<p>Last year when we did the EFC for the first time and saw that it was higher than the cost of the college, I almost cried. This year I am prepared...I will be having a drink while I punch in those numbers...</p>
<p>my efc is $19.my parent's gross income is 30k</p>
<p>That sounds really high - unless your parents have really really high assets.</p>
<p>So does the income have more of a weightage when it comes to the EFC? Or do the assets matter more? From what I am hearing, middle class income families who save a LOT(high assets) have a huge EFC. These colleges expect us to live on soup while draining our bank accounts and putting half the earnings into college....</p>
<p>Does anyone know..what % of your income is an average EFC?? Or does it vary too much to say?</p>
<p>Just judging from things people have posted over the years, 1/5-1/4 of gross income seems to be about the norm. But there is really no norm, and every situation is different. Things like age, number in family, number in college, income, expected income (if only 1 of the 2 parents works, an amount the 2nd person SHOULD be earning is assessed), assets, income tax writeoffs, etc. all figure in. So even though I gave a rough idea, it might not even be close for you.</p>
<p>The EFC really can vary....in addition to assets..the number of children in college at the same time can lower the number....I think there are just too many factors. It's all so confusing....</p>
<p>I was just asking because my EFC seems like ALOT.. approx 1/3 of the houseold income - both parents work, family of 4. There is NO WAY we will be able to afford that. No chance.</p>
<p>Your parents probably have a lot of assets. They may also be relatively young (EFC is adjusted for age). Like I said, it's hard to know for sure what it "should" be. But your parents make a lot of money. I know that in some parts of the country, it doesn't seem like all that much, but there is no high-cost-of-living-area adjustment for EFC. I suspect they have saved, so that's probably why the EFC is high.</p>
<p>Ditto. I mean, my parents earn a decent amount but between the mortgage, credit cards and other bill, it adds up. It gave us an incredibly high amount--something my parents can't pay. Really, it's terrible. Ick, why can't there be something other than a computer computing the numbers--a person, really!?</p>
<p>I live in one of the most expensive counties in the US. But still, EFC is insanely high. No need-based aid. =/ It's technically a 1/5 of our household income. But, my parents have practically nothing in my college account and they/I need loans to pay for college.</p>
<p>here is the complete guide and formula.</p>
<p>it's not a secret</p>
<p>I agree, middle-class income family faces this serious problem!</p>
<p>My friend says: Between so-called high-income, paying mortgage, maintaining the family for minimal living (no vacationing, almost none eat-outs etc and not even summer camp etc), day-to-day expenses (kids in public schools), parent support, and trying to maintain good credit score - I do not know where to cut to save for college. I don't even remember retirement for savings! About 40k in my checking+CD is all I have in my emergency fund that I had to report as Cash in FAFSA.</p>
<p>Hopefully colleges 'see' this - but how will they? What do I 'show' them?</p>
<p>Wonder what should she do.</p>
<p>Check the formula Sue posted, in most cases that $40k is protected assets anyway, the formula is really salary driven</p>
<p>our efc is 3X our adjusted gross income lol</p>