<p>it was 38k before they recalculated. And we have a ton of house debt!!! I dont know how they figure the EFC. I though the Fafsa EFC was high, but now I'm starting to go crazy!!!</p>
<p>WHat does USC excpect my family to do? sell our house? jeez!</p>
<p>Wow. I'm probably going to be in a similar situation, then.</p>
<p>I agree; I don't see how they can make the house play such a large role. I suppose it enables you to take out mortgage loans against the value of your house, but with the difference between those two EFCs, it seems like they want you to take out one for 17K every year (in ADDITION to the loans you or your family need to take out to meet the original EFC), which is ridiculous.</p>
<p>I don't understand either. I was shocked! My parents will probably be willing to pay about 20k at most, and I can't graduate from college with 120k in debt!</p>
<p>The USC EFC is almost half of my parents income! ( I have a family of 7) It makes no sense. I can't imagine my family living with half of our income next year...</p>
<p>I was always under the impression that USC was generous with financial aid...</p>
<p>Guidez89 ~ I'm definitely not defending what USC is telling you about the EFC. But this problem is happening in a lot of families...the universities (all of them) expect your parents to either have been saving to pay for college, or to experience a significant reduction in net worth as they finance the bulk of your education through loans which either you or they (or both) must repay.</p>
<p>When I went to USC (in the Age of Dinosaurs) I got a small merit scholarship, worked jobs, lived at home and commuted, took out loans, transferred summer classes from Cal State Long Beach, and impoverished my parents. Today it is much worse because the cost of college is much higher compared to typical family incomes.</p>
<p>Try to think about your options. Can you talk the university into making your COA lower? Can you appeal based on family numbers? Can you get a job? Pardon my ignorance, but is there any way to make money from your musical talents (I don't have any musical talents, so I don't know).</p>
<p>One thing to realize is that if your parents have five kids (did I get that right?) then which number are you? The first? If so, your EFC will be high and the subsequent kids who go to college at the same time as you will have a much lower EFC (like $8K or so, if I have understood you), or the two universities will split the EFC...this is worth understanding, so if you can, discuss with the OFA.</p>
<p>Sometimes it is more effective for your parents to discuss this stuff with the OFA because if the story is very unattractive (like what you're hearing now) it can affect how your parents see the situation to hear it first hand from the FA people...is there any way you could step back and have your Dad/Mom step up to discuss this? After all, they need to know how FA works for the other kids too...</p>
<p>Reasonabledad - You are correct.. however. I spoke with someone in the administration offices at USC (several weeks ago), and was told that 'Home Equity' was not taken into account. If it is taken into account, then it sure would have been helpful if they had told me that many weeks ago. </p>
<p>My son also applied to Stanford, and I know via a co-worker whose daughter recently graduated from Stanford, that they (Stanford) do take 'home equity' into account. I realize that, even if my son is accepted at Stanford, we probably won't be able to afford it. </p>
<p>However, initially USC did not appear to take the same position. </p>
<p>I am not arguing the appropriateness of using home equity. I am, however, not pleased if I was officially told incorrect information. If I call the Admisssions office, or Financial Aid office, it is reasonable for me to expect accurate info. Yes?</p>
<p>Does it mean anything do you think if we can log into OASIS but have not yet been accepted?</p>
<p>I think most people are able to log onto OASIS. I read something in another thread about it being a computer glitch of some kind</p>
<p>guidez89: you can already check your financial aid package? when did you send in your tax returns? i believe they received mine a week or so ago (they received everything else in february), but it says my application for financial aid is still being reviewed. i was accepted first week of february..</p>
<p>sarah, you'll find out soon.
I think it took them like ten days after they received everything to process the package.</p>
<p>Lovetocamp ~ I agree with you that whatever you hear from admissions or financial aid should be correct: there is really no excuse for them giving us answers that are wrong (as has happened to me this year too, in a big way). Especially if the answers turn out to wrong in a big way.</p>
<p>All I can suspect is that colleges are turning to home equity because it is the principal asset of most families. In the interest of "fairness" would it be right to ignore $400,000 in home equity for one family but count a $400,000 inheritance in a family that is too poor to own a home? Of course not: assets are assets. If we have assets in any form then the university expects us to pony them up in return for educating our kids.</p>
<p>Note that I am in the same shocked situation: I don't think I can afford to send my son to USC, and am scrambling around looking for alternatives.</p>
<p>But your fundamental point was that colleges should tell us the truth, and be right when they answer our question. Agreed.</p>
<p>reasonabledad - I agree with you. However, one contrary argument, that some would use, is that "Retirement Funds" are not included as assets in College Finances. And my brother-in-law who does not have a 401k, intends to liquidate his home, and move to a lower cost area, and to use the equity to help finance his retirement. Not all retirement funds are equal. His firm does not offer an 401k. Granted, he could have financed his own private IRA, but chose to use home equity. Luckily for him, his daughter is going to a community college, and will not have the same needs as a USC or Stanford freshman.</p>
<p>reasonabledad and lovetocamp: USC uses the CSS for aide decisions unless you provided a fasfa also. then they use both. we are on the #3 child going into school and have never completed a fasfa. do they ask about home equity on fasfa? they don't ask that question on the css.
my son is in at stanford ea and has received his financial offer and "home equity" was never discussed that i know of. they haven't asked for additional info as yet. maybe we are in for a big surprise! i hope you don't mind that i have butted in.</p>
<p>socalpatty - you are mistaken with your information. CSS does ask information on home value, and loan value, and far more. We had to fill out CSS for both USC and Stanford. </p>
<p>SECTION I - PARENTS' ASSETS
Question You Reported
37 Cash, Savings, Checking Accounts
38a Assets in Siblings' Names
38b Siblings' 529 Prepaid Tuition Plan Value<br>
38c Student's 529 Prepaid Tuition Plan Value<br>
39a Investments Total Current Market Value
39b Investments Debt
40a Home Current Market Value<br>
40b Home Debt
40c Home Purchase Year
40d Home Purchase Price
40e Monthly Mortgage/Rent<br>
41a Business Current Market Value
41b Business Debt
42a Farm Current Market Value
42b Farm Debt
42c Family Living on Farm?<br>
43a Other Real Estate Total Current Market Value
43b Other Real Estate Debt
43c Other Real Estate Year Purchased
43d Other Real Estate Purchase Price</p>
<p>^ And the above is one small section, from what seemed to be about 12 pages of questions. Maybe you forgot to fill out the CSS. After having filled it out, you will never forget the joys of it. They even ask what location the computer is located in - that you are using to fill out the CSS application (home, work, library, school, etc)</p>
<p>SECTION A - STUDENT'S INFORMATION
Question You Reported
1 Number in Student's Household<br>
2 Number in College<br>
3 State of Legal Residence
4 Location of the Computer</p>
<p>LTC ~ Please don't think I am "defending" the system. I'm not. It's clearly true that some assets (retirement funds for example) are not counted (yet), although I think that last year's contributions get added back at least in the calculations of some schools.</p>
<p>I'm in(famous) for suggesting that every kid (rich and poor) be asked to borrow the full cost of college...because this would put huge and successful pressure on colleges to reduce price, which can only happen if they reduce costs. This is the long-term societal solution, in my view. More competition, more pressure on college overhead.</p>
<p>Unfortunately, our society will probably go the other way and begin to add in the assets and income of the grandparents...lets pay for college by tapping grandma's social security check...</p>
<p>socalpatty - here are a few more of the CSS questions. Does it look familiar? Maybe you filled out a different form?</p>
<p>STUDENT'S REGISTRATION INFORMATION
Question You Reported
Social Security Number<br>
Title<br>
Email Address<br>
Date of Birth<br>
Mailing Address
City<br>
State/Country<br>
Zip Code/Postal Code<br>
Home Telephone Number<br>
Year in School 1st Year (never previously attended college)<br>
Financial Aid Status First-time applicant, entering student (or transfer student)<br>
Marital Status Unmarried (single, divorced, widowed)<br>
US Veteran?<br>
Orphan/Ward of Court?<br>
Legal Dependents?<br>
Parents Separated, Divorced or Never Married?<br>
Parents own Business or Farm?<br>
Citizenship Status </p>
<p>SECTION A - STUDENT'S INFORMATION
Question You Reported
1 Number in Student's Household<br>
2 Number in College<br>
3 State of Legal Residence<br>
4 Location of the Computer </p>
<p>SECTION B - STUDENT'S 2005 INCOME & BENEFITS
Question You Reported
5 U.S. Tax Figures<br>
6 Number of Exemptions<br>
7 Adjusted Gross Income-AGI<br>
8a U.S. Income Taxes Paid<br>
8b Education Credits - Hope & Lifetime learning<br>
9 Itemized Deductions<br>
10 Student's Work Income<br>
11 Spouse's Work Income<br>
12 Dividend & Interest Income<br>
13a Social Security Benefits<br>
13b Temporary Assistance for Needy Families (TANF)<br>
13c Child Support Received
13d Earned Income Credit<br>
13e Other Untaxed Income<br>
14 Work-Study, etc. Earnings </p>
<p>SECTION C - STUDENT'S ASSETS
Question You Reported
15 Cash, Savings, Checking Accounts<br>
16 IRA, Keogh, 401K, 403b, etc<br>
17a Investments Total Current Market Value
17b Investments Debt<br>
18a Home Current Market Value<br>
18b Home Debt<br>
18c Home Purchase Year<br>
18d Home Purchase Price<br>
19a Other Real Estate Total Current Market Value
19b Other Real Estate Debt<br>
20a Business & Farm Total Current Market Value<br>
20b Business & Farm Debt<br>
21 Student Living on Farm? No </p>
<p>SECTION D - STUDENT'S TRUST INFORMATION
Question You Reported
22a Value of Trusts<br>
22b Principal Currently Available?<br>
22c Trust Established By? </p>
<p>SECTION E - STUDENT'S 2005 EXPENSES
Question You Reported
23 Child Support Paid<br>
24 Medical/Dental Expenses Not Covered by Insurance </p>
<p>SECTION F - STUDENT'S 2006-2007 RESOURCES
Question You Reported
25a VA Benefits Amount Per Month<br>
25b VA Benefits Number of Months<br>
26a Student's Summer Wages, Salaries, Tips, etc.<br>
26b Student's School Year Wages, Salaries, Tips, etc.<br>
26c Spouse's Summer Wages, Salaries, Tips, etc.<br>
26d Spouse's School Year Wages<br>
26e Other Taxable Income (Summer)<br>
26f Other Taxable Income (School Year<br>
26g Untaxed Income/Benefits (Summer)<br>
26h Untaxed Income/Benefits (School Year)<br>
26i Grants, Scholarships, etc.<br>
26j Tuition Benefits from Employer<br>
26k Amount Parents Think Can Pay<br>
26l Amounts from Other Resources </p>
<p>SECTION G - PARENTS' HOUSEHOLD INFORMATION
Question You Reported
27 Number in Parents' Household<br>
28 Number in College<br>
29 Number Parents in College<br>
30a Marital Status of Parents<br>
30b Date of Remarriage<br>
31 State of Legal Residence
32 Parents Email Address </p>
<p>SECTION H - PARENTS' EXPENSES
Question You Reported
33a 2005 Child Support Paid<br>
33b 2006 Child Support to be Paid<br>
34a 2005 Repayment of Educational Loans<br>
34b 2006 Expected Repayment of Educational Loans<br>
35a 2005 Medical/Dental Expenses not Covered by Insurance<br>
35b 2006 Medical/Dental Expenses not Covered by Insurance<br>
36a 2005 Elementary/Secondary Tuition Paid<br>
36b 2006 Elementary/Secondary Tuition to be Paid
36c 2005 Tuition for Number of Children<br>
36d 2006 Tuition for Number of Children </p>
<p>SECTION I - PARENTS' ASSETS
Question You Reported
37 Cash, Savings, Checking Accounts<br>
38a Assets in Siblings' Names<br>
38b Siblings' 529 Prepaid Tuition Plan Value<br>
38c Student's 529 Prepaid Tuition Plan Value<br>
39a Investments Total Current Market Value<br>
39b Investments Debt
40a Home Current Market Value<br>
40b Home Debt<br>
40c Home Purchase Year<br>
40d Home Purchase Price<br>
40e Monthly Mortgage/Rent<br>
41a Business Current Market Value<br>
41b Business Debt<br>
42a Farm Current Market Value<br>
42b Farm Debt<br>
42c Family Living on Farm?<br>
43a Other Real Estate Total Current Market Value
43b Other Real Estate Debt<br>
43c Other Real Estate Year Purchased<br>
43d Other Real Estate Purchase Price </p>
<p>SECTION J - PARENTS' 2004 INCOME & BENEFITS
Question You Reported
44 2004 Adjusted Gross Income<br>
45 2004 U.S. Income Tax Paid<br>
46 2004 Itemized Deductions<br>
47 2004 Untaxed Income & Benefits </p>
<p>SECTION K - PARENT'S 2005 INCOME & BENEFITS
Question You Reported
48 U.S. Tax Figures estimated. Will file IRS Form 1040.<br>
49 Number of Exemptions
50a Wages, Salaries, Tips
50b Interest Income<br>
50c Dividend Income
50d Net Income/Loss Business, Farm, etc.
50e Other Taxable Income
50f Adjustments to Income
50g Adjusted Gross Income - AGI<br>
51a U.S. Income Tax Paid<br>
51b Education Credits - Hope & Lifetime Learning<br>
52 Itemized Deductions<br>
53 Father's/Stepfather's Work Income<br>
54 Mother's/Stepmother's Work Income<br>
55a Social Security Benefits Received for Family<br>
55b Social Security Benefits Received for the Student<br>
55c Temporary Assistance for Needy Families<br>
55d Child Support Received
55e Deductible IRA/Keogh Payments
55f Tax Deferred Plan Payments<br>
55g Tuition and Fees Deduction<br>
55h Amounts withheld for Depend./Medical Spend. Acct.<br>
55i Earned Income Credit<br>
55j Housing, Food, Living Allowances
55k Tax Exempt Interest Income
55l Foreign Income Exclusion
55m Other Untaxed Income </p>
<p>SECTION L - PARENTS' 2006 EXPECTED INCOME & BENEFITS
Question You Reported
56 2006 Father's/Stepfather's Work Income<br>
57 2006 Mother's/Stepmother's Work Income<br>
58 2006 Other Taxable Income<br>
59 2006 Untaxed Income </p>
<p>SECTION M - DEPENDENT FAMILY MEMBER LISTING
Student You Reported
Full Name<br>
Tax Exemption in 2005?
Name of College/School 2005-2006 C
Year in School 2005-2006<br>
Scholarships and Grants 2005-2006<br>
Parents' Contribution 2005-2006<br>
Family Member<br>
Full Name<br>
Tax Exemption in 2005?<br>
Relationship to Student Student's brother/sister or half-brother/sister<br>
Age
Name of College/School
Year in School 2005-2006<br>
Scholarships and Grants 2005-2006
Parents' Contribution 2005-2006<br>
Attendance 2006-2007<br>
College Name 2006-2007<br>
College Type 2006-2007 </p>
<p>SECTION N - PARENTS' INFORMATION
Question You Reported
61a Parent's Relationship to Student Father<br>
61b Name<br>
61c Date of Birth<br>
61d Self-employed or Unemployed?<br>
61e Unemployed Date<br>
61f Occupation<br>
61g Employer
61h Number of Years<br>
61i Daytime Telephone<br>
61j Retirement Plans<br>
61j Social Security<br>
61j Civil Service/State
61j Military
61j Union/Employer
61j IRA/Keogh/Tax-deferred
61j Other
61k Attend College?<br>
61l Name of College<br>
61m College Type<br>
62a Parent's Relationship to Student Mother<br>
62b Name<br>
62c Date of Birth
62d Self-employed or Unemployed?<br>
62e Unemployed Date<br>
62f Occupation
62g Employer
62h Number of Years
62i Daytime Telephone
62j Retirement Plans<br>
62j Social Security
62j Civil Service/State
62j Military
62j Union/Employer
62j IRA/Keogh/Tax-deferred<br>
62j Other No<br>
62k Attend College?
62l Name of College<br>
62m College Type<br>
PARENT LOAN INFORMATION
A Want to be Considered for Educational Loan?<br>
B Parent's Name<br>
C Parent's Address
C Parent's City<br>
C Parent's State<br>
C Parent's Zip Code<br>
D Parent's Home Telephone<br>
E Parent's Social Security Number<br>
F Parent's Date of Birth<br>
G Parent's Email </p>
<p>SECTION O - NONCUSTODIAL PARENT INFORMATION
Question You Reported
63a Noncustodial Parent's Name<br>
63b Address<br>
63c City, State, Zip<br>
63d Occupation/Employer<br>
63e Year of Separation<br>
63f Year of Divorce<br>
63g Court Order Support End Date<br>
63h Last Claimed Tax Exemption<br>
63i Year Last Claimed as Tax Exemption<br>
63j Noncustodial Contribution<br>
63k Agreement Specifying Contribution</p>
<p>reasonabledad - on that note i will agree, and conclude. Gives me something to look forward to, when my son and daughter have children. :-)</p>
<p>Gentlemen, I was wrong. I haven't completed that form before but my husband must have. I never knew we turned all that $$ info over to colleges all over the country! Good luck to both your students and decision times. Hopefully USC will come through for them financially if that is where they want to be.</p>
<p>Thanks reasonabledad, I'll be optimistic until I receive my merit award. There's actually 4 kids, I meant to put "6", but my finger probably slipped to the 7.</p>
<p>I just never realized how much colleges take into account when determining financial aid. It seems almost ridiculous that they expect my parents to pay half of their income every year for my college... Hopefully, it won't end up that way.</p>
<p>I've been looking into scholarships, and I have a job, but I really havent accrued enough money to cover nearly any of the 50k I'm expected to pay each year.</p>
<p>I do know a musician who had a sponsor for his education. A rich couple in San Francisco "adopted" him and paid for his time at the Conservatory... maybe this is an option I can explore...</p>
<p>We shall see, I'm set on USC, so I'll try to make the financial aspect of this process work out. :)</p>
<p>So, what grant money would you be looking at with a FAFSA EFC of about 750 (not grand, dollars)</p>