<p>Dougbetsy: After you hit submit on the FAFSA, there is a confirmation page that will show the EFC (on the left hand side near the top of the page).</p>
<p>We’re high-income and pretty much full-pay. Accordingly, we’re convinced this is all a formality so Son can merely apply for an unsub Stafford. (Or, if he’s really lucky, get work study.) But now the post above about…</p>
<p>You won’t get work-study if you have no need. and, even if you have “some need”, you probably won’t get w/s because schools don’t often give it to those with little need since a student loan can fill “little need.” Some schools can only give w/s to those with lowish EFCs.</p>
<p>Actually, don’t worry about the work study. There are tons of ways to earn a lot more $/hr as a student - waiting tables, painting people’s houses, mowing lawns and landscaping, sealing driveways … it goes on and on.</p>
<p>Oh, I see the EFC now. Thanks.</p>
<p>DougBetsy, you can find complete info on federal student (and Parent Plus) loans on finaid.org:</p>
<p>[FinAid</a> | Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Loans - Finaid)</p>
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Well, this seems to vary widely and depends totally on the individual colleges. This year my son was awarded federal work study as part of his aid package and his EFC was in excess of $20k. I usually consider that level of EFC not very needy (but appreciate all the aid that our school was able to provide).</p>
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<p>The comment about NOT getting work study was in response to the above quote.</p>
<p>If your EFC is $20K but the school costs $50K, you HAVE financial need at THAT school and might very well be awarded work study. Work study monies are given to schools to award to their students. The SCHOOLS determine who will qualify based on the student’s demonstrated need at THAT school.</p>
<p>So if your EFC is at or close to the cost of attendance, you likely will NOT get federal work study. But if it’s far less than the cost of attendance, you might.</p>
<p>Archiemom…</p>
<p>NO ONE will get work study if they do not have demonstrated need…which is what I said. If your EFC is equal or greater to COA, then you have NO NEED. NO NEED = NO Work Study</p>
<p>Nowhere did I say that someone who has an EFC of $20k would not qualify for work-study (although at SOME colleges, they don’t have enough work study to give away to all who have need, so they only give to those with low EFCs). </p>
<p>And, some state schools have a policy of only giving work-study to instate kids or kids who have 0 EFCs…but that is a school policy…not a fed policy. A person can still qualify…as long as there is demonstrated need.</p>
<p>Having “need” has NOTHING to do with being “very needy”. No one said that you have to be “very needy” to qualify for work-study.</p>
<p>Your child got work study because your EFC was LOWER than COA. Your child would NOT have gotten a dime of work-study if your EFC was = or greater than COA.</p>
<p>^^^Um, thanks.</p>
<p>Yes, FAFSA found our EFC to be approximately $30,000, as if we should just liquidate our apartment which is the only asset we have that would reasonably get us more than about $10,000. I am finding this to be very discouraging–if you are wealthy you have the resources. If you are poor, you get the money. If you are in the middle, you are expected to accumulate more of a mortgage that yoy have worked your butt off to pay down like a responsible citizen.</p>
<p>One clarification point regarding the Stafford loans: If your EFC is higher than the cost, then you do not qualify for a subsidized Stafford. There are unsubsidized Staffords for that group of people. The terms are more expensive. However, better than private loans. Remember in considering all of the options, a strong indicator of wealth is what you owe, not what you own.</p>
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<p>Is this apartment your primary residence? If so, it should NOT have been listed on the FAFSA AT ALL.</p>
<p>If it is a second piece of real estate, you need to understand that it IS an asset that most folks do not have…most folks do not own a second piece of real estate. In fact, many students who qualify for need based aid do not own their PRIMARY residence. They rent.</p>
<p>I agree thumper, he is much better off than some.
In New Haven, near me, they have a new “Project Promise” where high school students that get a certain grade point average and get into our state schools, can have the tuition paid for (and there is a C-up GPA they have to keep I think once in) That said, I can’t count the number of students I have spoken too that would be good candidates that said, “There is no way I want to stay in CT”. I can understand that, but it’s a nice gift for many parents, then it’s just R&B if needed.</p>
<p>I work with many parents that pay almost their whole salary for tution, they live very frugally, hard, but not impossible depending on your situation and debt. One of them just had her son graduate, she said, “I got the biggest raise I’ll ever get!” She’s going on vacation and buying a newer car this summer. She almost was glowing and is going to put a lot back in savings again, but just not as much.</p>
<p>I couldn’t do that but about half of my salary pays for tuition now along with student loans, etc. It’s a choice, short-term but a choice. I tell people all the time, don’t discount the privates, they can be cheaper than some state schools or even, with merit money.</p>
<p>What gets me is when people say, “My EFC is high, but I JUST started earning that much money in the last couple years.” So … you knew you had a child nearing college age. The extra money you just started earning recently was icing on the cake. You could have put that away for school, and you would have seed money (and then you would be able to keep paying out of current income). So you HAVE the money, you just don’t want to spend it. Yet you expect that others (because the financial aid comes from someone, after all) will give you money … because you deserve to keep YOUR money.</p>
<p>If only people understood how much they truly have. And if only people would realize that those of us who have enough to pay for school … even if it’s “only” a CC … are truly fortunate.</p>
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<p>I know of several such programs in NY, geared toward lower-income students. It really amazes me when some of them have to be prodded into applying simply because they don’t want to stay in the state for 4 more years! My kids know our budget limitations and don’t pull that attitude, or they would find themselves in a heap of debt in short order!</p>
<p>I agree, kelsmom, we started living frugally years before the kids started school…it’s second nature by now! I do feel for parents who are still paying their own student loans off and are recent grads themselves though.</p>
<p>I think that biggest problem is that parents start to worry about college just when the children get to the junior year or beyond. Many people have the expectation that as they are not wealthy, that their children will get aid either from the college or government.</p>
<p>Whey they finally get to the FAFSA calculator, the sticker shock hits them. May be HS’s should talk about this during the freshman orientation and have the parents start planning finances at least then.</p>
<p>I don’t think it’s that people start thinking about college when their kids are juniors. I started when my kids were born, it’s just that I could only put money away for a few years and then the expenses seemed to increase. Taxes went up, utilities went up, medical costs increased and paychecks went down (or became non existant for a while). Although we have a small amount in a 529 plan for my daugter, we realize it hurts us on our EFC. It I knew then what I know now, I would have increased my retirement savings rather than college savings and may have been in a bit of a healthier sitaution right now. No matter how you look at it, college is expensive. Unfortuantely, I have 2 kids that aren’t merit students and both struggled in school, one with diagnosed ADHD and now I realize the other one probably had it too. We are far from poor but honestly I’m up at night worrying how we will get through the next few years. You say state schools, in my state, those schools are hard to get into. Yes there are community colleges but I still have dreams that my kids will have the opportunity to go to a 4 year school and not be a transfer in student like I was.</p>
<p>Some families can’t afford college when they just had a big raise in salary because the FA calculations aren’t just based on your income now, they are based on the fact that they assumed it was in the ballpark for a while and you saved. I was told that many times from FA officers.
My sister started making good money (for her) but made 35.000 or under before. That showed in her bank accounts, lack of assets, etc. They do expect her to contribute more than if she kept her old job, but not as much as someone making her salary for the last 10 years.
I heard a woman at the gas station saying she didn’t want a lotto ticket, she could win 30,000 that week her husband said…her reply gave me pause, she said, “If we win it now, Joe’s college will just take it and his need would be O this year, let me win when he’s out.” and with that she walked out. As a tution paying parent, I had to laugh.</p>
<p>EFC of 0. Hopefully won’t have to pay much for college; interested in when I’ll get my actual financial package from Smith. Fingers crossed very tightly for work-study.</p>
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<p>Honestly, I would rather have a $20K 529 account and take the $1120 hit on EFC…it’s always better to have savings that you can readily use to pay for college! I received a state tax deduction as the money went in, enjoyed the tax-free earnings, and for 529’s room, board, computers, and even internet access are qualified expenses for tax purposes, which is a huge benefit in my view!</p>