<p>I was stupid and applied to Reed, Bard, Bennington, etc. without ever having done an online EFC estimator. So a few days ago, when my mother and I sat down to fill out the FAFSA.. it was a little alarming. 15,000 was how much she said she could pay; our EFC was 41k. </p>
<p>I'm assuming schools like Reed and Bennington intend fully on squeezing all 41 of that k out of me. Why should they give me any aid whatsoever when the government says I can pay almost their full tuition out of pocket?</p>
<p>Has anyone gotten financial aid from high-end LACs even with a EFC around the cost of tuition?</p>
<p>Should I start applying to more state schools?</p>
<p>Should I feel like an idiot for applying to so many schools I can't afford?</p>
<p>Schools do not give NEED BASED aid to cover the EFC. They give need based aid to cover the difference between the Cost of Attendance and the EFC…and some schools, in fact most, don’t even meet that full need.</p>
<p>Some schools award Merit aid and your need is not considered. Do any of your schools do this? </p>
<p>Did you happen to apply to one instate safety/financial safety school? Did your parents know where you were applying and the costs?</p>
<p>Sounds like you applied to schools you can’t afford. Don’t feel like an idiot, it’s a very common scenario, but do start looking at schools you can afford unless the discrepancy between your EFC and what our family can pay is due to extreme medical bills or some other highly unusual situation.</p>
<p>*I was stupid and applied to Reed, Bard, Bennington, etc. without ever having done an online EFC estimator. So a few days ago, when my mother and I sat down to fill out the FAFSA… it was a little alarming. 15,000 was how much she said she could pay; our EFC was 41k. *</p>
<p>Did you apply to any financial safeties?</p>
<p>What state are you in?</p>
<p>If your parents can only afford to pay $15k per year (with an EFC of $41k), your only option is to go in-state and take a loan to cover the remaining cost.</p>
<p>You need to target an in-state school whose total cost of attendance (tuition, room, board, etc) is no more than about $20k per year. Hopefully, all the deadlines haven’t passed.</p>
<p>I hope many junior students/parents look at this thread and realize that they have to find out what their likely EFC is before late into senior year.</p>
<p>Plus, since you’re international, it’s even harder to get the aid you need. E.g., Reed admits only one in eight international applicants who need financial aid. :(</p>
<p>I see on his previous post that he mentions that he’s Finnish. But, is the OP an international or a green card resident? How did he get an EFC? </p>
<p>Or, did he use an online calculator for institutional methodology?</p>
<p>*Here are some schools I applied to: Reed, Bard, Bennington, Marlboro, Skidmore, Hampshire. *</p>
<p>He doesn’t mention any safeties, but if he’s an int’l that can only pay $15k, then there may not be a safety for him. With an EFC of $41k, the family has to be high income. I wonder why they can only pay $15k per year?</p>
<p>Actually, it’s not odd at all. Even those with highish incomes and/or valuable assets often expect a much lower EFC.</p>
<p>Maybe it’s because schools are always talking about “generous financial aid,” therefore everyone thinks they’ll only have to pay a fraction of the real cost.</p>
<p>“That seems a little odd…a 41k EFC but you’re only able to pay a fraction of that cost.”</p>
<p>Most families find out that they can only pay a fraction of the EFC! I first ran the calculators when Happykid was in 9th grade. I was so shocked, that it took me a year to re-run them and to start believing the figures. Once I accepted that our EFC, and our reality were quite different, Happykid’s potential college list was drastically altered. Fortunately, she has an excellent, affordable option.</p>
<p>I agree with Happymomof1. We live in DC where the cost of everything is exorbitant and your house if you purchased it at the right time is often your safety net. I came to CC when S. was a junior and we began running the numbers then per a few of the moms’ suggestions and messages to me (thanks). As a result we applied to two state schools in addition to S’s high-flying list of Brown/Yale/Bowdoin/Hopkins and Oberlin. On Xmas Eve he was awarded a full ride to U Pitt and yesterday was accepted to UNC-Chapel Hill. For us this is like a huge sigh of relief. Because we are not certain what these other schools (if accepted) are going to offer in terms of aid. He is visiting UNC today (DC residents regardless of income bracket receive a 10,000 grant toward any state school) and we are visiting Pitt next month were he was invited into the Honors College.</p>
<p>My advice to all JUNIORS is know your EFC score before you even begin scribbling that list. It’s just as important if not more so than that GPA and SAT score because it does not matter if you get in if your parents cannot pay.</p>
<p>PS: 41,000 is a high EFC! And maybe they can’t swing 41K but 15 seems low…</p>
<p>I am still in EFC denial…$41K…and wondering how in the world this ‘formula’ was conceptualized and accepted. Our EFC is about a third of our salaries. Are we really ‘expected’ to fork over a third of what we make to put one kid through college? Rhetorical question, I know. Fortunately, DD has gotten some great merit offers, but still- it’s shocking.</p>
<p>“Are we really ‘expected’ to fork over a third of what we make to put one kid through college?”</p>
<p>No, EFC is expected to come from savings, current income, and future income (loans). It’s a major expense to be spread out over more that the four years of attendance.</p>
<p>*My advice to all JUNIORS is know your EFC score before you even begin scribbling that list. It’s just as important if not more so than that GPA and SAT score because it does not matter if you get in if your parents cannot pay.</p>
<p>PS: 41,000 is a high EFC! And maybe they can’t swing 41K but 15 seems low… *</p>
<p>Absolutely! But, often when kids are creating their “dream lists” and asking for “more schools to add,” a parent will say, “What is your EFC” or “What can your parents afford,” or “Those schools don’t give much aid,” and the kids will (rudely) reply, “I’m creating my list, I’ll worry about money later. If I get in, I’ll pay for it some way.”</p>
<p>And, “later” seems to be AFTER the child has applied, has been stunned by his EFC, has been shocked by his FA package, and/or has been told by his parents that they can’t pay their EFC, they won’t take out loans, and then it’s too late to apply to schools which would have been financially feasible. </p>
<p>Yes, $41k is a high EFC, but some of that may be due to investments that the mom/parents don’t feel comfortable spending on college. </p>
<p>and wondering how in the world this ‘formula’ was conceptualized and accepted. Our EFC is about a third of our salaries. Are we really ‘expected’ to fork over a third of what we make to put one kid through college?</p>
<p>The formula was developed because there isn’t another source to pay for most children’s educations. The formula was developed with the idea that parents should start saving for college when the child is small. The formula could change and give everyone lower EFCs, but what good would that do? That wouldn’t mean that colleges would suddenly have a pot of gold to hand out each year. What other option is there?</p>
<p>Oh, me too milkandsugar…me too. I (sort of) wish I’d known earlier. But then, I was making NO money just a few years ago, so the answr would have been vastly different. AND I had no clue colleges had gone up SO much in just a few years. AND I never even THOUGHT about trying to afford a private/OOS school. So I just assumed my D would go to state Uni, and that I’d have to pay whatever I had to pay and there really was no question about it. We were living hand to mouth anyway, couldn’t have saved. But WHAT a surprise to see what colleges costs now.</p>
<p>When I graduated from Bowdoin College it was around 7,000 a year. Now it’s 51,000. The problem is we don’t make 7+ times was my Dad was making!!! lol. Hello?!!</p>
<p>Remember that the EFC is a FAFSA specific calculation. Some of your schools also require the CSS/Profile. To offer hope - If there is truly something quirky in your families financial situation, it is possible that it will come up in the institutional methodology.</p>
<p>You are not at all an idiot for applying to high end schools - you never know what they may decide to offer or how attractive to them you may be.</p>
<p>At the same time it is a strong recommendation to all students to apply to a FINANCIAL safety as well as an academic safety. (a financial safety that you AND your parents agree is a safety)</p>
<p>As a recommendation to all parents: give your student an accurate sense of what you are prepared to pay so they don’t get crushed being told that even though they were admitted to their dream school, without aid they may not be able to attend.</p>
<p>Checking one’s EFC is freshman year is EXCELLENT advice. Better to know the parameters early on so you can 1) save/cut back on expenses and 2) research options on schools your student will like and that your family can afford.</p>
<p>And yes, EFC calcs will run as much as 1/3 of income – but the colleges aren’t expecting that those funds will come entirely from current income. One can only assume that CSS/PROFILE parental contribution figures will be higher than FAFSA, barring some unusual expenses that can be adjusted at the FA office’s professional discretion or if one does not own a home (since PROFILE includes home equity). Parents in that $100-150 income range think they can swing $15-20k/year – but then are blown away when the EFC says $40k and everyone has to start considering a Plan B.</p>