<p>what is the average fiancial aid for sophmore and junior in college if their parents make 40,000? My parents think that 5 000 for family contribution is too much.</p>
<p>THe amount of financial aid available depends very much on the individual college. With that income you may well qualify for federal aid --a Pell grant, subsidized and unsubsidized loans, work study. Depending on where you go to college and what your living expenses are (can you live at home and commute?), it maybe be enough to cover your costs. On the other hand, if you choose to live on campus and go to a more expensive school, that aid could be just a drop in the bucket.</p>
<p>The specific aid available depending on class level will also vary by college, and the gov’t will let you borrow somewhat more as you progress through class levels.</p>
<p>Where are you thinking of attending?</p>
<p>Are you saying that your family’s EFC is $5k? If that’s what it is, then schools will expect that. </p>
<p>However, if you don’t know what their EFC is, then you need to find out.</p>
<p>If the EFC is 5000 the minimum the school will expect the family to pay is $5000. If the school does not promise to meet full need they may expect more than $5000.</p>
<p>^^^</p>
<p>True…at schools that don’t meet full need, a student/family has to pay more than the EFC.</p>
<p>Sorry to reply so late. I got my acceptance letter to Haverford. My parents have to pay $5 000. they think it is too much…</p>
<p>Nearly every parent thinks that their EFC is too much. That’s because an EFC isn’t intended to be strictly paid for out of current income. There is an inherent assumption that parents should have been saving a bit for college and/or that they can afford to borrow a bit for college.</p>
<p>Do you have a sibling in college? How much is that sibling’s EFC?</p>
<p>BTW…does your FA info say that your EFC is $5,000 or is that the gap amount that is left over from what they are giving you??? What exactly does your financial info from your school say?</p>
<p>Most schools cannot meet need, so many families have to pay more than their EFCs.</p>
<p>This answers a different question but may still be valuable: </p>
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<p>[Project</a> on Student Debt: What’s the Bottom Line?](<a href=“http://www.projectonstudentdebt.org/ncoa_chart.php]Project”>http://www.projectonstudentdebt.org/ncoa_chart.php)</p>
<p>Great thanks!
that’ s really helpful</p>
<p>The Cost of Attendance for a year of Haverford is nearly $50,000 a year. Your parents are being asked to contribute $5000? Perhaps a community college would only cost $5000 a year or less…but your parents would still have your living expenses from you living at home. </p>
<p>You need to find out how much they CAN or will contribute to your college costs. Is there any way YOU can work (babysit…anything) to contribute some towards that $5000.</p>
<p>Vossron…that’s really interesting.</p>
<p>Why does Harvard show an amount for a $20k income? Is that the amount of “misc” costs that don’t get covered under 100% need no loan?</p>
<p>of the $5000 some of that will be in work study. Your parents get billed for that but you can work it off during the year. If your family income remains the same the cost $5000 will remain the same for all 4 years. 4 years of college for $20,000 and the chance to work off probably close to half of it during the school year - you’re one of the lucky few.</p>