Does my EFC seem high?

Paying for College
1

<p>Parents made about $95k this year, paid about $8k in taxes. Assets are basically $0. I didn't make anything. My EFC is 18308. That seems high to me.</p>

2

<p>sounds about right. typically it seems like efc is around 20% of income.</p>

3

<p>No, that is not high for that income at all. The EFC is mostly income driven. With that level of income and taxes that is almost exactly what I would have expected to see. or even a little lower.</p>

4

<p>Sounds about right to me also.</p>

5

<p>Your EFC seems high since I know someone who is related to me with an income of $130K and EFC of $13K.</p>

6

<p>I have similar "stats" and my EFC is 25K. I say it sounds right.</p>

7

<p>
[quote]
Your EFC seems high since I know someone who is related to me with an income of $130K and EFC of $13K.

[/quote]
Then they either entered something wrongly on FAFSA or there is a piece of the picture missing. For instance if there are 2 from the household in college at the same time that would make such a low EFC on that income possible. (the EFC would be split between the 2 students).</p>

8

<p>About right. There is some variation based on number in family, number in college at same time etc...</p>

9

<p>That seems about right.</p>

10

<p>I completed the FAFSA process and got an EFC that was very disheartening. It came back at 46K which I guess means that we are considered rich. </p>

<p>I have a good job (normally adj gross income around 110,000). We've always tried to save for college and have realistically about $120,000 available. However, in the past (base) year, I recieved an unexpected $20K inheritance and $10,000 was considered income. My wife who is self employed usually makes about $15,000 and this year made $24,000. And she is taxed at 47% so it's really not that much net income. Just seems like this year was 'the perfect storm'. These factors all worked against us as far as recieving financial aid.</p>

<p>I always expected to pay for my kids college and my son enters in September. He may get accepted into some excellent schools (Penn, Columbia, Hopkins) and I was just hoping the EFC would be in that $30-32K range... Not sure where to go next, we can't afford 4 years at $46,000... I was very surprised in the calculated EFC but I guess that's how the process works...</p>

<p>Does anyone have any experience with the colleges where they do better than the EFC?</p>

11

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<p>Well...if you have $120K available...that would translate to $30K per year...leaving a balance of $16K to pay...which is pretty inexpensive for a year's worth of college.</p>

<p>Or...you could pay mostly full freight for the couple of years plus...and then that account would be gone. If your son goes to UPenn, for example, you would then have more financial need when he is a junior than now...and if they continue to meet full need, you would be eligible for need based aid for your son.</p>

12

<p>Your EFC will change from year to year. Between your "normal" income and the set-aside of $ 120K, surely you can figure out a way to get you through 4 years of college.</p>

13

<p>Research Dad, it might be worse for you; a lot of the top privates also use Profile which takes home equity and some other things into account. so Penn, columbia, hopkins might assume you can pay $52,000...</p>