ECF of 865k. Is it even worth sending FASFA to colleges?

Paying for College
41

I was going to mention that too, TTdd16. I wouldn’t be trying to get merit aid if I was that rich. That’s well into the 1%.

42

The threshold for the top 0.1% is around $1.7 million, so the claimed income over $2.3 million is within the top 0.1% income households.

However, the claimed assets of around $14 million are “only” in the lower half of the top 1%, based on https://dqydj.com/net-worth-brackets-wealth-brackets-one-percent/ where the top 1% threshold is around $10 million and the top 0.5% threshold is around $16 million (and the top 0.1% threshold is around $43 million).

43

I’m sorry but with this type of income and assets I don’t even know why you are posting here or concerning yourself with FASFA. Good luck getting into the college of your choice and nice you won’t know student debt.

44

@AspiringCS12

To answer your question, contact the financial aid office of each school individually and ask if the FAFSA must be submitted to be considered for merit aid. Many schools don’t require it, but some do. A simple phone call or email will provide the information that you seek.

45

@uskoolfish Not true. There are indeed six-figure EFCs.

46

The max EFC used to be $99,999, but that went the way of the Dino a few years ago.

47

FAFSA used to be programmed to not calculate above $99,999. That seems to have changed about 3 years or so ago. That was the last time I calculated. Sorry for the outdated info.

48

There are a few schools that require the FAFSA for any merit aid (my daughter attends one) and there are a few school that give (or did give) a bonus if you just filed the FAFSA by they deadline.

49

<<<
@BelknapPoint This is what it says on my SAR

  1. Parents' 2016 Adjusted Gross Income: $2,384,192
  2. Parents' 2016 U.S. Income Tax Paid: $980,905
  3. Parents' 2016 Exemptions Claimed: 4
  4. Parent 1 (Father's/Mother's/Stepparent's) 2016 Income Earned from Work: $738,094
  5. Parent 2 (Father's/Mother's/Stepparent's) 2016 Income Earned from Work: $272,000
  6. Parents' Total of Cash, Savings, and Checking Accounts: $1,350,000
  7. Parents' Net Worth of Current Investments: $8,550,000
  8. Parents' Net Worth of Businesses/Investment Farms: $4,500,000 >>>>

With a 2.4M income and 14.5M in assets, why is their EFC only $865k :))

50

What are the parents paying

51

I think people here are being a bit harsh to this teenager. I don’t know any parent with that income and assets who would share that information with strangers, but OP seems a bit naive. In addition, the overwhelming message given to parents is the need to file the FAFSA, even in affluent areas. These parents might have been under the impression that it was required. In addition, I don’t think it’s a problem for this student to be considered for merit aid. That’s what the Merit part means—it is unrelated to financial need.

52 
    I think, scorekeeper, we can look at this as a good old fashioned bedtime story thread.