<p>Can someone tell me how this EFC score means?</p>
<p>My Dad earns about 130-150,000 a year. This is pretty middle class. So I'm wondering how much financial aid i'll get if at all. My older brother is already going to university and i'm not sure my parents can afford 20-40,000 a year for university plus another 20000 for living expenses. </p>
<p>So whats the advice? Should my dad get a better paid job or what?</p>
<p>130,000 - 150,000 isn't middle class...</p>
<p>blankaudio -- you need to make sure when you ask your questions, that you mention you are applying as an international student.</p>
<p>As an international student, you will not be eligible for any federal or state aid -- so you need to find schools that will give you institutional aid. Unfortunately, there is no "EFC" for international students (like US citizens get when they file the FAFSA).</p>
<p>You don't say what country you are from -- but $130,000 -- $150,000 income is high for the US and incredibly high for most countries outside the US. So -- I wouldn't expect any full rides for college.</p>
<p>My guess is that your parents can be expected to pay close to what they pay for your brother right now. You may pay slightly less due to the sibling in college, but colleges that do provide FA to internationals don't always take that into account.</p>
<p>hsmomstef, internationals do get an EFC. It's just calculated a little different, i.e. not based on the fafsa model.</p>
<p>I agree, if you're talking about $130,000 after (or even before) tax, that's definitely not middle-class. Your parents should be able to afford if not the EFC, at least a low-interest loan.</p>
<p>sorry -- what I meant to say is that you can't (as far as I know) use a estimator or calculator to figure out the EFC of an international. it would be determinated after fillling out all the paperwork for the school -- so you can't really know what it is ahead of time.</p>
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<blockquote> <p>internationals do get an EFC. It's just calculated a little different, i.e. not based on the fafsa model.>></p> </blockquote>
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<p>Yes, internationals DO get an EFC, but not every college gives financial aid to international students. Good for the OP for checking this now. We are not an international family and basically we are paying the full ride at both kid's colleges (minus merit aid for both, but it's not nearly meeting our EFC) with an income similar to the OP's. Most finaid websites are pretty clear about how/if they award aid to international students. If the OP's sibling is in college in the U.S., then the family perhaps is familiar with the finaid system for internationals here.</p>
<p>Tell your dad to fire the butler; sell the yacht; and trade in the Rolls Royce for a Hyundai. That should free up enough money for your college.</p>
<p>:)</p>
<p>This is a good time to sit down with your parents and see what they can realistically afford for you college expenses.</p>
<p>Something that might help is to ask your brother to see his FA counselor. Have him ask the counselor what type of financial aid he would recieve if his sibling also attended. Since the FA counselor already has the financial info in front of him, he might be able to give your brother a more accurate appraisal of college costs when both of you are in school.</p>
<p>you should still try anyway</p>
<p>Get a copy of 'How to Pay for College Without Going Broke' either the 2007 edition which is out now or the 2008 edition, which will be out in October, it is published by <a href="http://www.princetonreview.com%5B/url%5D">www.princetonreview.com</a>. Also, look for schools where you may qualify for merit aid such is those profiled by Loren Pope at <a href="http://www.ctcl.com%5B/url%5D">www.ctcl.com</a> or get to book, 'Peterson's Smart Choices: Honors Programs & College' 4th Edition, at <a href="http://www.peterson.com%5B/url%5D">www.peterson.com</a>.<br>
Please remember that your father may be enjoying his current job, so let him decide if he needs to earn more money and remember he does not have a legal obligation to pay for your college. So be very mature and find ways to make it easy on your parents and you, look for affordable fits.</p>
<p>Thanks for the replies, they help.</p>
<p>Ok, i'm from Australia. And thats 130,000 before tax and its equivalent USD. After tax its significantly less. we pay around 40% tax. Which means we only get like 80,000 in reality.</p>
<p>The problem is not the actual tuition. I think 20000 is quite affordable but when you take into account that i'm an international student, it isn't. I still have to pay for living expenses which would probably add to another 20000. It really depends on what university i go to. But for an international student, there isn't much point going to the US unless the university is in the top 20 ( World ranking). If for example if i get admitted into harvard. I hear there is a 45000 cost for board+tuition+expenses. 45000 is a lot of money even on a 130k income. Plus take into account my brother is already at Uni and it begins to look a bit too much. </p>
<p>All this means, i have to plan whether its affordable or not. After all University of Sydney costs me only 6000 a year plus if i stay here i'm more than likely to get 10000 scholarship. It ****es me off that i can't afford to study in the US even if i can get admitted. </p>
<p>I heard Harvard on average gives out 30000 in aid to all students</p>
<p>A few questions to people on this.</p>
<p>When universities talk about 'financial award/aid' does this mean that they give you the 30k or does it mean you have to pay them back later?</p>
<p>Also which top universities in the US are the most affordable for boarding and also give decent aid?</p>
<p>a financial aid award usually contains loans (there a few schools, like Princeton, which do not include awards as part of the FA package -- but very, very few). Awards with no loans in them are usually reserved for low-income US students. So I can almost guarantee that your package will contain loans.</p>
<p>admissions into US schools are very, very competitive for internationals and requesting FA can lower your chances.</p>
<p>Check each schools website for information on international student aid.</p>
<p>When you hear that Harvard gives out $30,000 in average aid (not sure where you got that figure) you are averaging both small ($3000) awards and full-ride awards. Those awards are entirely based on need -- and you aren't going to demonstrate the same need as someone whose parents make $10,000 a year.</p>
<p>I know that the $130,000 your parents make doesn't seem like you are rich, but we pay taxes in the US (not quite 40% -- but pretty close) and the median income in the US is ~$42,000 -- so that $130,000 is quite a bit. </p>
<p>Does your brother receive financial aid? If so, what is his EFC? Those numbers will really tell you alot.</p>
<p>No my brother doesn't get any aid in any form. My parents are paying his tuition completely. </p>
<p>Just for a comparison. I live in sydney and a survey recently done showed that 98% think that for an INDIVIDUAL to live comfortably u need at least 100,000 dollars. Now we're a family of four and so you can see how even though we may appear well off, theres no way my parents can pay 40,000 a year for university tuition.</p>
<p>Blank Audio -- I totally understand what you are saying about $100,000 being needed to just live comfortably in Sydney. This subject has been discussed often on CC -- that same amount (actually more) is needed to live comfortably in NYC, San Franciso, Washington DC, etc. And -- there are many different levels of comfort. I am not trying to judge you or your parents -- I am just telling you that FA officers do not factor in the cost of living in the area your parents live or how much it costs to live comfortably.</p>
<p>The fact that your parents already pay 100% for your brother tells me they have money available (or are willing to take out loans) and the FA officers will expect the same for you.</p>
<p>Can you wait a year and attend college after your brother graduates so that both of you aren't in school at the same time?</p>
<p>You can certainly apply for FA as an international -- but that is something they consider when admitting you to the college, so it makes you less competitive for admissions. As far as I know, only Princeton is need-blind for internationals -- and your high school record needs to be amazing for Princeton. I think that you will qualify for some FA, with two siblings in school, but it won't cover 100% of the cost (maybe up to 30-40%) and it will probably be heavy on loans.</p>
<p>I know it isn't what you wanted to hear -- but better to know the reality now, than later when you don't have any good back-up plans. You are in the same frustrating situation that thousands of other international students are in.</p>
<p>I have good backup plans. They include staying in sydney and getting a under and post grad degree all within six years.</p>
<p>What i can't believe is this. I know a guy who got into Harvard undergrad. His parents earn like 250,000 USD total. He got 50% aid. :S. Did he lie about his financial things? I heard it was a 50% scholarship, but when I went to the harvard site, it said they didn't award merit scholarships.</p>
<p>So princeton is the only international need blind uni? Some people are saying Harvard and Yale are too. Some are also saying that MIT is close to need blind for internationals? How true are these statements?</p>
<p>For an amazing high school record for princeton, academically it is, but EC wise im still working on it. I just want to get an impression of how hard it is to get in while requesting aid. If i have to pay 50k USD then I should probalby realize that overseas study is just unaffordable.</p>
<p>I have few options really if theres no aid. I probably have to find some outside scholarships, funding or even start my own business.</p>
<p>I know you posted on this thread, but did you read the whole thread -- <a href="http://talk.collegeconfidential.com/showthread.php?t=151609%5B/url%5D">http://talk.collegeconfidential.com/showthread.php?t=151609</a></p>
<p>it has a ton of information on financial aid for internationals -- it does look like there are a couple of other schools that are need-blind for internationals (although you always want to double check by contacting the school).</p>
<p>As long as you have some good back-up plans, there is no reason not to apply to a few schools in the US.</p>
<p>If you want to see how competitive you might be for admissions, post your stats under a particular colleges thread on the forum and see what others say.</p>
<p>As far as the kids who got a 50% FA award for Harvard -- most people are not truthful when it comes to finances. He could have been lying about his award or he could have been lying about how much his parents make, or he could have lied to Harvard. Don't worry about what other people tell you -- you will hear all kinds of stories. Every year someone claims that some student here in the US was such a great student that Harvard, Yale and Princeton all gave them a full scholarship even though their parents were rich -- a lie, but it makes someone feel better, I guess.</p>
<p>Yeah thanks for the advice. It actually wasn't a story I heard. My dad works with one of the parents of the guy who got the 50% scholarship. From what i've heard they're quite trustworthy. He finished harvard and regretted </p>
<p>I think EFC wise there are ways to improve. I know my parents have liquid assets but they could possibly liquidate them and put them into buying a better house. From what i've read EFC's exclude your home equity. </p>
<p>" As far as the kids who got a 50% FA award for Harvard -- most people are not truthful when it comes to finances "</p>
<p>So you're saying that many people lie about finances? Is there anyway for them to check?</p>
<p>Just an off topic question. How good is it to have an ivy league university on your resume. Is it really THAT stunning? From what i've heard, theres a declining respect for students who go there. Not that they're not respected but just that its not as prestigious as it would've been 15+ years ago.</p>
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From what i've read EFC's exclude your home equity.
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<p>It is true that the FAFSA EFC excludes home equity. However many private schools use profile and they may (and i believe often do) include home equity. Profile EFC is generally higher than FAFSA EFC. You probably need to check into the particular schools you are interested in and find out what their financial aid policies are.</p>
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" As far as the kids who got a 50% FA award for Harvard -- most people are not truthful when it comes to finances "
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<p>I think that people in general tell you what they want you to know and it is not unusual for people to spin their situation.</p>
<p>for the person who told you their kid got a 50% scholarship, in theory they are telling the truth that most colleges that give need based aid in institutional funds will call their aid "scholarship" vs saying "we're giving you this amount to make this school affordable" or "need based institutional aid". It is semantics. </p>
<p>Think about it, when it comes to "bragging rights" which will you say; they gave me a scholarship, or my family does not have enough $4 to make this affordable so the school gave me some money.</p>
<p>as far a lying about your finances, I would hate to be that person on the day that everything comes out in the wash because you risk everything. The school could resind the degree, leaving you with a worthless piece of paper, they can make you pay back all of the money they gave you and they could press criminal charges against you. Would it really be worth it to spend the rest of your life looking over your shoulder worrying about being exposed?</p>
<p>As far as lying -- I wasn't talking about lying to the school (I don't think that happens often, too much verification and if you get caught -- significant consequences). I mean that most people are not entirely truthful when speaking about their financial situations with others. </p>
<p>Home equity is going to count against you at top schools -- retirement funds is where your parents would have been able to shelter their money for retirement.</p>
<p>prestige of ivy leagues -- all I know is that connections and opportunities are excellent at many top schools, but I don't know how important the prestige factor is. It is probably more important for some careers than others, more important in some areas of the country than others. Here in Colorado, you rarely see someone who graduated from an Ivy. the only ones I have heard of are a couple of professors at Colorado College. </p>
<p>the kid who got a 50% "scholarship" to study at Harvard -- either he was lying about the amount he received or his parents financial picture is alot worse than you are thinking. His parents could be in debt up to their eyeballs with no assets -- you just don't know.</p>