<p>Our calculated EFC $26,000, which seems wicked high. We both work, earn about $130,000 but almost all of the money goes towards the usual stuff like mortgage, car payment and food. In my mind we could swing 10K/year.</p>
<p>Does this seem right? I have a feeling I'm not the first to be shocked by this.</p>
<p>Yes that sounds about right. Actually even a little lower than I would have expected for a $130k income.</p>
<p>no, that sounds about right. My gross is half that and my efc is 12K</p>
<p>Your assets figure in, but not in as high a percentages as your income</p>
<p>Look for full schools that offer merit aid or the few that meat full need (as THEY define it).</p>
<p>I agree ... you got off easy. It's a bit lower than I would have expected, too.</p>
<p>Definitely focus on merit opportunities. Every dollar in merit reduces the cost to you.</p>
<p>MrSPeed -</p>
<p>Almost everyone is shocked by their EFC when they run the calculators for the first time. That is why I am eternally grateful that I was crazy enough to run them two years ago. It helped us face our financial realities, and allowed us to tell Happykid just how much we really can pay. There will be no surprises when she is applying to college next year.</p>
<p>when kids register for the SAT, parents should be notified of the EXISTENCE of the FAFSA/Profile and EFC. I am shocked by how many people have never heard of it until AFTER their kids have applied to college</p>
<p>MrSpeed...I agree with everyone else. The calculated EFC actually seems low. Our income isn't all that much higher and our EFC is $44, 000. Everyone has housing (mortgage or rent) and food expenses. And most folks also have transportation (car payment or public transport costs). These do not figure into the EFC calculation and neither does any kind of other consumer debt.</p>
<p>Agreed also...almost everyone is shocked when they see their EFC. Typically it's between 1/4 and 1/3 of your gross income depending on your other assets (savings, etc).</p>
<p>just be happy your's isnn't 99,999 like mine...not even a chance at need-based</p>
<p>MrSPeed: Compared to our EFC, yours is really low. Last year our EFC was $52K, and our income is just below $100K. We are just a few years from retirement, but we have more assets than usual for our income. We have scrimped and saved over the years, and I guess those assets pushed up our EFC. This year those assets are considerably lower due to the economic crisis. Fortunately, our S attends a school that has generous FA for middle income students, otherwise, he'd be attending a much cheaper school.</p>
<p>As everyone has said, your EFC is on the low side, given your income. Bear in mind that it really doesn't matter that much if the EFC is lowered a bit more. You are still far from getting the PELL money where your EFC has to be around the $5K level. Schools that use that EFC figure alone do not tend to meet 100% of aid. More important would be your PROFILE or institutional EFCs which can vary from school to school. That is what is used at the more generous schools for determination of their financial aid. </p>
<p>As one often reads here , EFC stands for "Every Friggin' Cent".</p>
<p>Darn that's low for that high of an income. You should be happy with that, quite honestly, lol. Everyone's surprised with they get their EFC... I sure was.</p>
<p>Go back and find some of thumper or swimcatsmom posts on this topic. Your EFC is suppposed to be a combination of savings/loans/etc. Given that formula, your EFC sounds, as other posters have commented, even on the low side.</p>
<p>Our EFC over 4 years our son was in college (just graduated), was just about 1/4 gross income. Your EFC seems on the low side.</p>