<p>Hi, I'm a high school senior who will be going to college next year. My parents total income is around 50K. I recently filled out a FAFSA with the correct 2008 tax information, but my EFC was calculated to be around $2,000. Is there something wrong? I made sure each filled out information was correct. I also have a sibling who will still be in college next year.</p>
<p>Why do you think something is wrong? $2,000 would generally be considered quite low; you should be able to earn that much at a summer job. Having a sibling in college generally lowers your portion of EFC quite a lot.</p>
<p>Assuming your sibling has the same EFC, that means a total expectation of $4,000 between the two of you. The two of you can definitely earn that this summer. :)</p>
<p>For two students at college at a total family earning of apx. 50k.
Just so you know. If the other sibling was not at college, you're EFC would be in the neighborhood of $4k.
Just in case you were mixed up, the EFC stands for Expected Family Contribution and includes money expected from you and your family. It does not refer to the amount of aid you might receive.
Hope that helps.
Cheers,
K</p>
<p>That's good to know.
I looked up the exact number of my EFC and it was $1,600.
I just thought my parents would be expected to pay more... but I guess not! That's good.
If I were to go to a private college for $48,000 a year, approx. how much will the college cover(excluding loans)?</p>
<p>It would depend on whether the private college meets full need or not. And thanks for the quick reply to my thread. :)</p>
<p>I guess it varies too with assets. Our EFC was closer to $8000, but only one of the two children in college, same income as being discussed.
Is this unusually high?</p>
<p>Hard to tell as there are so many variables. The amount you pay in taxes may have an impact. (A larger amount of taxes will equal a larger deduction from income in the EFC formula). Whether the income is earned from a job or not may have an impact (an allowance of @ 6.75% for FICA taxes is made against income earned from working). Your assets and the students assets and income all have an impact on the EFC. Student assets and income have a larger impact then parent assets and income. (parent assets over the protected amount have a 5.6% impact, student assets have a 20% impact, student income over the protected amount of a little under $4,000 have a 50% impact).</p>
<p>So because my S has over $5k saved in his accounts, that may make a difference then.</p>