<p>You will be offered a Stafford unsubsidized loan of a small amount. You accept or decline the loan. Otherwise, you should either plan on your parents coming up with the full cost of attendance or you should have applied to schools where you are in the top 10 percent and might receive merit aid.
It is very important that students do an EFC calculation and talk to their parents about finances in time to consider the list of schools to apply to very carefully.</p>
<p>I think 99999 is the number that comes up when they think you can pay so much that it's not worth putting down the number.</p>
<p>I thought only the FAFSA gave you an EFC; this poster implies that there is an EFC generated for the Profile as well...
Am I reading something wrong here? We submitted the Profile and did not receive anything resembling an EFC - should we have?</p>
<p>Schools use the information provided on the PROFILE to disperse institutional money. Each school computes your "need" based on the information that school chooses to use, and in a way that school chooses to use that information. I believe there are calculators out there that estimate your institutional EFC...but you will not receive one from the College Board the way you do when you file the FAFSA (unless something has changed...I haven't filed a Profile in two years).</p>
<p>thanks thumper1; we hadn't filed in two years either, and just want to be sure we're dotting all the i's and crossing all the t's...
this board is such a wealth of info!</p>
<p>F this. My EFC was 99999. We may have millions, but it is not like it is liquid. It is all tied up in stocks and long-term investments... f college.</p>
<p>I'm not liquid John--I'm not **liquid.**
--Stealing Harvard</p>
<p>That's the kinda attitude that will get you far in life.</p>
<p>We are in the same boat. Fafsa was 99999.
So should we withdrawn aid request? And should we both sending our tax returns, etc to those that want it? And what about those schools that require the Fafsa/CSS for merit aid?
We are still requiring our college studet to contribute by taking at lease the Stafford loan and part time job for misc expenses.
We own our own consulting business, not any hard assets there. We happened to have a good year last year following several years of no or very little profit. As luck would have it, this year we score.
So I've read to go ahead and file Fafsa/CSS in case we need it down the road.
Even though we have assets (which have to be drawn upon and have been in the slow years) we are trying to build back up our savings for the down years. And the "assets" we have are what we have saved for college/rainy day fund.
Anyone else in this situation?</p>
<p>Mine was that much but I have 0 assets. We got evicted, so no house or property right now and my parents made less then 40,000$ last year…???</p>
<p>^^^</p>
<p>How much was your EFC???</p>
<p>collegemama, if you want your child to have stafford loans, you have to do FAFSA, but he will get the unsubsidized loan.</p>
<p>A $40,000 income and no assets…and your EFC was $99,999? NOPE…that is just not possible if the form was completed accurately.</p>
<p>^^^</p>
<p>I agree. Something is odd with post #29. Must have put an extra 0 in that 40,000.</p>
<p>Definitely something wrong re: post #29! Not possible if the info provided is correct.</p>
<p>My EFC was 99999. But My parents are not funding any part of my education. But it seems like people in my situation fall through the cracks. Is there anyway to get around this or make getting loans a tiny bit easier?</p>
<p>You must have made a mistake. Go back and check your numbers.</p>
<p>It should be easy to get loans if your parents cosign, they clearly have the income/assets. Falling through the cracks? They have to draw the line somewhere though it’s unfortunate when parents with resources won’t contribute.</p>
<p>Payingforcollege, If your EFC REALLY is $99,999…your family either has substantial income or VERY substantial assets. Schools will not give you need based aid. You will be eligible for an unsubsidized Stafford Loan…and that’s it.</p>
<p>If your parents do NOT have substantial income and assets, perhaps there is a mistake on your FAFSA. </p>
<p>If your EFC really IS $99,999, then the only reason you are “falling through the cracks” is that your parents won’t fund your education. You need to discuss your post high school plans with them.</p>
<p>@payingforcollege - when a student is in this kind of situation (classified as FAFSA dependent, parent’s income too high to qualify for aid, and parents can’t or won’t pay for college expenses) then the student needs to seriously consider other alternatives. While the system of college in the US isn’t perfect, eventually almost can anyone finish a college degree.</p>
<p>Military service in exchange for tuition programs. Community college followed by state school while working full or part-time. Waiting until 24 or FAFSA-independent status to start college. Working full time for several years and saving money (will your parents let you LIVE at home to do this even tho they don’t want to pay for college?) - save that up and then go to college. Etc.</p>
<p>I recall an amazing story about a family where the children were expected to pay for college. The details are fuzzy to me now but I recall that the girls worked 1 year and then went to college for 1 year. Then worked for 1 year and then went to college for 1 year. One of the girls during her year of working did a lot of accounting/financial work for a company and when she went to apply to a transfer school she had such a great background that she then earned a substantial scholarship. Don’t underestimate the value of real-world working.</p>
<p>I’m not going to get into debates of what is fair or not fair on the parts of all sides involved (government, public and private colleges, scholarship funds, parent’s participation, etc – I urge you to just work with “what is” and make something happen for you one way or another. Good luck.</p>
<p>I don’t think any student should take out private loans - they are tooooo difficult to pay back. </p>
<p>The federal student loans are big enough (about $27k total for 4 years in college.) These limits exist because new grads don’t earn enough to pay back big loans.</p>
<p>So…if your EFC is truly that much…is it because your parents have a very high income or is it because they have a lot of assets (or some combo of both)?</p>
<p>What state are you in? </p>
<p>What are your stats? You might qualify for some merit scholarships.</p>
<p>What is your intended career?</p>