<p>ararab…I don’t see how it matters to the OP. The cost of attendance at the schools to which the OP is applying will be no more than in the $30K range annually. So what if his EFC is higher…it will make no difference to his eligibility for need based aid…as his EFC is at or higher than the cost of attendance.</p>
<p>In other words…if the school costs $30K…and the EFC is $30K…the student would have no more eligibility for aid than if the school cost was $30K and the EFC was $40K.</p>
<p>That EFC sounds correct because of the amount of investments and savings. With their savings, your parents could pay for your college and so that’s probably why the EFC is so high. I am expecting a low EFC because my parents make less than $40,000 a year and have little to no savings and no investments.</p>
<p>The ceiling depends which Cal Grant since there’s three different versions of it (and then sub-versions within those). There’s Cal Grant A, B, and C.</p>
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<p>Then you get into entitlement awards, competitive awards, etc.</p>
<p>Sources:
<a href=“http://www.csac.ca.gov/facts/2010-11IncomeCeilings.pdf[/url]”>http://www.csac.ca.gov/facts/2010-11IncomeCeilings.pdf</a>
[Grants</a> for School, College Grant, School Grants](<a href=“http://www.calgrants.org/index.cfm?navId=12]Grants”>http://www.calgrants.org/index.cfm?navId=12)
[Grants</a> for College Students, College Grants, Grants for School California: Cal Grant awards](<a href=“http://www.calgrants.org/index.cfm?navId=11]Grants”>http://www.calgrants.org/index.cfm?navId=11)</p>
<p>Kender, Thank you for that information. The OP stated that family income was in the $100K range for 2009…which would put them out of the running for a Cal Grant of any type (if that income is accurate).</p>
<p>Yeah, I noticed that. Asset alone would negate the OP’s chances for Cal Grant as well. But I figured the information would be helpful to know for future reference regardless of the OP’s lack of qualification and you asked so nicely for confirmation :). It’s really a confusing system with all the different versions of it and rules depending on your year (it can’t be used for tuition your first year, for example).</p>
<p>Omg. SDSU already gave out admission descisons? My applications for CSUs both say pending. And I heard a while back that CSUs were sending out accepts/rejects soon… X: Or maybe it’s rolling</p>
<p>Why not buy a home? Use that savings to buy a home and maybe put away as much in retirement account and your EFC next year will be much lower. Most likely you will be qualified for more aid next year or maybe you can modify this year number as well. Talking to a financial planner might also help as well. It seems that you your parent’s choice of asset allocation is really hurting them financially while simple changes might save them a lot of money.</p>
<p>^^^</p>
<p>I wonder if they bought a home quickly, if they could submit a change for FAFSA? It does seem a bit weird that a family could have $125k in equity in their home, and get a totally lower EFC.</p>
<p>I’m not sure why many of you are so concerned about the financial picture of this family. They should be fine paying for public UC with all the saved money and income. OP can contribute summer earnings and work a 8-10 week job to help out. With income of $100000, family size of 3, retirement accounts, and the savings mentioned there should NOT be a problem and will NOT leave them penniless!!! Why do you think the EFC is so high? It’s because there is money there. And there are savings from having OP away at college that will reduce some of the expenses, too. I would save my concern for someone with an income of $45,000 and EFC of $3000!</p>
<p>No you can’t change the assets on FAFSA. They have to represent the assets as of the day you initially file, you can’t spend or reallocate the money then go in and change it.</p>
<p>For the schools the OP is looking at I really don’t think it would help much anyway. The income is pretty high and even without the high assets will give an EFC in the mid to high 20ks. That would still make the OP ineligible for grant aid and eligible just for loans, same as with the current EFC.</p>
<p>Since UCs don’t meet need, it probably will not matter if you buy a home. With income of $100K,you probably won’t get a cent from them either way. For it to matter, look at private colleges that meet 100% of need.</p>
<p>If this family buys a home, they will have all of the expenses and maintenance issues of owning a home. That’s not free either. Yes, I know they pay rent, but their rent could easily be the same as their mortgage payment. Then they would have taxes, insurance, maintenance, etc. And in this real estate climate, I would hardly say buying a home is an “investment”.</p>
<p>This family is fortunate to have the savings they have. I’ve said this before…why can’t they feel fortunate to have the assets they have. Yes, some of that money have to be spent for college costs…but there are NO GUARANTEES that this would not continue to be the case anyway for a family with an income of $100,000.</p>
<p>This poster is fortunate to be in CA which has a wealth of instate public universities. AND yes…I know there is a budget crunch and costs are rising…but the reality is that the cost of a public university education in CA is still a decent deal compared to the costs of publics elsewhere and many privates as well.</p>
<p>As hmom5 said…the only difference would be at privates that have very generous need based institutional aid and guarantee to meet full need for folks in this income range. There are NOT a lot of schools in that position.</p>
<p>Even WITH the purchase of a house, this OPs EFC per FAFSA would be in the range Swimcatsmom posted…pretty close to the cost of attendance at a UC.</p>
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<p>Thanks, mom2collegekids. You’ve helped me so much.</p>
<p>mom2collegekids, Re: Would that child still get Pell? Yes. </p>
<p>As far as the OP, I agree with those who say it makes no sense to buy a home. I think the student needs to find a summer job, work a bit during the school year, maybe take out some student loans and let the parents pay the bill. The parents earn $100K a year and only have one child. Yes, their savings will take a hit but, if they’re still putting $ into savings, they can divert those funds and use those for the next 4 years. I honestly suspect that, at that income level, current earnings + student summer job + student school year employment can cover $15K or half of the estimated costs. The rest can come out of savings/ investments as the parents see fit.</p>
<p>I’m not sure why many of you are so concerned about the financial picture of this family. They should be fine paying for public UC with all the saved money and income.</p>
<p>Because he didn’t just apply to UCs. He also applied to some privates that cost $50+ per year. So, it’s understandable that he’d want his EFC to be in the $20k range. </p>
<p>Plus, I can understand their frustration that if that money was in equity in a home, their EFC would be lower. (Many people in Calif have at least $100k in equity in their homes, if not more. Yes, some are upside down, but many are not. )</p>
<p>My husband and I make about $90K per year, and have 1 child. Our EFC is $18K per year. My son applied for early decision & was accepted to Emerson College (tuition and fees are $45K a year). I just realized their website states that merit aid would be in the admittance letter. He did not receive any merit aid.</p>
<p>We received the admittance letter in December, we completed the FAFSA and CSS profile in January.</p>
<p>I am wondering if it is possible that he might be awarded merit aid. He has a 3.5 GPA, good SAT scores and 400 plus hours of community service.</p>
<p>I realize our income seems high, but we have no equity in our home, $5K in savings, no investments (other than 401K’s totally about $60K). Unfortunately we are carrying about $25K of credit card debt.</p>
<p>I cannot afford to take out $35K in PLUS loans for 4 years. My son is going to be applying for scholarships.</p>
<p>There is also the chance that I may lose my job (or receive a pay decrease) within the next year.</p>
<p>He did not apply to any other schools and now we are scrambling around to get him to apply to other schools. His major is TV Studio Production and unfortunately none of the state schools in NH offer this major.</p>
<p>I have been crying for 2 days and feel like a failure of a parent.</p>
<p>Just get some apps into the state schools. It doesn’t matter if they have his major. If it comes to that he can go for a year or two and seek a transfer later. You really don’t want him to be without some options for the fall.</p>
<p>If Emerson is not affordable without more aid, you need to tell them that and see if they’ll work with you to build a manageable aid package. If they won’t or can’t, you’ll need to request a release from the ED agreement right away.</p>
<p>This does not mean you’re a failure as a parent! It’s just college apps, stressful for everyone but not a measure of personal worth!</p>
<p>My mistake he was early acceptance not decison</p>
<p>I worked scholars day event today, and I had a dad bring me his SAR … said there had to be a mistake. I looked at his EFC & said, “You must earn about $X.” He looked surprised & said yes. I said, “No mistake.” Then I had to have that discussion I dislike having to have … the one where I inform him that all that is available is loans. The gap for the student will be around $3000/year. He said he could borrow from his 401K … I suggested a 10 month payment plan, instead (he said he was not interested in the PLUS). He said, “I’m sure I must have entered something wrong.” I looked at all of the numbers & no … no mistake. Paying for college is rough when you make around $50-60k/year. Or when you make more … or less … the EFC is almost always more than we can pay. And if it isn’t, the gap in aid is more than we can fill (0 EFC doesn’t mean 0 money to pay). </p>
<p>As much as I love my job, I hate when the part where I have to help parents come to terms with reality.</p>
<p>I don’t understand… why are you letting money sit in savings while carrying $25k in credit card debt at some ungodly interest rate?</p>