<p>This is just the kind of middle class family that Harvard's middle class initiative is meant to help. If your family can still afford to pay $12K for each of your college years, you'll be able to afford Harvard. The hard part will be to get in!</p>
<p>Check your number, it seems a little high for that kind of income. I'm surprised any family of 6 can live on $95K salary. I think worst case, you may have to borrow loan.</p>
<p>^I second that. I live in a family of six. My family makes roughly $90k a year and yet our EFC is less than $1000...and I only have one sibling going to a private school in which my parents pay about 1/3 what your parents pay for your siblings...</p>
<p>I think you should look over your FAFSA again. For a family of six, I expect 25K for someone who makes like 200K a year or something...</p>
<p>But prepare for the worst, anyway.</p>
<p>ellemenope, I totally agree with you. Harvard would be basically free compared to $25k, but the trick is getting in at all ;)</p>
<p>bizzyjudy, do you mean $10,000 as opposed to $1,000???? If that's really your EFC, I would recheck YOUR numbers hahaha. Most families with <1000 EFCs are probably at the poverty line. Even $10,000 seems really low. I agree with some of the other posters that $20k seems a bit more reasonable for us....</p>
<p>bizzyjudy... hookem is right, there is something wrong with your figure of $1000. Our family income is considerably less than yours, and our EFC is considerably higher... and that's with no assets.</p>
<p>Columbia_Student, are you serious?! I didn't realize I was so close to poverty.</p>
<p>
[quote]
hookem...the college financial situation has changed dramatically in this one generation. When <em>I</em> went to college, the total cost for the year at our state university was about $1200 (maybe less).
[/quote]
I totally agree ... when I started at Cornell in 1977 the cost of attendence for one year was about $6700. A student could just about put themselves through an IVY only needing subsidized loans (about $10k in debt at graduation). The whole ballgame has TOTALLY changed.</p>
<p>3togo,
Yup, that's just what DH did. Had a PT job, a full tuition scholarship (back then BF Scholars got $$) and was able to get through his Ivy borrowing only $7k. The COA hit $10k/year his senior year, but he was able to use his AP credits and double up so he could graduate in 3 1/2 years. </p>
<p>My state flagship was $2800-3600/year during the four years I was there. Did it without any family support.</p>
<p>I know families with a $60K income with $12-15K EFCs. Though $25K may be on the high side, it is not out of range for a low 6 figured income. I do think the OP should check his figures and play around with the online calculators to see what is bringing his family number up to that level. I know one family who transposed two numbers on a parents's year of birth and that did make a difference as age of parent is a factor. An extra digit here or there or a wrong number can really make a difference.</p>
<p>I know a number of families making in the low 6 figures here, and even below who are very much upper middle class. Bear in mind this family was paying 3 private school tuitions on his income! My brother is paying for 2 private school tuitions and lives in a very expensive area on income in that range and does not feel deprived. </p>
<p>Middle income families are often out of luck when it comes to college affordability. Yes, they are better off than those making less, as many of those famiies may be scraping for basics, but being middle income means that a college kid is not likely to get a financial aid package that he can independently go off to college. The parental contribution expected is often painfully high, and not a wise investment for a family at that income level. If your student is not likely to get merit scholarships, the choices often come down to money. State colleges, community colleges, commuting to college, low sticker costs, part time studies are all options that should be investigated. </p>
<p>I am kind of running into this situation myself. My next child is unlikely to get merit money. Financial aid is not going to be forth coming at current income levels. To spend $50k a year for college is not a good financial decision, given other issues that are in our family. Even half that, which is what we are currently paying for our now college freshman is painful.</p>
<p>hookem168 you never said what your income is, as vballmom said:</p>
<p>You need to add the student contribution to this, which would be based on your income and assets (if any) with $3080 of your income protected.</p>
<p>I have 2 in college now, my income is around $35K. My son's EFC is 1167, he was in college and made less than $3000 last year. My daughter who took a year off and worked last year had an income of about $20,000, her EFC is 7893. So my son qualifies for Pell and other money but my daughter does not. </p>
<p>I may be wrong but all the facts are needed before everyone says whether the $25K EFC number is right or not.</p>
<p>Wait till the packages come in, last year with my son we were surprised how different the numbers were at the different schools.</p>
<p>income protection for students for 2008 is 3750 plus allowances for taxes</p>
<p>Harvard is, and has long been, need blind. That, and the endowment, make it not only possible but relatively painless for qualified students to attend. I am an alumni interviewer and represent Harvard at college fairs, and it is always amazing to me how many prospective students dismiss Harvard because of cost without even understanding what "need blind" means, much less looking at the actual figures published recently to illustrate the way financial aid works there. When I was a student, 20 years ago, I had to earn both my contribution and my parents' contribution (because they refused to pay), as well as take out a Stafford loan. I never had the Wall Street job that would have paid that off easily, but I managed. Today, I would have a free ride -- cooperative parents or not. Yet, when I try to explain the, extremely generous policy to prospective applicants (Harvard</a> announces sweeping middle-income initiative — The Harvard University Gazette), they are very skeptical.</p>
<p>I used the quick EFC calculator below:
FinAid</a> | Calculators | Quick EFC Calculator Results</p>
<p>Age of older parent 45
Number in family 6
Number of children in college 1
Parent income 95000
Everything else is 0.</p>
<p>I have an EFC of $12k.</p>
<p>Yeah, MY EFC was 25K and my parents make 20K more AND I'm the only child who goes to public school. But what might help is that we don't have savings... like at all. I have no idea how yours is soooo high. </p>
<p>But, um, just wait and see what package you get.</p>
<p>I just did the EFC calculator posted above, and with the same info as I entered into my actual FAFSA, the calculator says my EFC should be quite a bit lower than it actually is. Not sure why the difference. Ah well... you just kind of have to go with whatever the monster cranks out for you, I guess.</p>
<p>Columbia_Student, if you have no other savings or assets, then yes - your EFC will be lowER. Plus you have 6 people in your family.</p>
<p>Edit: I just used that too, and my EFC calculated as 15K less than what it is. Boo :( Are you supposed to include home equity as an asset in that calculator?</p>
<p>the finaid.org calculator is OBSOLETE for the 2009-2010 award year</p>
<p>Home equity is not supposed to be used. If others are not coming up with the same number as you are, as it seem to be the case, play around with a calculator and see what is causing your EFC to be what it is. As I said before, it could be as simple as a typo.</p>
<p>People are skeptical about Harvard's financial aid policy because it is an exception among the thousands of schools out there. Most of the time, families who make in the low six figures are not going to get much in financial aid. If there is merit within aid included, that could boost up the number, but do remember that most schools are hurting in terms of aid.</p>
<p>
[quote]
Columbia_Student, if you have no other savings or assets, then yes - your EFC will be lowER. Plus you have 6 people in your family.
[/quote]
</p>
<p>I believe those are hookem's number in his first post. I also ran the same number from the collegeboard calculator and I've got 2 numbers: 21K(FM) and 14K(IM).</p>
<p>EFC</a> Calculator: How Much Money for College Will You Be Expected to Contribute?</p>
<p>I can testify to the validity of that calculator - it is RIGHT ON (kind of sad to say, I was hoping it would show a lower number). I just plugged in all of my FAFSA numbers (identical) and got the same exact number.</p>
<p>:(</p>
<p>So if Columbia_Student is right, then hookem should check his/her FAFSA numbers. Maybe you actually do have investments and don't know about it, hookem? Did YOU fill out the FAFSA and see all the values being plugged in?</p>