Curious to know, when EFC is determined it obviously does not take in to account the cost of living where someone lives? It is a straight formula based on income. Just struck me as I wonder how colleges think we can afford to put 2 kids through school on barely100k income per year living in the most expensive part of CT. The cost of living is ridiculous here, our income barely gets us by. Prior years we made much less than that. So to have both kids get an EFC of $10K each is crazy to me. Now I am using NPC for the 3rd child to go (first 2 are already in college) and the bottom line is equally crazy. She is looking for an engineering program, so a bit challenging to find something affordable in the NY/MA/CT/RI areas. Cleary our income goes much further in most states than it does here, so in that regard to me its not really an accurate number.
In a little indirect way you do get an income deduction for state taxes depending on where you live.
But not a cost of living adjustment.
Do you have younger kids, could you move to a more affordable area?
If you have high stats there are some schools that give high merit.
No too late to move now, last one is in high school starting the college search. We are taxed to death here, locally and state. The only thing they havent taxed yet is the air we breathe. haha She is starting the test taking process now, so fingers crossed for good numbers.
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So to have both kids get an EFC of $10K each is crazy to me.
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It may be crazy, and it may be unaffordable…but it also is very often unaffordable for colleges to give you huge amount of money so that you only have to pay $10k …or less.
What good would it do you if suddenly you had an EFC of - say - $7k…and the schools didn’t meet need anyway because they don’t have the money either?
Instate publics can cost $25k-35k per year. OOS publics can cost over $50k. Privates can cost up to $70k. It is really realistic to think that all these schools can afford for most families to only pay $10k per year or less? $10k doesn’t even cover room and board at most schools. Are schools supposed to provide free tuition to most students?
The reality is that most American college students commute from home to a local CC or state school simply because neither the parents nor the schools have the money to provide enough money for tuition, room, board, books, fees, etc.
Some get around this by applying where their stats would get huge merit…then remaining costs can be more affordable.
Money goes farther in other parts of the country and so does financial aid/merit aid. There is much more money available in what some consider the less desirable (to some) areas. She might get a lot more aid in the south, at Mississippi, Alabama, Louisiana, or in the northwest, at Montana, Wyoming, Utah, South Dakota. All of those schools have great engineering departments and most give extra money to engineers. Usually the cost of room and board is less too.
Another option would be the service academies. My daughter looked at the Coast Guard Academy and I really was in favor of it. Alas, she decided against it.
@MonroeMomof3 , some schools do take into account where you live, but I believe it’s only the private schools using the CSS/PROFILE, and they don’t tell you their methodology. I went to an info session at a LAC in MA where the FA person said so. Also, they were pretty quick to point out that they don’t care THAT much about it. A.k.a. If you don’t like it, move. Not practical advice, really.
Cost of living challenges are a real thing. It’s hard for people in some parts of the country to fathom that a modest 3 BR on 1/4 acre in a modest town can easily cost $500,000+. I’d never want to live anywhere but Massachusetts, and it’s a trade off. We have the best public schools, the best hospitals, the best seasons (yes, I know most people would argue about the weather).
I’m sympathetic, but you’ll end up with the same advice as everyone gets when they’re wondering how they’ll pay for school: run many net price calculators, look at in-state public schools, and look at private schools where your daughter is in the top 25% of applicants. She may get a bonus as a female looking to go into engineering, so that’s something. 