EFC- the shock of my life

Parent Cafe
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<p>So just to get a vague idea of what our EFC would be, now that we have only one dependent since #1 is living on her own & since #2 is 17, so we lose the child deduction, & since the year reached the half way point so I could double taxes- income etc. easily when calculating the EFC- I thought to give it a shot.</p>

<p>Now H, has been working lots of overtime- his dept is experimental projects & composite material so with the new 787, this year has been extremely busy- most months he has been having to work 3 weekends in a row- and sometimes 10 hr days- which means double and triple time pay.
(But it also means that he is exhausted- and even more so than usual, goes to work and comes home & goes to bed-so I have to be much more domestic than I am-and totally take over everything)</p>

<p>I know that despite the overtime, we don't seem to have any more money, our mortgage is still minimal on the principal- weighted toward interest even those costs don't alter taxes due.</p>

<p>So when I was figuring EFC, I expected it would probably be higher but I thought it would still show a bit of need re the private LACs she is interested in.</p>

<p>Well I guess that is true if I just looked at the FAFSA EFC, it is pretty high, considering the before tax income so far x2** isn't 6** figures- EFC $22,000 is about $9,000 higher than it was for her sister.</p>

<p>BUt the county has also been increasing the taxable value of our house, every year by $30,000 to $50,000. Apparently the market is so tight, that 2 bed/1bath homes appreciate more than anything else, because they are now getting scarce ( because they are either being torn down for condos, or torn down so someone can build a 4 bed/3bath home on same lot).</p>

<p>I dont doubt that if we really tried to sell it after putting $100,000 into it with a new roof/wiring/plumbing etc, we could get what they estimate as long as the buyer is coming from an even higher cost area. But there frankly is no frigging way we can refinance it to take money out for tuition, because we can't afford to pay anything but interest * now*.</p>

<p>( Since #1 D is no longer in college- we also no longer have the tuition payments to deduct- just loan interest)</p>

<p>So since institutional aid, considers home equity, I had to throw in the equity that has increased from the reassessments ( however- I am also going to start the appeal process- my brother in law got his knocked down $200,000-)</p>

<p>Our EFC the time #1D was in college was $12,000 to $14,000- with PROFILE.
Our EFC with just #2D applying to college- * with* home equity, is $35,000.
Pretty wild. ( especially since once they launch the 787, my H will be moving to a different project, without the overtime)</p>

<p>Good thing D is at camp- cause right now I am at the point of either getting a divorce or adopting another dependent for the deductions.</p>

<p>:p</p>

<p>this would be a good time to post links to affordable schools</p>

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<p>this may not actually be the right solution, but should you not have an addendum mentioning the fact that your husband will soon be bringing home less $$$? I think that would fare well. Since your home is also a major source of your EFC woes (as was my family's), you might encourage your daughter to apply to schools that require only the FAFSA. The Profile basically destroyed me as well.</p>

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<p>Emeraldkitty, since your husband is never home or tired, I recommend the invitro route for the extra deductions. Maybe you could go for triplets or quads, but then in 18 years, you'd really be in a pickle.</p>

<p>Seriously though, wouldn't it be nice if your husband could skip the overtime pay, and extra vacation time when things slow down?</p>

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<p>ouch...big EFC difference...but 10 hours is nothing my dad is lucky if he has a 10 hour day its usually between 12 and 14 hours if he works 10 hours we know its a problem(meaning its his slow season)</p>

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<p>THis was mostly to whinge- I feel better cause I know I am not alone.</p>

<p>I was thinking about the publics anyway- since D is not going to have the scores to get into schools that meet 100% of need, that she is thinking of.
( she doesn't really realize that though)
There are a few out of state publics that are part of the Western undergraduate exchange, that I think could be a great fit ( it is instate tuition + 50%), and thank the goddess we have those, because she would really be irritated if she didn't get out of Washington.</p>

<p>Ive * been* trying to tell my oldest, if she went to grad school she would count as a dependent for the FAFSA- but I also have seen lots of babies out and about lately ( as well as heard them crying and cooing all around our neighborhood), and since both of the girls have said if I want any grandchildren, I will have to get them from somewhere else- so.....</p>

<p>I think I would like a little boy this time- ;) I have to do my part so redheads don't go extinct!</p>

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<p>but 10 hours is nothing my dad is lucky if he has a 10 hour day its usually between 12 and 14 hours if he works 10 hours we know its a problem(meaning its his slow season)</p>

<p>that must be hard on your family lesmizzie, does he work for himself or is he in a union?
Unions require overtime to be restricted- otherwise H might even be working longer hours- without the extra pay.</p>

<p>Since it is still under 6 figures, I don't even think it is the extra that is making such a difference- but the loss of the extra deductions, the loss of the education credit & because D2 is now 17 so we lose the child deduction.
( but for what we spend in medical care for our 13 year old lab, I think we should claim her as a dependent)</p>

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<p>Some of the Profile colleges cap home equity at 2.5 times income (? or something like that - I can't remember), so EK, that might help you, especially when income drops after overtime ends. :)</p>

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<p>I think EFCs are a shock to most parents the first time but it's horrifying to know it can get worse!</p>

<p>When do you tell your DDs and DS the hard truth about their ability to get into dream schools? My DD seems a bit overconfident and I'm not sure how to handle this.</p>

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<p>sorry to tell you emerald but a 2nd kid in grad school doesnt count as dependent for the others FAFSA. Grad school students are considered independents,even w/o a visible source of income.</p>

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<p>EK, none of the colleges using profile considered my full home equity -- according to online calculators, I would have had about a $33K EFC (institutional methodology) -- but even the colleges with the weakest financial aid offers brought costs down to less than that. </p>

<p>On the other hand, the private colleges which meet 100% need seem also to generally be the toughest to get into, so with your post #5 in mind, it might not be worth the chase. I haven't checked recently, but I do remember that in years past Lewis & Clark was a FAFSA-only school, and they also are test-optional, so they may consider factors other than test scores in their financial aid awards -- so that is one college you might look at.</p>

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<p>Cathymee, my D2's school does allow the grad student to be counted as another student. Some of D2s school options did not, so it is school by school. We, too, live on the west coast and have the ever-increasing equity, but no interest in a refi for a stupid-huge mortgage; therefore, ahving learned hte hard way on D1, D2 & D3 only will apply to FAFSA schools, there are some nice privates (Baylor, Whitworth, etc) that are FAFSA only which also have merit $ for high achievers. Of course, if you can get into Princeton, they also do not count HE ;)</p>

<p>There can be huge (5 digit) differences when your HE is large between various packages. You've got to chaeck each potential school one-by-one. Our home now is about the same value as our home 20 years ago would now sell for.....but we have just continued to keep buy for what we sold for (or less) and work on paying down the mortgage! So, I am not prepared to refi for college, therefore, I have to choose FAFSA schools.</p>

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<p>EK, I would still let her apply to schools that interest her, but tell her not to fall in love with one. Explain that the $$ will determine if she can attend. I did this with my son, and we did have some financial safeties (so I thought at the time anyway, since I understood the process less then, even after all of that time on this board). Frankly, our instate public schools are so pricey, that the only financial safety for us might have been community college.</p>

<p>You might look at this for some ideas:
<a href="http://talk.collegeconfidential.com/showthread.php?t=148852%5B/url%5D"&gt;http://talk.collegeconfidential.com/showthread.php?t=148852&lt;/a&gt;&lt;/p>

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<p>Depends on the school. DD's undergrad school did count DS's grad school enrollment...she didn't lose any of her school grant (her aid still included a substantial gap). DS is an independent as noted above (as a grad student) but that didn't seem to help him in the finaid regard (even though his EFC was 0, he still had unsubsidized loans in his "package". </p>

<p>Oh Emerald...you are in good company sadly. Wanna contribute to my cookbook "Meals on 99 Cents a Day....Kids in College"?</p>

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<p>Your EFC looked great to me. S got no need based aid from his LAC that provides 100% of documented financial need. Funny, H and I don't feel rich and our 14 and 12-year old Fords and Mercurys don't impress anyone.</p>

<p>My advice is to have your D apply to places that you know you can afford or where she has decent chances of getting merit aid. Also let her know the finances, and let her know the importance of her seeking out merit aid and doing the best applications possible.</p>

<p>From what I've seen on CC, saying, "Apply where you want, but don't fall in love with any place" doesn't work. Far better to narrow the field early so that your D has a good chance of falling in love with places that you can afford. Fortunately, even when it comes to LACs, there are good LACs that are affordable. </p>

<p>My guess is that when your H's job changes, colleges will reconsider need, but until then, they won't because what you think may happen with your H's job may not happen.</p>

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<p>My suggestion would be for you to divorce your husband and retain custody of your daughter. Your EFC will improve markedly. A husband is a financial liability.</p>

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<p>LOL! ;) (ten characters)</p>

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<p>EK- our EFC was $80,000+ which was a BIT surprising. We knew that we didnt deserve or expect any need based aid but the calculated EFC was a surprise nevertheless.</p>

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<p>living at home and attending a local college (cc or 4 year school ) for 1 or 2 years would save some $$$'s. sounds like your efc amount would be changing in future years and then your d could consider a transfer to a different college once the efc changes. </p>

<p>would she qualify for some merit aid at local cc's or state u's?</p>

<p>try a good search on "colleges that are good value". also check the bookstores for the guide books on good value colleges.</p>

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<p>CCs don't give merit aid- they don't even qualify for Stafford loans- all you can get would be work study-The state Us don't really give merit either- even friends whose kids are NMS barely get anything.
I think we will look at the public schools that are part of the Western undergrad exchange
Also she may surprise me and work her tail off senior year- although she also has big extra curricular plans</p>

<p>So while it actually doesn't affect our original ( * mine* actually- its had to tell what D really thinks, one day it sounds like she is talking about how great it would be go to Occidental or Pomona, the next she states that she didn't *really * mean to go there)plans, it was a shock to see the estimated private EFC- </p>

<p>She may qualify for some merit aid though I guess - its worth a try. Her public school is very good, she can get some excellent references, although her grades are going to be high average and her test scores are going to be low average.</p>

<p>Her ECs will be interesting- even though she isn't the founder of clubs etc- her development throughout high school has been amazing & I think that her recommendations will probably note that.</p>

<p>And if luck holds- instead of having 4 different counselors through high school, if the last one actually stays she will only have 3 :)</p>

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<p>emeraldkity4- My son applied to several privates in Ca and Oregon and received either merit aid or university grants. None required the profile. He applied to U of the Pacific, Willamette, Redlands.</p>