EFC question?

Paying for College
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<p>There is your answer…the asset is your Mom’s. </p>

<p>And yes…if your family has the assets, the colleges WILL expect them to be used partially for your college costs. 5.6% for parent assets…20% for student assets.</p>

<p>So that $500,000 (sister and mom) will net you at least a $28,000 family contribution.</p>

<p>Remember too…your choice of college is just that…a choice. If your family cannot afford to pay $50K in college costs, you will have to look at less expensive options. Given your financial situation, I would strongly suggest you cast a WIDE net including some more affordable schools, schools with guaranteed merit aid for your stats…and them sure, apply to some financial reaches…understanding that you if the finances don’t work out, you might have to choose one of your other options.</p>

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<p>You have answered your own question then. It is your Mom’s asset and must be reported as such. If you are not eligible for the simplified needs test (which you are not based on the info provided), the asset will make your EFC almost $30,000. Much to high for federal grant aid.</p>

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<p>Most families can’t even think about affording $50,000 per year for college. They don’t even have the money to begin with.</p>

<p>If you’d rather not spend that much money on college - I agree with you, it’s not worth it, and it wouldn’t be a good idea. But need-based financial aid is reserved for students whose families don’t have that choice in the first place.</p>

<p>There are lots of colleges that you can easily afford and I’m sure you’ll find a great place.</p>