that prevented them from applying to any financial safeties and matches. I know that many here try to warn them in the fall, but they just say, “If I get into ____, I’ll find the money to go there someway!”</p>
<p>I know I’ll be a little bit crushed if/when the money doesn’t work out at a few of my schools…and I will feel a little let down…it’s a natural reaction…BUT I was smart enough to apply to a great financial safety</p>
<p>I don’t think that these kids literally think they DESERVE it…I think they’re just upset that reality finally came crashing down on them</p>
<p>Rocket…you are such a mature and clear-thinking young lady. You are amazing! I bet many parents wish that they could clone you. (I know I wish I could!!! )</p>
<p>On some other lists I am on, I keep warning people to look at the financial aid calculators and try them out early on. They think I am kidding saying that five years ago, our EFC was 17K and one promotion and five years more and now our efc would be about 44k. The strange thing is that dh didn’t get a 27K raise in that time.SO we know the drill and will be having our next kid make financially sound decisions. SHe understands our limitations and is happy with what we will be able to do for her- GI Bill and yellow ribbon program. Then we will be saving for child three who will be full pay minus any merit scholarships.</p>
<p>I got an EFC of $65 350… Which makes sense in a way. But it’s a bit too high, especially considering my family’s situation- I guess I’ll have to get a lot of institutional and merit aid to help ease the financial burdens on my dad. Regardless, there’s no way he’ll refuse me my dream school because he can’t afford it- thank god!</p>
<p>As I’ve written elsewhere, I ran the finaid.org calculators back when Happykid was in 9th grade. I was amazed by our estimated EFC, and couldn’t even find the strength to re-run the numbers until she was in 10th grade. It took me a long time to get past my own issues, and accept that what we can afford, we can afford, and what we can’t, we can’t. Happykid will spend two years at our excellent local community college, which we can actually pay for (with some straining) out of pocket. I have two years (or so) to figure out how to come up with our EFC plus gap when she transfers.</p>
<p>If your kid is not merit scholarship material, and you can’t afford your EFC, it is a kindness to be straight with them early on. As luck would have it, Happykid’s (not rare, but not overly common) major is offered at our CC, and a related pre-professional union apprenticeship program is offered at the CC in the next county. She has two solid affordable options. She does have a choice.</p>
<p>^ Yup. I’m going to refuse my daughter her “dream school” if I can’t afford it. It’s the smart thing to do. It’s a very HARD thing to do. But, that’s usually how it works.</p>
<p>I often wonder just how much going to a “dream school” matters in the long run of life? I mean, I went to our local state college (not even university). And here I sit at my job, next to people who went to many more prestigious schools, yet I make as much or more than they do.</p>
<p>Heck, my “dream CAR” might be a Lamborghini, but I’m not fool enough to go broke getting one when I can drive much less and still be very happy.</p>
<p>^I guess it depends on what the “dream school” is, how much you really want to go, and how much of a difference attending that dream school would mean for your future career. Some schools that have vastly different tuitions are actually very similar in terms of educational quality.</p>
<p>What I really don’t understand is (and I AM rather ignorant in terms of finance), if a family has a high EFC, doesn’t that mean that the family has enough assets or has income level high enough that the parents can be expected to contribute that certain amount to the child’s college education? College is an once-a-life-time experience for your child… shouldn’t you have at least saved some money over the years so that your child can go to a school that he or she loves? He/she can always pay you back once he graduates from college and gets a real job. </p>
<p>Coming from a low income family, I know that my parents, knowing that they will have to pay for my tuition one day, have been saving a small part of their income each year ever since I entered high school, so that if by some miracle I do get accepted by my dream school, they will be able to afford the tuition for the next two years no matter what our EFC turns out to be. </p>
<p>
</p>
<p>Yes, definitely. I think it would be horrible to tell your kid when he has already been accepted to her first choice that you won’t be able to pay the tuition. At least if you tell me early, I can take advantage of all the scholarship opportunities out there and get more jobs to save some money.</p>
<p>No, a high EFC doesn’t necessarily mean you have the assets to pay said EFC. It took me 20 years of working to break the $100,000 mark. In that 20 years, I went back to school to get my master’s degree, so I also have student loans to pay back. (Without the master’s, I wouldn’t be making the money I am) The majority of the time I was raising my kids, I could barely afford to pay my bills. I now make over $100,000, working 65 hours a week to pay for my kid’s college. There is NO money available to the hard working middle class. It’s unfortunate that middle class kids have to make sure they choose colleges that their parents can afford (mine both go to state schools), while lower income kids have such a broad array of choices, because they’re handed money. Somehow seems unfair.</p>
<p>There is NO money available to the hard working middle class.</p>
<p>The middle class includes those making $50,000 as well as those making $100,000. </p>
<p>Depending on # of dependents, FAFSA EFC seems to be around 1/4 or so of current income. With income of say $200,000, that could mean an EFC of $50,000, but if your income was * $50,000* then EFC would be closer to $12,500 ( & at some schools, no loans at all).</p>
<p>Some may feel that $ 12,500 is much more affordable- but with overall lower income of $50K before taxes, much less is left for basic needs although the % is similar for those making four times as much.</p>
<p>Public instate school tuition is much less than $50,000, so that is why you do see many families opting for public schools .</p>
<p>How is it a myth?
Student A with an EFC of 0 and Student B with an EFC of $30,000 both apply to Private U. Private U has a COA of $40,000 and guarentees to meet 100% of need.
Student A gets that $40,000 COA met with a variety of grants and loans.
Student B gets only $10,000 of that need met, probably with loans as EFC is too high for federal aid and must come up with $30,000 on his own.</p>
<p>I realize middle class is different in different areas. $100,000 in Idaho is probably not middle class; $100,000 in NJ is definately middle class. Unfortunately, FAFSA doesn’t take into account cost of living in various areas. It just feels like the middle class is slowly being priced out of traditional college attendance. It’s sad.</p>
<p>12.5k isn’t anything to sneeze at but 50k debt I would actually consider versus 200k debt I am looking at. That’s what I find frustrating, it’s my hard work that got me where I am, while my friends who live in the same neighborhood and go to the same high school worked exactly as hard under nearly identical circumstances, right across the street from me but make less then 60k a year got to go to their dream school. We should be treated the same, I have no power to make my parents pay more then they are willing to, a 5k loan won’t make up the difference as it will for them. I’m happy my friends won the financial aid lottery but I’m a little bitter having lost. I am grateful I have full ride offers to schools I know I can be happy at, but I didn’t even bother to apply to my dream school because it was too painful knowing I would very likely get in but have virtually no chance to actually go.</p>
<p>What I have noticed is that the more people make, the more they seem to spend. In the end, most people think they don’t make that much. There is always someone around who makes more.</p>
<p>I try to focus on how many make less than I do. It tends to keep me grounded in reality (not to mention thankful for what I have).</p>
<p>No one ever said life is fair. If you don’t like the way the system works, then work to change it. If you don’t want to do that, or if you are convinced it won’t make any difference, then resolve to figure out how you will make things work given your own circumstances.</p>
<p>It’s fine to vent, but keep it in perspective.</p>
<p>Reminder: this IS the “complain about your too high EFC” thread
I am incredibly thankful that I work in a field where I can make a decent amount of overtime, which I use to pay for my kid’s college. Many are not so fortunate and struggle to find a way to pay for school. I wish there was more federal money for everyone who needs it.</p>
I bet many parents wish that they could clone you. (I know I wish I could!!!