EFC way too high

I know this question probably is asked a lot but I can’t find anything similar to my problem. Recently I filled out the FAFSA form and got my EFC back at a little over 110,000. Foolishly, (though it was probably more wishful thinking), I thought this was over all four years. I was wrong. My parents are divorced, and my mom and step dad jointly make 190,000 GROSS a year. I don’t see how my EFC is almost 60% of my parents income before taxes. Could I have done something wrong or is there something I’m not seeing? Any help would be greatly appreciated. Thanks!

I’m not saying I absolutely need this money, as we are a decently well off family, but I’m just confused as to why it would be so high and if there is something I missed

I don’t think you did anything wrong completing the forms. Your EFC is a number that determines what federal aid you’ll receive. Once you are over a certain number, it really doesn’t matter how high the number is because you aren’t going to get a Pell grant, you aren’t going to get subsidized loans, and you aren’t going to get work study. All those numbers are different, and some depend on the cost of the school and what other aid you received (merit, athletic, private scholarship).

Say your EFC is $65k. You’ll be full pay at almost every school, those that cost $30k and those that cost $65k. MANY people are full pay. You’ll have to look for merit aid, a cheaper school, or be prepared to pay.

That make sense. I guess I never looked at it from that perspective, I was just hoping to get even a little bit. Thanks a lot though this helps!

Did you put the numbers in or did your parents? What was put in for ASSETS??? What was put in for child support?

If your parents don’t have assets, then it’s possible that you put the earnings in the STUDENT section of FAFSA.

Either way, your EFC would be far too high to get Fed aid. Fed grants are for LOW INCOME people. They’re not for families that even earn half what yours earns.

Have your parents said how much they’ll pay each year? If not, ask them. Is your father alive? If so, will he help pay for college?

With $190,000 in family income…did you really think you woild get need based aid? Also, did you include any spousal or child support on your FAFSA…because those count too.

You will get a $5500 Direct Loan in your name.

If you are applying to any schools using the Profile, and you have a non-custodial parent as well, some schools will also require that infomation.

I think it likely one of your parents put their info under student. Regardless, with that high income it’s unlikely you’ll qualify for anything but a $5500 student loan.

It is likely their income is $190 and your mom receives child support. Even though it is not on the tax returm, it counts.

Right…earned income…plus child support. What is THAT total?

there are just too many unknowns…

parents assets

who put the info into FAFSA

how much was put into retirement accts this year

child support payments

did the parents accidentally put income in student section

But either way, EFC will be too high for aid, so the biggest question is how much will parents pay.

Does that gross income include contributions to tax deferred retirement accounts?

Does that gross income include the child support?

But really…in the big scheme of things…with $190,000 in gross income, you will,get a $5500 Direct Loan…and no need based aid.

Still, 110,000/190,000 doesn’t sound right.
The student will still be full pay but s/he should still check was s/he input ito FAFSA - an extra zero or the student/parent confusion could be culprits.

Right…on a bare $190k income the EFC is too high…but we don’t know many other aspects…assets, child support, retirement acct contributions.

The bare bones EFC would be about $65k…but another $45k in EFC could be added from some combo of the above list.

This student may need to be more concerned about how his blended family will pay for college. If much of that income is stepdad’s then who knows how much he’s willing to contribute…if anything. That is often a problem that blended families face.

A second home could also up the EFC pretty quickly.

If the parents own a business…have investments, own additional real estate…etc…family contribution could easily increase.

We ended up with an EFC exceeding 150K even though the income was only about 225K. I think the reason was our sole proprietor business assets. Alas, no chance of any need-based aid. Does a higher EFC even play a role when applying to top 20 colleges in admission selection? .

My daughter has a decent profile with act 35, nmsf, and straight A’s from a decent private school. Pretty much like every other CC kid!

Unless any of those top 20 colleges are need-aware (and I don’t remember), no, it doesn’t matter. Most schools in that range are need-blind. Even for schools that are need-aware, the check is usually needs aid or doesn’t need aid. The only reason they’d care about a higher EFC is if you were in development, donate a building territory.

@ohiojr

Top 20 schools are need-blind. The admins making the decisions will not have seen your FA paperwork. That’s a whole separate dept.

Thanks. That makes the most sense.

For the OP - I’m no expert but I believe that a family with no divorce and single home of a value consistent with a 190K income, the EFC would probably come in at roughly 65K annually. However, in cases of divorce, unusual assets, a business, ownership of land or rental properties, more than one home, etc., the formulas change quite dramatically.

Time to have a sit down with your folks and ask how much they are willing to pay.