<p>FAFSA EFC: 7k
Home equity: 10k
No assets
Profile college EFC (meeting 100% of need): 10k</p>
<p>Would the 3k increase in EFC be reasonable, considering home equity? Thanks.</p>
<p>Btw: Net price @ FAFSA-only schools is the same as the Profile school's. Only the way it was distributed (parent vs. student) varies.</p>
<p>Is it reasonable? The FAFSA EFC conforms to a federal formula. The Profile college’s EFC is based on that college’s individual formula - it’s their money and they can consider whatever factors they like in determining your ability to pay. There’s no reason whatsoever for it to agree with the federal calculation.</p>
<p>But, if you want to know how the school arrived at that figure, you can and should call and ask. That’s absolutely okay, and they should be able to explain it to you so that it (more or less) makes sense.</p>
<p>Yeah, I understand that they use their own criteria for determining need. I was just trying to figure out where it came from. </p>
<p>I’m going to guess that the $3000 difference is a required student contribution. Many full need schools DO require a student contribution. </p>
<p>Does your student have the Direct Loan in their financial aid package? If not, they can take that to cover that $3000. Or they can work now and during the summer.</p>
<p>In addition, there are some costs in the cost of attendance over which you have some control…books, transportation, personal expenses. Plan to conserve there where possible.</p>
<p>I’m not sure I totally understand your question since the NPCs indicated this same amount.</p>
<p>$10k in equity is not much and it would not contribute to a $3000 per year difference in EFC (assuming the same formula for 2 different families with and without that asset). So it is the formula of the school that make the difference. I have a profile school FA which gave more or less the same EFC as FAFSA even I have over $100k in equity.</p>
<p>@thumper1 No, the student contribution is separate. It’s actually 6.5k (1k of works study & a 5.5k loan). Net price is 16.5k. I’ll definitely get a summer job to help with the difference, though. I also plan on buying used books, sticking to my meal plan for food, etc.</p>
<p>@billcsho Ohhh, so it definitely wasn’t home eq. Thanks!</p>
<p>Not with that little equity. </p>
<p>Some colleges build in 3k or so of summer earnings into your cost. If your school allows it, you might move off camus jr and sr year if rents allow for cheaper lodging sharing w/ other students then you can go off the expensive meal plan too.</p>
<p>^ Hmm that might be it. They never assigned me an expected summer amount, like I’ve seen other schools do, but it might be implied. Makes sense!</p>
<p>I wasn’t kidding when I said you should call and ask. It’s silly to speculate when you have access to someone who can give you the exact breakdown. And you never know - it’s always possible there was an error in calculation. Unlikely, but always possible . . . especially if you don’t follow up and verify their calculation!</p>
<p>^ Yeah, I should ask the FA office. I’ll verify with them. Thanks!</p>