My family’s gross income is about $120,000 which quickly eliminates me for a substantial amount of financial aid. However, my mom works two jobs to maintain that income and has her own student loans to pay off. She also pays for one of my siblings to go to university and for me and my other sibling to go to a private high school, house bills (water, electric), and other expenses or basic costs of living. However, I am not sure that colleges will see this. Will they see that she works two jobs? What all of that money goes to? From a financial review standpoint, will they even care? Without financial aid, I am not sure how likely it is I can afford the schools that I am looking at.
I’m willing to take out loans but realistically, I’m not sure how much I Can Handle.
Based on what little I know, I can figure that my family will be able to pay about $13k-15k a year, hopefully, more, but that’s all I can assume at the moment.
I’ve tried to speak to my parents about it, but they always say we’ll pay for whatever you want. I know that’s realistic. I’ve argued over it with them, my guidance counselor has talked to them, but they’re not budging. The most I got out of my mother was a mini-rant wherein she revealed she wouldn’t be able to pay for education at the schools I am looking at. So if anyone can try to help me calculate EFC with a very minimal amount of information, I’d greatly appreciate it.
This statement is not accurate. The amount of financial aid that you might be eligible for depends on many factors, including the school concerned and the type of aid (true merit financial aid, for example, has nothing to do with income).
Trying to calculate anything close to a reasonably accurate EFC with minimal information will be an exercise in futility. You can do a better job yourself using the FAFSA EFC formula or any school’s NPC (available online).
Agree. Over the years, we’ve seen savvy families at that income getting good fin aid. The trick is to find those colleges with great aid, where you match the sorts of students they want. Or great merit aid. Be willing to seriously consider your public unis in your state, depending.
It’s unclear whether your family is willing to pay a lot or is ranting about costs. It’s up to you to find opportunities that cost within a reasonable budget. What state are you in? Is there a guaranteed transfer program in effect?
You don’t want your parents taking out huge loans.
It doesn’t matter if your parent works one job or fifty jobs. The colleges will look at the total income earned...not the number of jobs it took to get there.
Your parent consumer debt also won’t matter.
Colleges will not consider private school costs unless they are essential for some reason (e.g. a disabled student attending a special school. Otherwise, this is viewed as a choice.
Everyone has living expenses like utilities, and rent/mortgage. That doesn’t matter.
Your parent college loan debt won’t matter either.
When you complete your financial aid forms, you will indicate the number of siblings in college for the year of the FAFSA/Profile forms you are completing. Colleges will see if there are multiple kids in college at the same time. Sometimes this will make a difference in your need based aid...see number 4.
Are you considering colleges that meet full need for all? If not, really the only guaranteed aid you will receive is a $5500 Direct Loan. Your income is too high to receive federally funded grant money even with two in college.
If your parents can contribute $15,000, and you take the $5500 Direct Loan, you have just over $20,000 as your annual budget. Do you have a job? If not, get one, and save for your personal expenses at least.
Guesstimate on your EFC...total will likely be in the $30,000-$40,000 a year range. Divide by two for FAFSA purposes...and yours alone will be $15,000-$20,000 as a guesstimate.
You know, each college has a Net Price Calculator. I would suggest you run this.
And also…ask your sibling who is already IN college. What was their FAFSA EFC last year…and has that sibling done the 2019-2020 FAFSA…what was the EFC?
When will you be starting colleges…and what schools are you looking at?
Start looking at public universities in your state. You are from NJ.
Is this still your list? I would suggest adding another public or two from NJ to your list. Besides Rutgers, none of these colleges is a slam dunk for admissions.
Where does your sibling attend college?
What did you SAT retake score look like. Have you considered applying to University of Alabama? Your current GPA and SAT of 1460 would net you a very decent merit scholarship there, and your costs would likely come in under $20,000 a year (I’m including the Direct Loan plus parent contribution).
This is a merit award and would not change when your sibling is no longer in college.
And lastly…on another thread, you say your parent is supporting relatives in another country. This is nice, but the colleges won’t care at all about this. This is money that your family could be using to support your college costs.
You can only borrow ~$5500/year. If your parents can pay ~$13k that gives you ~$18k/year. Do any Net Price Calculators come in under that? If not, are there any schools you can commute to? Did you apply to schools where you’ll get guaranteed merit?
@thumper1 I appreciate your insight it was extremely comprehensive and greatly appreciated. My school list has greatly expanded since then. A majority of the schools on my list grant 100% of demonstrated need, which from my understanding is the cost of attendance subtracted by my EFC, correct? The schools that don’t meet 10% of demonstrated need are either public schools with a much lower CoA or schools that I hope to receive a fair amount of grants or scholarships to ease the financial burden.
Haven’t retaken the SAT yet, had to move the test date, but in light of this, I will be sure to work much much harder.
I understand Net Price Calculators are helpful, I have used them in the past, but the information is fairly vague and not as comprehensive as could be (most recent one predicted that I pay roughly 21k for one of my top, privately funded schools).
Many of those colleges that meet full need for all accepted students are highly competitive for admissions and need to be considered reach schools by applicants. They are not a slam dunk for admissions.
So…what is your affordable, sure thing option?
You are applying to some very expensive colleges, and they will expect your family to pay the family contribution…and a student contribution sometimes too. The schools will determine this…and unless you are applying to University of Chicago, you will be completing the CSS Profile or a school form that is similar (Princeton has its own form). These other forms are far more financially detailed than the FAFSA.
Also, keep in mind, that IF you get accepted to a college that meets full need, in most cases, your need based aid will be significantly reduced when your sibling graduates from undergrad school…and you are still IN undergrad school.
@thumper1 I have about three sure thing universities at the moment that I will likely be able to afford, and although I do not want to jinx it, will likely be accepted.I think I understand… so in brief summation, due to financial constraints my college options are fairly limited? My siblings will only be in college for one year while I am.