Does this sound right?

Paying for College
1

<p>ok well im kinda a newb when it comes to the FAFSA and financial aid stuff</p>

<p>so im just wondering if all of this sounds right or maybe my dad made a mistake on the FAFSA or something..</p>

<p>well i got an email from UCLA today telling me that my FAFSA application was received and telling me about my ePal account..</p>

<p>when i accessed the account it said i was ineligible for financial aid and it said that my estimated parental contribution was $35000 (EFC total of 35000) compared to $20000 total costs for UCLA, which means that I would get no financial aid</p>

<p>i just wanted to check if that was right because my parents make about 230k combined, but we just bought a house like 2 years ago so we still need to pay that off and i also have a twin brother who is planning on attending UCLA as well... he got the same response when he accessed his ePal account</p>

<p>my dad filled out two separate FAFSA applications, one for me and one for my brother</p>

<p>so im just wonderin if we should have probably received at least some financial aid or if this is all right cuz im pretty newb when it comes to this stuff</p>

<p>thanks.</p>

2

<p>I hate to say it, but that EFC is probably right. Our income is about half of your family's and ours is $41,000 (with one child in college). To be honest, the FAFSA does not consider that your family purchased an expensive house recently. The FAFSA calculations are based on income and assets. The approximate amount of your EFC is 1/4 to 1/3 of your income...meaning that your family's EFC is about $80,000 plus. Divide that by the number of kids in college. BUT that does not include any savings or other assets you may have. I guess it seems right to me, but if you have a question, call the finaid office and ask.</p>

3

<p>ok well i just want to make sure that its all correct</p>

<p>thanks. =)</p>

4

<p>Yes, if you make 230K, there is no financial aid (unless you have about ten siblings in school at once!). I am pretty surprised that people earning in the top 5% of the US would even APPLY for aid.</p>