I have a question. My daughter is starting to review/apply for college. I’ve been on the college websites, net price calculators. If I can actually pay more than the EFC, how do I communicate or reflect that? thanks.
There is no need to communicate that to the colleges…unless you just want to be a full pay family. If that is the case…don’t apply for need based financial aid.
I’m not sure what you hope to gain. Most colleges are need blind for admissions…they don’t care what you can or can’t pay when they are reviewing your application for admission.
Keep that info to yourself and communicate with your kid so they know which school they may apply. For need aware schools, they only care what your need is based on their calculation.
do most schools, not just selective IVY that are need blind, use the FAFSA and the EFC that results? And if I can pay that amount, assuming admittance to the school, I’m good to go?
The EFC is the minimum you’re expected to pay. Therefore at need blind schools that don’t meet need (most schools in the country) you are likely to have to pay more.
Selective schools that meet need use the FAFSA and the CSS PROFILE. The latter asks more questions about possessions, assets, investments, and includes the non custodial parent’s income as well as his/her spouse if relevant (except for a handful if colleges like Vanderbilt and u Chicago).
The very vast majority of colleges do NOT guarantee to meet your full need. In fact, only one or two schools,that use the FAFSA only pledge to meet the need of all accepted students (University of Chicago is one).
If a school uses only the FAFSA, you will get a FAFSA EFC. That shluld be viewed as the minimum you will be expected to pay at MOST colleges.
The Ivies do not use the FAFSA to award their generous need based aid. They use the information on the CSS Profile. Well…except Princeton which has its own form in addition to the fafsa. The Profile delves into much more depth in terms of family finances.
The FAFSA EFC is used to determine eligibility for federally funded need based aid primarily.
Also…NEED BLIND is an admissions term…and has nothing to do with financial aid. At need blind schools, your ability to pay is not considered when your application for admission is reviewed. Most colleges are need blind for admissions…but that doesn’t guarantee anything in terms of financial aid.
Some schools are need aware for admissions…meaning they consider your ability to pay when they consider your application for admission. But again…this doesn’t affect financial aid awards.
The Ivies and a number of other schools guarantee to meet full need for all accepted students. But you need to also understand…these are mostly highly competitive schools with very low acceptance rates. Getting accepted is the first hurdle.
And lastly…there is a net price calculator on every college website. Put your financials into that…accurately…and you will at least get a ballpark of what your net costs will,be at a college. If you are divorced, own a business, are self employed, or own real estate other than your primary residence…the net price calculator won’t be accurate.