<p>My parents make around $80,000 a year combined, but the FAFSA neglected to take into account a number of things that make it impossible for my parents to pay a $15,000 EFC. For instance:</p>
<p>$250,000 mortgage
2 students who graduated from college less than a year ago in addition to the 1 student currently in college
Lack of medical insurance
Debt</p>
<p>Can I send in a letter explaining these factors? If colleges base my aid on that EFC, I won't be able to go anywhere, and I think it's a lot worse to get accepted and not be able to pay than to not get accepted at all.</p>
<p>they mostly go by income- not debt- so lack of savings- high mortgage etc aren't really factors.
However you may be a student who should look both at private schools that meet 100% of need and instate public schools.
How much do your parents feel they can pay?</p>
<p>Woah, how can you afford to go to college but your family can't afford medical insurance?
also the $15,000 EFC doesn't sound like they are taking into account the current college student- double check</p>
<p>Well, my father is a self-employed attorney and my mother is one of the students who just graduated. She is now a teacher, and we currently have insurance, but only starting this school year. I am looking at instate public schools, but none of the ones in my state meet my criteria. My parents said they could probably handle 7-8,000 but it would need to be spread throughout the year. I guess I'll just have to wait and see, but thanks for the help!</p>
<p>Looking back at the EFC Calculator, I think I may have typed something in wrong. I just did it again (and may have done something wrong again) and came out with a more reasonable figure around 8k.</p>
<blockquote>
<p>$250,000 mortgage
2 students who graduated from college less than a year ago in addition to the 1 student currently in college
Lack of medical insurance
Debt>></p>
</blockquote>
<br>
<p>I hate to be the bearer of bad news...but the financial aid calculations do not consider any of the above. The only college enrollees they consider are ones who are enrolled for the year the FAFSA or Profile are being submitted. Mortgage and debt are considered choices. There is a place on the Profile (don't remember if there is one on the FAFSA or not) where you can explain other circumstances like your payment of medical insurance premiums yourselves (however if you now have insurance that info isn't going to carry much weight)...or very significant medical costs your family incurred in the previous year...or ongoing ones. Emerald, actually that $15000 EFC could be about right...if you figure that EFC is between 1/2 and 1/3 of your annual income, that would be between 20K and almost 30K. 1/2 of that 30K is 15K. If the family has any other assets (bank accounts, CDs, investments, etc) that would make the number on the higher side. Money or investments in the student's name would yield higher costs for the family also.</p>
<p>To the OP...what do you mean by "none of the ones in my state meet my criteria". What criteria? Also, have you already applied to colleges, or are you a junior? If you are a junior, I agree with someone else who said you may want to look at some schools that might award you merit aid based on your stats.</p>
<p>Judging from our income and EFC, that EFC is about right if there will only be one student (rhombus, that is) in college at the time rhombus attends, and if rhombus and family have little in savings or other assets. If there is a sibling still in college at that time, it should be around $8,000-$9000, according to our experience. (Again, that is assuming they don't have a lot of assets.</p>
<p>Some colleges also have payment plans. We are able to spread out our son's payments over the months he is in attendance, which really helps. Even those that don't have their own payment plan will usually recommend a company through which you can spread out payments. (There is, of course, a fee for doing that. Ours was quite small and definitely worth it.)</p>
<p>If the family has equity in their home, they could take out a home equity loan for their contribution and pay it back monthly for the year...then do the same the following year. We will likely be doing that. The interest on our home equity line is less than a PLUS loan...plus it is deductible on our taxes.</p>
<p>One sibling will still be in college when I go. Also, I am a senior this year. The other sibling just graduated in August, but apparently that doesn't count for the 05-06 school year. </p>
<p>By criteria, I mean that the schools in my state are UGA and Ga. Tech. UGA is a party school and in the middle of nowhere, and since I want to study Poli Sci it would probably be impractical for me to go to Ga. Tech. I got into both, but since UGA is SO wrong for me, I will probably go to Tech if I stay in-state.</p>
<p>I got a request for more info from my top choice school (William & Mary), so I might include a cover letter explaining the circumstances that make an EFC of 15k unreasonable for my family at this time. Would this be appropriate?</p>
<p>A few comments and questions: If you are a resident of GA you should seriously investigate UGA and its programs. I'm assuming since you applied to W & M as an OOS you must have a solid academic record. UGA has a reputable Honors program and my guess is you have a B average and qualify for the HOPE scholarship which pays for your tuition and a $200 stipend for books, I believe. A pretty sweet deal I would say. It is my understanding that Athens has a lot to offer as a "college town" and of course the closeness to a major city, Atlanta, is a real bonus. A school of its size, not all kids are drinkers. Williamsburg, VA would be considered "quaint" and not a happening place for college students. If you get accepted to W & M do not expect much in financial aid as an OOS. AS others have commented, siblings who have graduated from college are not in the picture at all nor is a high mortgage. It still amazes me that people think that should somehow give them an edge in the financial aid game. Your family now has medical insurance so that's a good thing. Still not clear how a family could entertain a $250,000 mortgage but don't have medical insurance in their budget. Anyway, I do think you should do more checking into UGA. Does your Mom's teaching job salary included in the $80,000 yearly income? If she just started then surely your family income for 2006 will be higher since you only worked for 4 months of 2005. Beginning teaching salaries in GA are typically in the low $30,000. Sorry if my comments seem harsh but I think you would benefit from a reality check.</p>
<p>I've definitely investigated UGA. I even went to camp there for a week. It's just not the right school for me. I know because my brother went there and he was miserable. HOPE is nice (and by the way, it pays your tuition but not room and board), which is why I'd like to stay in Georgia, but I can't seem to find the right school. Athens is nice as a town, but it's nowhere near Atlanta (2 hours driving), and if you've ever been there you know what I mean by it being a party school based around football and Southern etiquette. That's what a lot of people are looking for, but not me. </p>
<p>All of this year's salaries are included in that figure, so yes, it does include my mother's.</p>
<p>It's a long story about the insurance. I'm actually a little sorry I posted that because I know I can't go into it.</p>
<p>I know you're trying to give me a reality check, but believe me I've already thought through all of this. Thanks for taking the time to write such a long post, though.</p>
<p>Tech doesn't even have a poly sci program, but it does have a Intl Relations program in its very very small liberal arts school. If you aren't sure about doing that program or if you are sure that you don't want to end up in some kind of engineering degree, I wouldn't even think about Tech. Transferring out of there really sucks because their intro classes are brutal on GPAs. </p>
<p>College costs are so ridiculous these days that I'd consider going to UGA for a year and transferring out just to save a year of tuition. If you do well at UGA, then you will have no issue getting into competitive schools. People have done it. Other than that, UGA's honors program and honor's housing (Myers Dorm) has a lot of overperforming students who chose UGA because of the low cost. Call it sorta cultish if you want, but it's there. I know some dorks who hate drinking and partying, have never done either at UGA after being there two years, and have had a blast with their honors program friends. </p>