<p>Hey,</p>
<p>I am an international applicant and just received my financial aid award today. The EFC stated there is approximately $18,000. I really am at a loss to understand how my parents can be expected to make such a contribution given that my family's annual income is below $ 30,000. Also, the EFC that i had put into the CSS profile had been about $ 9,000. I can't for the life of me understand how they have doubled the amount.</p>
<p>Also, I am a recipient of the Karsh scholarship which promises to meet my entire institutionally determined financial need. Does this mean that the aid office calculated my need to be only about $42,000 even though my family falls in the lowest income bracket?
It's true that the value of real estate assets that i had entered in the CSS profile had been relatively high, but this doesn't factor much in EFC calculations does it?</p>
<p>I have requested them to reconsider my financial aid package and have my fingers crossed that some improvement can be made. How realistic do you guys think my chances are?</p>
<p>I’m afraid that real estate assets matter greatly to most colleges. There are basically two formulas used to figure your EFC, the federal and the institutional. The federal (FAFSA) does not take into account your home equity (for example). The institutional does. Most private (and Ivy) colleges use the institutional method. Basically, all your assets (real estate and investment) are added, a certain amount is deducted from the top, and a percentage of the remainder (around 10%) is added from your EFC. So while your yearly income may be at the low end, the value of your assets can greatly increase your EFC. Fair or not, you are expected to liquidate a percentage of your assets towards your college bill in most cases.</p>
<p>Okay, i really don’t understand what’s happening now. I logged into my Duke ACES account today and it says there that my EFC is equal to only $3900 now. However, the financial aid tab still shows the same scholarship award of $42,000. What’s going on?
Do they update the different sections separately? Does it take time to contact the office of scholars and fellows and thereby increase the scholarship amount??</p>
<p>THE DUKE FINANCIAL AID OFFICE IS MESSED UP!!! :-(</p>
<p>Duke is one of the member schools of the 568 President’s group that follow a consensus methodology that agrees to cap home equity at 1.2 X family income. So, the most that Duke would assess as a parental asset from your home equity would be 1.2 X ($30,000) = $36,000. Parental assets are assessed at about 5%, so this should mean that your home equity would only be adding, at most, $1800 to the parental contribution towards EFC (.05 X $36,000). If you get them on the phone you can ask them to confirm how they assessed your home equity.</p>