<p>I applied for FA in January and the EFC was >$3000. However, I'm taking a gap year to work instead of going straight to college (for several reasons). I was curious to know how my EFC might change because of this (and prospective FA)? Additionally, I have a sister who's a rising senior and will most likely go to the local CC, whereas I plan on going to a 4-year university. I ask mostly out of curiosity, not as an inquiry for advice.</p>
<p>
If you made >$6000, your EFC might increase.
Your parents’ contribution toward your EFC will be lower by half.</p>
<p>Remember,</p>
<ol>
<li>EFC is recalculated every single year for every student; and</li>
<li>EFC is just a number that helps determine your eligibility for some federal aid. It is not a promise that colleges will (or are likely) to make sure that your family will pay no more than this for college. Your college might expect you to pay more than or (in a few cases) less than your EFC.</li>
</ol>
<p>@4kidsdad Thank you, that’s very helpful!
@arabrab I am aware of both points, but thanks nonetheless. In awarding need-based aid what determines how much a school can/will cover?</p>
<p>EFC is usually a number that is the LEAST one can expect to have to pay if a school meets full need as FAFSA defines it. </p>
<p>When there are two students in college, the parental part of the EFC is cut in half. Your earnings over about $6K in the calendar year will be hit up at 50% towards your EFC and any assets you have will be hit 20% so it might be wise to have an account with a parent with parent’s SSN the primary one,since the same funds in that account will only be hit up 5.6% for amounts over the parental allowance. Students get no protection allowance for assets.</p>
<p>
Generally the size of the school’s endowment. [Private] Schools that have very large endowments tend to meet need. Public Us tend to use their endowments for in-state students (UVA and UNC are notable exceptions).</p>
<p>@cptofthehouse What’s the best way to go about setting up that account; just go to my parent’s bank and discuss our intentions, have them explain and setup everything accordingly?</p>
<p>@Erin Do schools with high % need indicate greater endowments? How can I best factor in non-need based aid/merit aid possibilities for schools with less endowment? (Salutatorian, 3.59 UW, 2130 SAT)</p>
<p>I think there’s a high correlation between the endowment and how much need is met. As far as merit aid, that is really institution dependent. Some schools will consider merit and need together, some merit is purely that, sometimes merit aid will displace FA. I would look at the stickies at the top of this forum for some merit aid options (which will generally be easier to get into than schools that meet need).</p>