If a school’s cost to attend is triple the FAFSA EFC, does that mean the school does not really want the student?
What are you asking?
MOST schools do not have the financial resources to meet full need for all accepted students.
If the school’s cost to attend is 3 Times your EFC…all that means is that you likely don’t have the money to attend this college without significant financial aid or a nice sized colleges savings account.
Can you clarify?
Are you saying that the net cost of a particular school is 3 times your EFC?
For example, a school’s net cost is $45k per year, but your EFC is $15k. That happens at schools that don’t meet need. They may want the student, but they might not have the money to give. Many/most schools have very little money to give
What other affordable schools have accepted your child
Schools have the same COA for everyone (basically). If one student has an EFC of $5k and a second student has an EFC of $60k(and can pay it), the school might be able to give the EFC $0 student some need based aid of $30k, but that might not be enough.
It doesn’t mean they want you any more or less, just that you may not be able to attend as the FA isn’t enough.
If your EFC is $15,000…and the school costs $45,000 and does not meet need… it means it may not be affordable.
Yes, you are right. The schools are not affordable for us, without taking hefty loans. By the way Net Cost means after student loans and grants, right?
He much can you pay each year…without parent loans of any kind? That is WAY more important a number than your EFC.
Look at the amount you can pay each year…and find a college that is within that price point.
Note that a college may calculate its own EFC that may be different from the FAFSA EFC.
If you have to take hefty loans, they aren’t affordable at all. What are your child’s safeties?
What’s the amount (range from’optimal’ to ‘stretching it’) you can afford from income and savings?
What’s your EFC?
Have you run the NPC on all colleges you/your child applied to?
If you give the college’s names people can tell you if they meet need - very few colleges do.
‘net cost’ is BEFORE loans.
Students can borrow 5.5k for Freshman year. With increases, it adds to 27k over 4 years and 31k to pay back (with the interests), the amount a college graduate can reasonably pay back over 10 years.
Net cost is after gift aids like grant and scholarship. Need is the gap between net cost and EFC. Need would be partly filled by self help aids like loan and work study.
It doesn’t mean they don’t want the student but it does not mean the school that the school is an affordable option for you. Schools can only give out so much in scholarship. There are many students they would lobe to have but they can’t afford to give scholarships to every single one of them.