<p>There were not any mistakes either! What should I do?? HElp!</p>
<p>Proofread again. That makes no sense.</p>
<p>got it..the mistake was on my css estimator. My efc is truly 99999!!! What should I do??? I submitted everything for financial aid at all of my schools (6 state and 3 private). Will I get anything and is it worth still asking the university for financial aid? One of my schools is known to like students who do not apply for aid....</p>
<p>If your EFC is almost $100,000 then your parents have enough money for your to afford college. Relax.</p>
<p>The truth is, its so high because they own a business worth 1000000 dollars...they dont have 50,000 dollars just for college. Should I rescind my application for financial aid at the one school which me doing that may help me?</p>
<p>One thing still puzzles me, when i fixed my cc profile the efc went to 60000, but that still doesnt match my 99999 from fafsa (even though this change wouldn't really help)</p>
<p>Damn.. buy me a car</p>
<p>A FAFSA EFC of almost $100,000 would indicate either very significant assets (bank accounts in parent and/or student names), or a VERY high income...VERY!!! The FAFSA does not consider home equity. If your EFC really IS $100,000, one would hope that college costs have been considered by your family. Most schools cost less than 1/2 of that with instate publics costing a small 20% of that.</p>
<p>If you said on your app you were applying for FA and now you are not, it might be a good idea to let the admissions office know you made a mistake if they are not "need-blind." Sometimes it is obvious anyway that you will not be costing the university a lot, even if you checked yes, like if you live in a high income zip code or your parents are both plastic surgeons.</p>
<p>Did you ask an accountant how the business should be valued?</p>
<p>haha, thank you..USC is the only school I applied to which is not need blind. So should I call in and tell them that I will no longer want aid??? Are there any benefits of still applying for aid even though my efc is 99999?</p>
<p>yess my parents did and they went and found out about how much it was worth at the moment (their share of it) which was 1 mmm...!</p>
<p>If your family truly doesn't have a lot of income and assets except the 1 million thing you can apply for aid and explain to the FA office that you can't borrow against the 1 million share of the business (if this is true). Of course, if you CAN get a loan from the business or use it as collateral or something, that's another story. Have you researched (in books or by calling the FA office itself) exactly how this kind of asset is usually treated?</p>
<p>Well, if i do keep my aid request, does anybody know what I would get aside from the fact that I will receive no grants?</p>
<p>With an EFC of 100K, you'll receive no need-based aid. Your parent's taxes are going to help the more needy attend college, not the other way around.</p>
<p>But isn't the EFC what the colleges subtract from their own tuition? I'm so confused...</p>
<p>Expected Family Contribution is a number that approximates what the colleges think your family should be able to pay to support one year's college expenses. Then the colleges use that figure to prepare a financial aid offer.</p>
<p>If a college meets 100% of need (many don't), then they would take the Cost of Attendance (tuition, room/board, books, transportation, miscellaneous expenses) and subtract the EFC to determine your need. They'll prepare an aid offer that approximates that need, which includes grants, loans, and probably work study.</p>
<p>So-- the most expensive colleges have a COA approaching 50K per year. So anyone with an EFC larger than 50K won't be seeing any need-based aid. If a student is looking at a school with a COA of 21K, and they have an EFC larger than 21K, they don't have any "need" in the eyes of that college, so they won't receive any need-based aid.</p>
<p>Those students should look for merit scholarships.</p>
<p>So if my EFC was 3000 that would mean that I would get a good financial aid package from a college that meets 100% need and which costs $40,000?</p>
<p>Probably. Take a look at the school's financial aid profile on College Board. Verify that they meet 100% of need, then take a look at what their average grant award is (this is how much free money their students get, on average, from the college, state, and feds). The most generous schools average 25K to 30K or more in grants.</p>
<p>Then take a look at the % of grants to loans. The more generous schools will offer aid packages with loans comprising 25% or less of the package.</p>
<p>So-- it really depends on the school. But an EFC of 3K will assure you a Pell grant, and probably some state grant money, and is a very good start on securing a nice financial aid award.</p>
<p>Well unfortunately for me my EFC is way above 3000 but thanks for the info!</p>
<p>So will I get any loans out of it??? The Fafsa said I may still get a stafford loan....</p>