Hello,
I was recently informed that my financial aid was cut in half due to my EFC. I was given and EFC of 7500. I think this number seems a little too high.
I am 28 and living on my own in NJ while attending school in NY (Work in NY). Income for 2016 taxes was $31,000.
I just don’t see how it would be possible for me to live on my own and attend school when I barely qualify for any aid.
I am attending a college that costs $17,500 a year.
Thanks for any insight
Did you get more aid last year? Did your income changed between the years they are using to calculate aid?
Being a single person earning $31k per year, why wouldn’t there be an expectation that you should contribute 7500 per year towards the cost of attendance?
The $17,500 college cost consists of what? How much is the tuition?
College aid isn’t designed for folks to live on their own. That’s a luxury. Share an apt or rent a room or ?
EFC of 7500 sounds correct. I assume you probably earned less than $31,000 in previous years. The expectation for single students without a spouse or dependents is that you will be able to contribute a relatively high percentage of income toward your schooling. That is just the way the EFC formula works, so it is not anything the school chose to do. Your aid is awarded based on the EFC, so as EFC rises, aid will fall.
I realize it is difficult to make things work, but you will only have to make sacrifices until school ends. Live in a manner that costs as little as possible. If all you qualify for is loans, you are very limited in terms of what you can borrow. I hope you are able to make this work so you can finish up your degree - that is very important to do. Best to you.
You might be better served living in ny. Once you get in city residency you could probably attend CUNY for free