<p>I have completed EFC calculators and they have told me that my EFC is approximately $7000. However, when I completed the financial aid estimator at ND's website, they approximated that my estimated remaining cost, after "free money," was a still $22,000/year. How can there be such a big difference between my EFC and how much I would still need to cough up a year? Could anyone with a similar EFC that attends ND shed some light?</p>
<p>There are a variety of EFC calculators and some include things like your parents’ equity in their house. ND’s calculation is pretty tough, and they include a lot of loans in their aid packages for some people, not just “free money.” They expect your family to use as many of their own assets as possible before the school kicks in. There is almost no merit aid since ND applicants are the cream of the crop academically. When my child applied for FA, we were shocked. Since we have owned our home for many years, we were expected to use that equity to pay for school even though our income is not particularly high. We have taken out a home equity loan to pay tuition rather than student loans. ND has not followed many of the more elite schools in removing loans from packages and capping tuition for middle income families. It is a choice we made as a family, and do not regret it.</p>
<p>The FAFSA EFC method is very different from Notre Dame’s EFC method. My FAFSA EFC was about the same as yours, but Notre Dame gave me nearly a full ride. They take a lot more into consideration, including assets, bills, debts, and your family’s particular situation, which can lead them to believe that you can afford much more or less than the limited FAFSA EFC says.</p>
<p>That said, the estimator may not be wholly accurate. You can’t say for sure until you have the actual offer in hand.</p>
<p>Now I’m even more confused; one of you got more than expected and one got less??</p>
<p>My family ended up paying a bit more than our EFC but ND was very generous with gift aid compared to the other schools I was accepted to (UChicago was way over the EFC). I currently have a $30,000 university scholarship in addition to some loans and my parents are on a payment plan for the rest. They definitely take assets into account. My parents are small business owners and the business definitely got counted (even if it currently isn’t very profitable). But, in the end, my family and I feel the education I am receiving will more than pay for the current expense.</p>
<p>can anyone else share how ND’s financial aid compared to their EFC??</p>