My initial question was “Why is my EFC more than what my parents can afford?” not, “I’m applying to only schools I can’t afford and now I’m stuck”.
That makes sense … the OP must fill out the appropriate forms by the due date.
Annie… what happens if you get into Syracuse, with desired major, at a cost of $50,000 a year ( it costs more but let’s pretend they give you $20,000). Will you walk away?
Is USC the U of Southern California?
Yes. I have been prepared for those moments since I saw my sister go through it.
That was answered a long time ago on this thread. Your EFC is based on parent income and assets…and some of your income and assets too possibly.
EFC is NOT based on what your parents say they can afford.
Because financial aid is based on what the school and the federal government think that your parents can afford to pay based on their income/assets and not what your parents want to pay or think that they can afford to pay.
Do you think my parents should sit down with a professional and see what they REALLY can afford versus what they say they can? Because that’s what I’m thinking they should do.
And yes USC is University of Southern California. It’s a super reach and everyone in my family told me to have a really high reach so why not.
You have stated that your parents have a lot of other expenses. And you live in a high cost of living area. And you have siblings for them to consider too.
What do you expect some advisor to tell them?
If their annual income is…say $200,000 a year, and you want to go to a $60,000 a year college…you are asking them to spend more than 1/4 of their annual gross income on YOUR college costs. That doesn’t take their other expenses into consideration…or the costs of your siblings and their schools.
If their annual income is lower than $200,000 a year…you are asking for an even HIGHER percentage of their income to be dedicated to you.
Like I said earlier in this thread…no one…repeat…NO ONE is required to attend an expensive private university. You are making a choice to apply…but your parents absolutely do not have to fund this…even IF some outside planner says they can.
Their money…their choice.
Remember too…they also might want to plan for,their retirements, and do things like maintain your home.
What **you and your parents ** need to do is sit down and have a realistic talk about how much they are willing to pay/borrow for you to attend college. Sit with them and their 2016 taxes and run the net price calculator together.
as long as they work jobs (are not self -employed or own a business(es)) and their only real-estate is the home that you live in (they are not renting out to any one), it should be straight forward result.
My parents do own other real estate. That’s what’s making things so complicated I feel. They own three other houses along with the one we live in.
Another take on, “Why is my EFC more than what my parents can afford?”
Because they are already spending the money that the colleges think can go toward college costs. Spending it on discretionary things leaves them unable to afford the college price. Their choices.
The “Why Not” is interfering with some logical thinking. Do you know what it takes to get admitted to some of these competitive colleges? Have you matched yourself to what they want? Otherwise, it’s throwing darts with your aunt’s money.
Your “choice.”
Yep…choices choices. Your parents own real estate in addition to their primary residence. The equity in these properties is considered an asset for FAFSA purposes. Need based aid is not set up so that families can hold onto secondary real estate.
And as an FYI…for FAFSA purposes, those equity values are only assessed at 5.6% of their value. But for those Profile schools…the secondary real estate equity could be assessed at 100%. Because realistically…your parents could sell those properties and you would still have a roof over your head.
So be prepared…those Profile schools could expect an even HIGHER family contribution than the one calculated by the fafsa. Oh…and some of the Profile schools tap primary home equity as well.
I don’t want you to think that we are ganging up on you. You seem to have some magical thinking going on and we are just trying to explain the realities of your situation to you. It seems that you also are not receptive to hearing the realities of your situation (if that is the case, don’t say that you were not informed).
Those three houses are assets. Any rent collected from these homes are considered income. If after all of this you still have a 35k EFC, I think that is great. Unless they are willing to sell or mortgage a house you need more financially feasible options.
It is a waste of an application fee to apply to USC, because even though academically it is a reach, you will never receive enough money to make it financially feasible.
You need to look at the common data set of the schools that you are applying to. your list is a little top heavy; you are below the 25th percentile for Bing and just barely making the 25th percentile for a lot of the others (still making them reaches just by the sheer number of applications). For NYU, your stats are just slightly above the threshold that they use for HEOP (since you are not economically disadvantaged, Stern will be a reach).
Stats aren’t important but they’re not EVERYTHING I have really good LoR and essay along with a strong list of extra curriculars and volunteer work. Not saying I’m definitely getting in, but I have things making my application stronger despite the low Stats.
& I ran the NPC for my schools and yes they were too high and I did tell my parents this, but they said to apply anyway. My parents’ call, not mine.
Three additional houses plus your primary residence? And you wonder why their EFC is higher?
Like I said…Profile schools like NYU, BU, USC, Syracuse, will view these properties as discretionary.
Holy moly. See how choices come back to bite you? They can’t “afford” the net tuition, but own 4 houses…and you think the solution is the colleges should lower their costs for you while Mom and Dad pursue wealth?
Google how finaid works. Be savvy. Don’t go into 200k or more debt for college because you want to finance a dream. Get a good degree that you can afford on 8500 and student loans.
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Do you think my parents should sit down with a professional and see what they REALLY can afford versus what they say they can? Because that’s what I’m thinking they should do.<<<<
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The wisdom of the 17 yr old. Please don’t try this on your parents. They might regret the $$ they spent on your private schooling. They seem to have successfully become real estate investors, put you and your sibs into private school, but you think they are somehow misguided?
No??? Sometimes people think they can’t afford something but they can. It happens. Not trying to be an a jerk, just trying to see what can be done. They’re in debt and that was their choice and they don’t have to tell me why they chose to be, I’m just trying to see what’s can be done.
It’s like everyone is expecting me to be this expert on financial aid and finances. Why do you think I’m asking about it? It’s because I’m not and i’m trying to educate myself. Don’t make me feel bad about not understanding.