<p>
</p>
<p>I would prefer to see a more realistic formula for FAFSA, one that takes into consideration property values, geographic cost of living adjustments are two that come to mind. I would also prefer to see the federal government out of this, but the political forum is thatta way—></p>
<p>Since the OP is Finnish, it’s entirely possible that his family was operating under the assumption that $15,000 was a huge sum of money, given what they would have paid for a Finnish education, and that certainly would cover expenses. Even wealthy internationals are often floored by the price of a US education. Most American parents know from the start that we are going to be crushed, even if the price is even higher than we imagined. and we try to start saving right away. If we can’t, we can always fall back on in-state tuition. For an international wishing to study in the US, they have no in-state options except, of course, in their home country.</p>
<p>
. Huh?</p>
<p>The federal gov is the one giving you the federal loans. FAFSA(Federal Aid). Without them you have nothing in the way of low cost interest school loans, where they will pay the interest rates while you are in school,(subsidized).</p>
<p>
</p>
<p>You can choose to not buy that big of a house. You can (most of the time) choose to live in a cheaper area. </p>
<p>Most of the reasons that one has higher expenses is because of choices (not always, there are some exceptions, but they’re more rare) and the federal government needs to prioritize… they need to help the families who can’t make those choices rather than those who choose to spend their money. </p>
<p>And if the federal government doesn’t determine your need then how do you expect them to give you aid??</p>
<p>These decent public liberal arts colleges each have a total cost of attendance of under $20K and are still accepting applications:</p>
<p>Truman State University - March 1
University of Minnesota-Morris - March 15</p>
<p>Other possibilities are decent privates that offer merit scholarships where the deadline hasn’t passed. </p>
<p>College of Wooster - often under subscribed come May 1, offers merit scholarships, scholarship deadline - Feb 15.</p>
<p>
If an applicant has a high EFC the assumption is that the parents (not the student) have the funds to pay for school. (typically not the student unless the student has lots of assets or income)</p>
<p>"Are we really ‘expected’ to fork over a third of what we make to put one kid through college? "</p>
<p>I thought kids where "expected’ to go to public school, if they got to go to college at all. My oldest was about eight when my husband first brought up the idea of saving for kids college, and someone ran the numbers for us. I thought they were out of their minds!</p>
<p>
Most or many kids won’t even actually qualify to borrow $200k so I don’t think that was the assumption. I think the assumption may have been that students and their families would choose education options they could afford. Except unfortunately, that same population also seems to want gleaming infrastructure, small class sizes, abundant curriclar choices, etc. so that in order to compete for matriculating students, schools that COULD have been affordable price themselves right out that market in an effort to “keep up with the Jones-Campuses.” This is one instance where free market competition might not have served us as well as alternatives. Hard to say.</p>
<p>This is a really stupid question, but is the EFC number the expected contribution per year or is it a lump sum to be paid over the four years?</p>
<p>To janerik – Take a breath and don’t feel like an idiot. Financing a college education feels daunting at first. Don’t expect yourself to come to terms with it overnight.</p>
<p>First, many people are shocked when they first see their EFC, I know we were. My thought was this must be for all four years, because it can’t possibly be for one.</p>
<p>Second, the other posters were correct in saying that maybe your parents can afford more than $15,000 per year. Maybe $15,000 is what feels comfortable to them, but if they have to are they willing to pay more? I’m not saying they should, that is entirely up to them. But do they want you to go to one of these schools enough to really stretch themselves? And how much do you want to go to one of these schools? Enough to take out loans? Again, there is no right or wrong answer to this just what you decide.</p>
<p>Above all you should absolutely not feel like an idiot for wanting to attend one of these fine schools.</p>
<p>N&MsMom – it’s not a stupid question and the EFC in what the expected family contribution per year.</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>* Wow- that’s a very confident assumption that the class of 2014 will have the kind of jobs that will be able to pay back $200k!!! *</p>
<p>No…LOL…the assumption is that a COMBINATION of savings, current income, parent loans, and student loans will cover the costs. There is no assumption that the student will borrow $200k, and there’s no assumption that the student will go (or needs to go) to a pricey private. </p>
<p>*I would prefer to see a more realistic formula for FAFSA, one that takes into consideration property values, geographic cost of living adjustments are two that come to mind. *</p>
<p>Doing those things that might result in a lower EFC will not change the fact that most colleges still won’t have the funding to meet need…whether the need is $10k or $20k.</p>
<p>N&Ms Mom…</p>
<p>That’s the minimum expected to be paid every year. Key word is MINIMUM.</p>
<p>
</p>
<p>sigh. I knew I’d get in trouble. As a libertarian, I see no role for the federal government in this arena. This is best left to colleges and individuals. Sorry if I’m being OT.</p>
<p>Janerik,
This type of thing drives me crazy. My S’s HS has a “get ready to apply to college night” this week for jrs. My S is a jr. There was absolutely no mention of EFC or affordabilty at this 2 hour session. Nothing about costs. As far as I am concerned, the first thing mentioned shoud be calculate your EFC. As someone whose kids have attended privates since preschool, I know my EFC is much higher than what I think I can afford. Much, much, higher. EFC is calculated based on your parents driving used cars into the ground, not taking vacations, buying store brands, etc. It is based on the fact that you buy nothing for yourself, do not go out to eat, etc for 4 years. </p>
<p>Take a look at good merit aid schools. Get those apps in fast. There are plenty out there. You can afford to go to college, maybe just not the ones you were hoping for. And you can find a school you can love and afford. </p>
<p>good luck.</p>
<p>As a libertarian, I see no role for the federal government in this arena. This is best left to colleges and individuals.</p>
<p>I can respect that point of view. But, then you can’t complain over an EFC amount. The libertarian view would be that you should pay all of the costs - that EFC = COA. There’s no way that anyone could expect that most colleges would have the money to bring down everybody’s cost except for the richest among us. </p>
<p>At best, colleges could only give their little funds to the poor, and/or the students with high stats that make the college look better. Getting the gov’t out doesn’t increase the amount that colleges have on hand to give out.</p>
<p>*My S’s HS has a “get ready to apply to college night” this week for jrs. My S is a jr. There was absolutely no mention of EFC or affordabilty at this 2 hour session. Nothing about costs. *</p>
<p>I completely agree. I have never heard a GC mention that a family should find out its EFC and to use an EFC calculator. There’s never a mention to determine if one can even afford one’s EFC. Instead, there’s this lofty mention of “financial aid,” as if the upper middle class families at my kids’ Catholic high school would qualify. LOL</p>
<p>And, there’s never any mention that financial aid is mostly loans, except for the few that are elite-bound. No, instead, FA is treated as if it’s free money out there.</p>
<p>*Take a look at good merit aid schools. Get those apps in fast. There are plenty out there. *</p>
<p>Sadly, at this point, there aren’t plenty. Most of the ones with big merit (which is what the OP needs) had deadlines that have long past. That’s why it’s such a shame to see kids who don’t learn of their “situation” until this time of year. </p>
<p>If this problem had been discovered last October or so, there would have been time to apply to the many merit schools.</p>
<p>Our “private” ( really tiny Christian) school told my D’s class go to community college, then transfer. Period.</p>
<p>I had almost the same problem with the OP!
I filled out the FAFSA form, and aimed as low as possible. In the end the EFC for my family is 20,000k and both my parents, mom and dad combined make 72,000 a year!
Not to mention that 70% of that 72k goes to expenses. I’m now worried that I won’t be able to afford college. Geez.</p>
<p>
</p>
<p>Every so often I also post something on CC that I know will get me into trouble, and it usually does. The funny thing is when I first read your post I thought it read that you were a librarian.</p>
<p>
</p>
<p>You should have come to my daughter’s get ready for college night. Her guidance counselor started out with a cautionary tale about someone who aimed too high and is now living in his parent’s basement owing $150,000 in student loans. What am I supposed to do with a story like that? The message to me was don’t encourage your kid’s dreams or they’ll end up living in your basement.</p>