EFC if 20k, seems a bit much?

Paying for College
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<p>My parents make a little over 100k a year after taxes and I was just wondering how close this number will be to how much schools can expect me to pay. Will most private schools give me around 30k and make me pay the rest? What about public schools? Will those give me more money or none at all since they're much cheaper? My parents are in the time of their life where they need to save a lot for retirement so I'm a bit worried because we're already a little strapped for cash.</p>

<p>Oh also, once I'm done the FAFSA do I need to do anything to send it to the schools I listed or can they automatically access the file?</p>

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<p>Each school will have their own aid policies and there’s not enough info given to hazard a guess really. It’s better to assume that your FAFSA EFC is the minimum that you’ll have to pay, as that’s usually the case for schools that don’t guarantee to meet need. It’s very unlikely you would get any need-based aid at public schools but perhaps merit aid is a possiblity? </p>

<p>Yes, the schools you listed on FAFSA will be able to download your information once your FAFSA is processed.</p>

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<p>If your FAFSA EFC is $20,000, then your schools will expect your family to pay AT LEAST that amount. Most schools that use the FAFSA only do not meet the full need of all accepted students. That being the case, it is likely that you will actually pay more than $20,000 if the school costs more than $20,000.</p>

<p>Your EFC is far too high to qualify you for any federally funded grant aid. You will get the $5500 Stafford loan.</p>

<p>As Sk8rmom noted, policies vary from school to school. I will say, that with an EFC of $20,000, it’s very unlikely that you will get need based aid from any public university except UVA which meets full need.</p>

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<p>You need to have a chat with your parents about the money issue. What can they actually afford to pay given your own family’s financial commitments? Are there any places on your list that will cost no more than what your parents can chip in, what you can borrow as a Stafford Loan, and what you can make in summer and school year jobs? Do you qualify for any guaranteed merit-based aid at any of these institutions that will bring the price down to what your family can afford? If the answers to both of those questions is NO, then you need to dig a bit deeper, and come up with some affordable options.</p>

<p>Our EFC is similar to yours. We can afford about a quarter of it out-of-pocket. That is why Happykid is at our local community college for the first two years. We will only have to scramble for money for the last two years of her education.</p>

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<p>My parents make a little over 100k a year after taxes and I was just wondering how close this number will be to how much schools can expect me to pay.</p>

<p>???</p>

<p>Can you clarify?</p>

<p>Are you saying that after your parents pay taxes, their income (take home pay) is a little over $100k? Are you saying that they’re really earning a good bit more? </p>

<p>Aid isn’t based on “take home pay”</p>

<p>If so, then your EFC will be a lot more than $20k. Even if your parents income before paying taxes is $100k, your EFC will probably be more than $20k unless you have siblings in college.</p>

<p>Have you tried any net price calculators on college websites?</p>

<p>Are you a junior or senior? What are your stats? You may need to consider schools that will give you very large merit scholarships.</p>

<p>* Will most private schools give me around 30k and make me pay the rest?
*</p>

<p>Most schools will expect you to pay a lot more than $20k…a lot more. Colleges believe that the family has the primary responsibility to pay for college. </p>

<p>*
What about public schools? Will those give me more money or none at all since they’re much cheaper? *</p>

<p>Most OOS publics will not give you need based aid. Even the few that do (UVA and UNC) will expect a good sized contribution from a family with a 6 figure income unless you have siblings in college.</p>

<p><br>
My parents are in the time of their life where they need to save a lot for retirement so I’m a bit worried because we’re already a little strapped for cash.</p>

<p>Most people who have college-aged kids are getting close to retirement age. You need to find out how much your family can pay each year and have a strategy to get your college costs covered.</p>

<p>You may have to commute to a local public if you can’t get merit scholarships.</p>

<p>Oh also, once I’m done the FAFSA do I need to do anything to send it to the schools I listed or can they automatically access the file?</p>

<p>you need to have your info sent to your schools by listing them. And some schools may require CSS Profile also.</p>

<p>Which schools are you applying to?</p>

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<p>If your parents’ gross income (before taxes) is about $130k, then your EFC might be similar to what this student just posted on another thread…</p>

<p>EFC of 36k - reasonable or not? My parents’ gross income this year was 130k</p>

<p>This student’s EFC is $36k with a gross income of $130k. If your parents’ income is a little over $100k AFTER TAXES (which is what you wrote), then this student’s situation suggests that your EFC will be much higher than $20k.</p>

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<p>“Most” private colleges do not meet full financial need. So they will give you whatever their budget allows. Ditto, public colleges – most of them do not meet full financial need either.</p>