<p>My family's EFC is about 70k</p>
<p>Do you think it is likely I will get any financial aid?</p>
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<p>If this is the EFC that came out on your FAFSA…the answer is NO…you will not likely receive NEED BASED aid. With an EFC of $70,000, your family income is in the $150,000-$200,000 a year range. Did your family think you would qualify for need based aid when your family income is that high?</p>
<p>You definitely won’t qualify for any federally funded grants.</p>
<p>You will qualify for a Stafford loan of $5500 as a freshman.</p>
<p>If you get accepted at Stanford, Yale, Harvard and similarly generous schools, you might qualify for SOME need based aid if your family income is UNDER $180,000 a year with “typical assets”.</p>
<p>No we didn’t expect to but we thought we might as well try</p>
<p>It seems like it was a waste of time to go through the FAFSA and the CSS Profile for us. I only applied for financial aid at schools I was more likely to get into rather than reaches because I’m a bit nervous applying for financial aid has an effect on admissions</p>
<p>You will get the Stafford Loan just by completing the FAFSA. If you want to have that option, then do it. Also check your schools because some require the financial aid forms (FAFSA and Profile if required) for merit aid as well. </p>
<p>And lastly…some schools will not allow you to APPLY for institutional aid in subsequent years if you don’t APPLY as an incoming freshman. You don’t have to accept the aid (which could include loans) but you have to apply as an incoming freshman. So check that too…as you never know what will happen down the line.</p>
<p>As long as your parents are fine with paying full-freight at all your schools, you are fine.</p>