<p>So, this is my first time doing fafsa, and I was looking at the breakdown on costs. It was saying the cost for the school is $19,000, and then my EFC is at over $30k. Which means that my initial need is at a negative $11k, so is it still even possible that fafsa will help me at all? With my initial need that far negative, I was wondering if that essentially meant that there's no way that they'll give me anything?
Thanks.</p>
<p>FAFSA doesn’t give you money, the information is used by the school to determine what you are eligible for. If the COA is that much less than your EFC, then you probably will only get loans, unless you can qualify for some merit aid.</p>
<p>If your school offers merit aid, you might be able to get merit (depending on your stats). Some schools require people to fill out fafsa even if a student only qualifies for merit aid.</p>
<p>As noted by others, since your EFC is higher than the cost of attendance, you will not be eligible for need based aid. You can take a stafford loan for $5500 as a freshman. If your application is a very strong one for the school, and your school has some money, you might be eligible for a merit award. Check the school website for info about this. Most schools do not offer guaranteed merit aid.</p>
<p>Are you in high school or what?</p>
<p>All you can get is a $5500 unsub student loan.</p>
<p>How much will your parents pay? If you don’t know, ask them. </p>
<p>If you’re a rising senior in high school, and your parents won’t pay enough, then you’ll need to apply to schools that will give you large enough merit…or commute to a local school.</p>
<p>This is my first post, have been reading several threads, new and old, on this topic. It seems to be the case that college is unaffordable, almost regardless of income. Paying 1/3 or 1/4 of after-tax earnings is not remotely realistic. I’ve got 8 more years to go, and I’m worrying about this already. My ball-park EFC is too high to receive any FA when my daughter goes to school.</p>
<p>I suspect the complaint many of us have is the aftificial nature of the whole system. Charge a “sticker price” that is at least 1/3 higher than it should be, so that those folks can pay more and further subsidize others. And failure to consider regional cost of living in the EFC calculation is inexcusable. What is often neglected is that paying $50k in tuition, plus another 10k+ in room and board, means earning something closer to $90k before taxes.</p>
<p>If college was actually unaffordable this site wouldn’t be as popular as it is!
However there is lots to consider in order to get the most bang for your buck.</p>
<p>Our before tax income is $100,000. Our FAFSA EFC is around $24,000.
Not quite easily affordable but doable, if my D had applied to a school that met 100% of need. However schools that meet full need also generally use the PROFILE as well to identify additional assets that can be used to pay expenses.</p>
<p>What she chose to do was attend a public school that is less than our EFC. That option is available to other students as well. For students who can’t afford a state university, community colleges are even less expensive and will cover the first two years of expenses.</p>
<p>The assumption is that college costs will be paid from three sources from the family:</p>
<ol>
<li>Current income</li>
<li>Past income (savings)</li>
<li>Future income (loans)</li>
</ol>
<p>Since you have eight years until your child begins college, you might want to consider setting up a 529 account and putting some money in it each month for future college costs.</p>
<p>* Paying 1/3 or 1/4 of after-tax earnings is not remotely realistic. I’ve got 8 more years to go, and I’m worrying about this already. My ball-park EFC is too high to receive any FA when my daughter goes to school.*</p>
<p>It your child won’t be going to college for 8 more years…</p>
<p>1) Start saving now…colleges assume that you’re paying some of the costs out of savings.</p>
<p>2) Work extra and set some money aside…or cut back and set money aside.</p>
<p>3) Conclude that your child will have to commute to the local state school or CC.</p>
<p>4) If your child will likely have very good stats (GPA and SAT/ACT scores), there there will likely be schools that will give merit scholarships which can cut costs.</p>
<p>5) Don’t let your child get set on attending a “dream school” if that school won’t likely be affordable. </p>
<p>6) Don’t get yourself into anything that will tie up more of your money…a pricier home, a luxury car, etc.</p>