<p>The EFC calculated from FASFA is $12k I feel that's a bit high, only by like $2k though. My parents make $55k/yr before taxes.</p>
<p>Ithaca gave me $28k in financial aid, which makes the cost of attendance $23k. This leaves an $11k between an, in my opinion overly estimated, EFC and the COA.</p>
<p>I realize that I can always appeal my financial aid but I image I'd get no more than $3k. There's still a pretty good gap of money/year.</p>
<p>What does one do in a situation like this. I had a job last year and have some money saved up from that but it won't even dent the debt I'd be in after 4 years (~$50k debt)</p>
<p>Remember that colleges assume a student contribution (federal direct loan and student work or work study earnings), so if the $28k includes only grants and scholarships, then they may be expecting you to bridge the $11k with loans and work (though $11k is on the outer limits of a reasonable expectation of student contribution).</p>
<p>Ithaca College does NOT guarantee to meet full need for all students. They did not meet your need. They have left you with a gap between your aid, and the costs. </p>
<p>EFC is never your actual cost even for most need met schools. You still need loans and work study to fill the gap. For schools that do not meet need, you really need to get amazing scholarship to go.</p>
<p>What you do is find a school you can afford. The good news is that you won’t be eligible to borrow the $50k you’re estimating you’d need, so you don’t have to worry about putting yourself in that hole. And I’m guessing that Ithaca’s financial aid package probably already included loans, or are you counting those in the $50k?</p>
<p>In any event, it’s time to look at other options. No one school is the key to a successful life - your success depends on what you do at whatever school you attend. And, in this case, attending Ithaca might not only not be the dream you imagined, it could be the beginning of a lifelong nightmare (of debt). No school is worth that.</p>
<p>your efc is high for that income. How much did you have saved? Your savings should be in your parents name, not yours if it’s substantial. Your savings may have caused your efc to rise.</p>
<p>Even with a LOWER EFC, this student might not have gotten a nickel more aid from Ithaca. The school does NOT guarantee to meet full need…and they didn’t with this student. There is a gap. </p>
<p>Ithaca not only does not guarantee to meet full need, they also require PROFILE, so they calculate their own expected contributions. There isn’t a school in the country that guarantees to meet need as defined by FAFSA EFC. That EFC pretty much is the LEAST that the OP is going to have to pay before getting any federal aid including subsidized loans and workstudy, (PELL excepted) unless student gets merit aid taking care of all needed. The way it works with PROFILE schools is that it’s very difficult to know whether they met full need by their award unless they guarantee it. They don’t give you what THEIR need calculations say is your need vs what they are giving you. </p>
<p>The bottom line, OP, is how much each of your choices are going to cost without taking loans and work study into consideration. Then look at what loans and work study you have available for each of the options. You have the Direct Loan entitlements available at each school, and you could likely find a job outside of work study at most places (though do make sure you check that out). Which ones can you afford? Then which ones can you best afford? Which ones are worth it to your parents and you ?</p>
<p>Sorry to hear that. It’s lower than our DD’s gap…$25K and $35k. And the advice is right. You simply cannot afford that choice. </p>
<p>COA 23k : to get that price, did you subtract any loan or work study?
As UCBAlumnus stated, it’s likely 23K -( 12K EFC + student contribution of 600 summer earning + 3,500 work study + 5,500 loans) and suddenly your gap is $1,500 …</p>
<p>Yes, after loans&workstudy is $23k.</p>
<p>And this is the lowest price of all of my accepted colleges.</p>
<p>Do check your numbers again and talk to Ithaca again. What can your parents realistically pay each year. Can they pay their EFC of $12K? </p>
<p>Work study is generally reserved for incidental costs, not tuition. My own kids have done work study steadily over the years and each college is very clear about that. Some parents send their kids money for extra expenses, such as laundry, ink, coffee, toiletries, performances/museums attended for assignments, etc. Work study takes the place of that. Depending on the location, incidental expenses can be pretty high–the college estimates that in overall COA. </p>
<p>OP, without prying, you parents and/or you must have savings or own property or investments for the EFC to be that high for their salary; and CSS Profile also would reflect that. They can take out a Parent Plus loan or other loan as well if they are on board.</p>
<p>Don’t confuse the terminology. CoA is the total cost defined by the school, not after scholarship.</p>
<p>Can you commute to any of your in-state acceptances? Rutgers will only cost $13.5K if you can do that.</p>