<p>So I filled out the estimated Family contribution form. My family of 4 makes about 98000 a year. It said that I would be expected to pay 30000 per year in tuition. My family has been very careful with money and has no debts and a relatively good savings account. Now I know theres no way we can afford this much for college. It seems stupid that we have to pay more now because we dont blow our money a lot and are in debt. Can anyone who's family makes around this much tell me how much they are spending for college?</p>
<p>Yeah I totally know what you mean. My EFC is 99999. But, just because my parents have the money doesn't mean they're giving me a dime so it's pretty unfair in that sense too. I guess im just gonna have to take out bank loans and probably beg them like none other to help, but so far they want me to do it all on my own like they did.</p>
<p>Our income is a little higher than the tivesrx's family. We pay about $28000 per year for college expenses. We would be paying more but DS has a scholarship and takes out the stafford loan too.</p>
<p>I put in the same information again but with a lower savings account, as if my family bought a lot of stuff like another car or something and the EFC in significantly lower. It's almost like if you buy a lot of stuff using the money in your savings account you will break even because you get a reduction in your college expenses. So it almost pays to buy things. Plus that savings account was mostly for my parents retirement so its not like they want to spend all their retirement money on my college education.</p>
<p>If you (the student) have money in savings, it's hurting your prospects of financial aid. So if you have any expenses you can pay before completing the FAFSA, or are considering any major purchases (a car, say), do it before. Otherwise, the FAO's will plan on taking 35% of your savings each year (and increasing your EFC by that amount).</p>
<p>Let's say the student has 8K in savings. If you've got 2K in credit card debt, and are considering buying an old car for transportation for around 6K, you can do that before you fill out the FAFSA. Your EFC goes down by $2800, and your aid package (other things being equal) goes up by $2800.</p>
<p>Same deal, to a lesser degree, with the parent's savings. They don't take as big a bite out of parent's savings accounts (just under 6% after an allowance). If they can pay down any debt-- say a home equity line, or credit cards, or pay off a car note, it will likely benefit your financial aid package. </p>
<p>Let's say they have 75K in non-retirement savings. With a 40K asset allowance (for example) the remaining 35K gets assessed at up to 5.6%, and increases the EFC by about 2K. By paying off the car, or paying down the home equiity line and reducing the savings on the day you file the FAFSA to 40K, you can increase your aid package by 2K (other things being equal).</p>