<p>Here's the deal--I'm an only child with one working parent (my dad is 79 and is retired and my mom is an English professor). Our total income doesn't exceed 65K per year. However, because we don't have a mortgage and we have property in another state, our EFC is 33K. There is absolutely no way that my parents can afford this. I feel like the FAFSA and profile don't take into account our circumstances (my dad's age and our income). Any advice? My parents are going to send letters to each school explaining our situation, but I'm really worried because they told me that the absolute max they can afford is 15-20K per year.</p>
<p>Woah there are A LOT of schools that are not any more than 15-20K per year! Sometimes and most of the time actually cheaper schools offer just as good of an education! But yes the colleges should give you some consideration for your circumstances</p>
<p>not having a mortgage on your primary home has NO affect on the EFC.
Owning property in another state is a different story. It must be valued pretty high or there are alot of other assets, because an income of 65K would only put you about the 12-15K EFC range. There is an asset protection amount that is based on age of the older parent, for your parents, it is 84000 in asset protection before any assets start adding to the EFC. Retirement savings is not part of that, it is not used in the formula.</p>
<p>dairy10: because of my interests and my need for a "small community feel," I am mainly looking at private liberal arts colleges, which are very expensive (many are up to or exceed 50K)</p>
<p>
[quote]
I feel like the FAFSA and profile don't take into account our circumstances (my dad's age and our income).
[/quote]
</p>
<p>Income is the primary factor taken into consideration by FAFSA and the Profile, and parental age is also accounted for in calculating the EFC.</p>
<p>Lacboundgirl, I have two thoughts. First, in life there is almost always a difference between what you want and what you can afford. I want a BMW 5 series. I drive a Hyundai. </p>
<p>Second, the EFC calc assumes that you and your parents have saved $ for college over the years. If you have not done that then that is your issue - you won't get extra money to make up the difference. </p>
<p>You clearly cannot afford $50k/yr. Your parents can appeal if they want, but especially in this economy it won't work. What about merit scholarships?</p>
<p>Lacboundgirl,</p>
<p>Does the college/university where your mom works offer a tuition/fee discount for faculty children? Are there any tuition/fee exchanges possible with other colleges/universities? Back in the last century, I knew plenty of faculty kids who either stayed at their parent's institution or attended a peer institution on a full or partial tuition/fee exchange.</p>
<p>I can fully understand that your family is unable to part with the out-of-state property, but this is probably a big part of your financial aid challenges. My old college roommate and her husband are in the last year of paying full-freight at a selective LAC in part because they own an old family property in another state that is assessed by the CSS Profile at full market value. That they paid $1 for the property and are legally bound to charge other family members no more than $1 in a sale (and it must be offered first within the family) doesn't count.</p>
<p>With the brevity of my explanation, a lot was misunderstood. We are very frugal. We have two volvos--an '89 and a '95, and we rarely travel on expensive trips (except to spend the summer in NC with my grandparents). </p>
<p>Yes, merit scholarships are a possibility, but the problem is that most of the LACs I'm looking at don't give them (ie: Haverford). I am ranked 7/500 students, and I take a very rigorous course schedule and did well on standardized tests. So, I think that it is unfair for my concerns to be seen as "what I [merely] want" ---Iron Maiden. I have worked hard throughout my high school career, and (maybe this sounds selfish to some) I do want to be able to go to one of my top college choices if I gain admission.</p>
<p>happymomof1: My mom teaches at a small catholic college, and there are no exchanges possible. She doesn't want me to attend her school anyway because she knows that I can get a better education elsewhere (her school is mainly a commuter school so there is no community feel at all).</p>
<p>Haverford will require the profile and take things into account differently than the fafsa. Your primary home equity could be factored in.</p>
<p>You don't deserve anything you want because you worked hard in school. </p>
<p>Your dad was 60+ when you were born. Are you his only child? Did he raise a family before meeting and marrying your mom (who surely is 20+ years younger than your dad).</p>
<p>If you can't make the numbers work for the college of 'your choice' then you have to go somewhere else or spend your life complaining about life not being fair. Get over that notion now. Life is NOT fair, to anyone.</p>
<p>my need for a "small community feel
sorry but that is not a need, it is a want.
COmmunity colleges are small- and some are very good.
go there for two years and transfer.
Get merit aid to attend a private school- lots of threads on schools with merit aid.</p>
<p>( I actually rode in a Hyundai the other day, it was very nice, I had to ask what it was.
I expect that if you look at affordable choices, schools with merit, honors programs at state U's , regional exchanges, you'll find that your realistic choices aren't as bad as you are making them out to be.)</p>
<p>Welcome to the real world. Except for multi-millionaires, I don't know anyone who feels they can "afford" their EFCs.</p>
<p>My d got quite a number of merit scholarships at LACs with a "small community feel." Expand your search and you'll do much better.</p>
<p>don't mean to go off topic- but this makes me think of something I overheard yesterday at the food co-op.
Two checkers were gossiping about a co-worker who * recently graduated from Cornell* excuse the italics, but that was about the tone. ;)
anyway- his degree was in art history- which was why he apparently was working at the grocery store.
I am sure he got a great education- but I wonder if his parents think it was worth the expense since he could have done what a friend did, who was admitted to Cornell, but chose to attend public college in Washington state instead.
( ive read that those who are accepted to Ivy schools and choose to go elsewhere, do as well financially, as those who are accepted to Ivies and attend)</p>
<p>It isn't so much about the instituition but what you do when you are there.</p>
<p>Many catholic schools do give merit awards. Take a look at them. Also LACs that are looking for high academic stats (usually test scores) often give merit money. The top schools do not need to give merit money as they attract enough top kids without having to offer them scholarships. They use their money for financial aid.</p>
<p>LACboundgirl, I work my a** off every day and don't have everything I want. You are not entitled to go to any college you want just because you "worked hard".</p>
<p>Life is hard - get a helmet</p>
<p><<life is="" hard="" -="" get="" a="" helmet="">></life></p>
<p>LOVE THAT LINE.</p>
<p>It's too bad you just found this out now. We were in a similar situation with my son four years ago. Our EFC then was about $40,000. Yes, my husband and I could have paid that, and given up all hope of ever retiring. When we saw the financial aid offer from his first choice school, we knew there had to be some other way to send him to a good LAC and not derail our future retirement. There are many great LACs where you can get a top-notch education, and many of them give generous merit aid. My son was offered a merit scholarship that covered about 2/3 of tuition, which brought our family contribution to around $15,000 for the first year. He graduates this year, and is very happy with the quality of the education he has received. Right now it may be too late, though, to apply to these schools. You can take a look and see. If it is too late, what about taking a gap year? You can earn some money, maybe travel and do a service project, and apply to some lower tier LACs for the following year? Loren Pope's 40 Colleges That Change Lives is a good place to start. CC has many lists available of colleges that are generous with merit aid. If attending an LAC is what you want, you may just need to postpone your education for a year.</p>
<p>I agree that it is unfortunate you just found out about this. However, I think you can figure out a way to attend a LAC and make it affordable. Have you applied to several schools? I do know from reading this board that on 5-2, there is a list of schools with space left and money, so there's that; you could also cast a very wide net and apply to a LAC off the beaten path; you could also look at the honors program of your local U.</p>
<p>There are many, many very good LACs in the midwest and south that have much lower costs than $50,000 per year. With $20,000, a Stafford loan, a couple scholarships and student work it can be done. I know because a young man down the street is "making it happen." It's unfortunate that the process is getting so late for entry this fall. Hopefully you have a couple school choices on your acceptance list that come in line with the $15-20,000 budget that your parents have set for you.</p>
<p>Thanks for all of the responses--though I feel like I got my head bitten off by some people! I have applied to ten schools and many are more affordable than others (like Hendrix). So, though I may not get to go to my top choice, I do think that I will be able to go to an LAC.</p>
<p>I do feel for many of the kids who for whatever reason grew up believing hard work would get them to their college of choice. It seems to be a rite of passage these days to come to the realization that some educations are out of reach.</p>
<p>And then the next passage, a college education often doesn't get you a high paying job and the car and neighborhood of your choice.</p>