<p>I just finished my FAFSA last night and my EFC ended up to be really low (b/w $2k to $3k). I am worry that I have put something wrong but I double checked and my parents' income hasn't changed that much since last year (I used their 2003 tax returns as a guideline) and my brother just started college last fall (he told me his EFC ended up to be around $4k). So did they lower our EFC b/c my family will have 2 kids in college in 2005-2006 or is it b/c I probably filled out something wrong? </p>
<p>they lowered it with two kids in school
if last year your family EFC was $4,000- with one in school
it makes sense that if little has changed, that with two students in college their EFC would have halved.</p>
<p>I also just finished the online FAFSA tonight. I was disappointed to see such
a high number as 14082. I make a good salary but my wife stays at home and my investments are close to nil.
My daughter, the potential freshman, didn't earn anything in 2005. Does this all add up with a salary of 78K?</p>
<p>I would caution every happy kid about low EFC. Do not think it is going to be full ride since your family has little money. Most colleges are gapping and many of them will only cover 40-50 % of full need of student. Also most colleges won't cover all your need with grants and scholarships, it will be mix of of loans, work study and grants. Such mix could contain mostly loans in many occasions. So on paper your need will be taken care of but in reality you still will have to pay tons of money.</p>
<p>nev: Unfortunately, yes. We are in a similar boat. Hubby works and I stay home. Our EFC is ridulously high. Crazy that "house payment" is not taken into account (there are areas in this country where there is no such thing as a low house payment unless you're a senior who bought your home a long time ago.)</p>
<p>with only one salary you have less income that is "hidden" from FAFSA- with two salaries there is a certain amount that is protected- so if two people earn $30K a piece, the EFC is lower than if one adult earns 0 and one earns $60K</p>
<p>The upcoming freshman is also probably assumed to going to be earning about $3000 in the summer & that is included in the EFC as well</p>
<p>Question about the summer earnings: Is the assumption that the student should be able to find a full time summer job at min. wage for 10-12 weeks during the summer?</p>
[quote]
The student's own contribution
In addition to the amount parents are asked to contribute, students are also expected to help meet a portion of the yearly costs of their own education. A student's share comes from summer employment, savings, and educational benefits.</p>
<p>The Flexible Summer Plan
For students who are unable to meet the summer savings expectation, either because they don't earn enough or have high job-related expenses, Princeton offers the Flexible Summer Plan. This generous aid plan allows students greater choice in their summer activities by replacing a savings shortfall with one-half grant and one-half additional job (or loan on request).</p>
<p>A typical student entering in September 2004 was asked to contribute $2,135 from summer earnings. The summer contribution is less for lower income and international students. It is expected that this amount will increase for students entering in the fall of 2005.
Students are expected to contribute 5 percent of their assets each year to their education. Student assets are defined as money that is in the student's name at the time he or she applies for aid. This includes funds that have been placed in a trust or given to the student under the Uniform Gift to Minors Act.
[/quote]
I think as well as summer earnings, it is assumed that student has at least some money that has been put aside for college over the years, that in most cases the idea that college was going to be a next step after high school didn't just spring full formed from their brow winter break senior year :)</p>
<p>thats interesting because our EFC has always been right on with our FAFSA EFC, even though school requires PROFILE and Addt info.
FOr the past 5 years anyway ( she took one year off)</p>
<p>FAFSA , PROFILE and the colleges own info all give data to give the college information on putting together the package.</p>
<p>Just because the two are computed in different fashions, doesn't mean they won't come up with very close answers. I have had instances where the two EFC's are off tens of thousands and instances where they are within $50 of one another.</p>
<p>I assume the EFC is yearly, right? If so, god, that really really sucks; my EFC is 46,810. Me and my mom fall into a really really low income bracket, and we get like 15 grand in social security a year, but the problem is I have a 95,00 inheritance (life insurance policy from my dad, and it falls under the Uniform Gift to Minors Act) in the stock market. I hope I get into Princeton, 'cause they only take 5% of the student's assets a year, whereas I think most other places take 35%.</p>
<p>I am part of the oh-so-screwed middle class. Boo.</p>
<p>Parents making ~100K/year, moderate investments, quite a bit still owed on our house. </p>
<p>Sure, my parents could scrape together enough money to get by paying the full tuition for a private school (with quite a lot in the form of loans), but by no means would it be easy to fork over $40K/year. </p>
<p>According to the CSS Profile, the EFC was higher than the cost of education at both Washington & Lee and Dickinson (both schools that charge ~$40K per year). Does anyone else think it is ridiculous that it is assumed parents can hand over this much cash without struggling?</p>
<p>Arggh. That's enough of my rant! (Especially since I got a $15K/year scholarship- thus making the financial situation managable)</p>