Hello everyone,
My family submitted the FAFSA yesterday and it said that our estimated EFC was around $27,000. While I know that this number is correct (my parents make about 120,000 a year), I am only one of two kids my family has in college this year. There is no way my parents could ever pay $54,000 a year. Will colleges actually expect us to pay this much? Is there anything else we can do to lower the cost? My test scores were decent (31 on ACT and 1370 on New SAT) and I have a 3.9 unweighted/3.99 weighted GPA. I am already applying for as many scholarships as I can. Also, I would like to take out as little in loans as possible so please don’t suggest that.
With the exception of qualifying for a Pell grant (which you don’t), the FAFSA EFC is pretty much a meaningless number. Colleges will expect you to pay the difference between their Cost of Attendance and whatever you get in grants, scholarships and merit money. You and your parents can pay that difference out of a combination of savings, current income, and loans.
The bottom line is, you need to apply to colleges that are affordable.
You need to go run the net price calculator on each college website. Remember that years when you have fewer or no sibs in college, you will get less aid (you can sometimes adjust this on the NPC). That will give you a better idea.
Here’s the thing I was explaining to my husband about EFC, we also will have two in college next year. Yes, that is the amount your family is expected to come up with toward college, ours was over 40k each kid. No, they don’t expect your parents to pull that out of their weekly paychecks, but there is an expectation that upper income earners will have saved for college or will have assets to put towards college. In our case we have one kid getting some athletic scholarship and the other hopefully getting some merit aide. Beyond that we’ll likely have them both take out a small student loan and we’ll have to open a home equity credit line or something to pay for those college expenses then pay it down as we can when my husband gets bonuses, etc… is it going to hurt? Yes. We have four kids to get through college, but, it is what it is.
You can also choose your college wisely. Not all colleges cost $27k per year, and you might find one that gives you some merit aid, a talent award (athletic, music, drama?), you might get a local award (although that doesn’t always lower the EFC). Every little bit helps. How do you feel about the frozen north? Montana, ND, SD, Utah, Wyoming, Idaho all have schools that give a lot in scholarships. Schools in the south also are generous.
If you choose only schools in the NE, you’ll likely be expected to pay that $27k and maybe more - not all school meet need, and even if they do the school may determine that your family can pay more than the $27k. On the other hand, if you get in at Stanford, it promises to meet the needs of all students whose families make under $125k.
If you have $120,000 in income…the EFC for ONE student…with two in college…should be less than $27,000. That would be closer to the EFC with only ONE student in college. Did you put that two would be in college at the same time?
Do you have assets that would bump this up…529 accounts, savings,etc?
That income with 2 in college should have a lower EFC unless your family has assets. Did you indicate 2 in college? Does your family have assets?
How much can your family pay per year PER child?
What are your stats?
What year in college is your sibling? How much do your parents pay each year for THAT child’s college? What was his/her EFC last year??
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Here are my stats:
In-state student
31 ACT
1370 NEW SAT
3.9 Unweighted GPA
3.99 Weighted GPA
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What is your home state?
You want UPitt. Your stats arent’ high enough for merit at Pitt. Your family would be FULL PAY at Pitt, so it sounds like Pitt will NOT be affordable.
You need to find schools that FOR SURE will give you very LARGE merit scholarships so that after the merit is applied to costs, your family can afford the left over costs.
When you say that your family has an income of $120k…do you mean net income or gross income?
Forget about “applying to as many scholarships as you can”. That will not get you what you need. Those are only for ONE year…freshman year. And they’re hard to win. FOCUS on schools that will give you HUGE merit EVERY year.
What is your major and career goal?
Yes, my family has assets (about 190,000), but my parents made it very clear that they would not be taking from that money. My brother will be a junior this year. We live in PA, so both of our state schools are still expensive.
I agree. Collegeboard EFC calculator indicates EFC of about $13,000 for a family of four making $120,000 and 2 in college. So there must be significant non retirement assets as well.
If you are in PA, the PASSHE schools will cost about $20k if living on campus. Pitt and Penn State about $30 k, the branches a bit less. If you can commute to a branch then about $15,000 for tuition/fees.
There are some catholic schools like Gannon, St Francis University, St Vincent College that might give some merit, also LACs like Allegheny, Juniata, but the cost is probably still going to be around $20k.
If you can get ACT up to 32, U Alabama would give you full tuition. Temple used to give good merit at that level too last year, but not sure if they have updated scholarship requirements yet on the website.
How is your brother paying for college? Did he do a FAFSA last year…or now for next year? What was HIS EFC last year…and what is it for 2017-2018.
$190,000 in assets would add about $10,000 to your EFC…but they two in college…your part would be about $5000 additional.
I think you need to look at your FAFSA carefully and make sure that all assets are listed correctly.
Do YOU (the student) have assets?
Did you list 529 accounts as student assets?
Something isn’t adding up here.
Yes, are your parents helping your brother pay for school? A student loan of $5,500 -$7,500 won’t pay for much.
If the FAFSA EFC with two in college is $27,000 then when your brother was the only one in college, it must have been over $40,000.
How much are your parents willing to pay for college, and how much is your brother’s school?
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Yes, my family has assets (about 190,000), but my parents made it very clear that they would not be taking from that money. My brother will be a junior this year.
We live in PA, so both of our state schools are still expensive.
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??? Are you saying that your brother is a junior in college NOW??? Or will be a junior in college NEXT year when you go to school?
How much are your parents paying NOW each year for your brother’s school (not counting any loans that your brother may have taken).
What are your parents SAYING about how much they’ll spend EACH YEAR for EACH CHILD when you’re both in school?
I hope that you’re not in a situation where parents are paying a lot for older brother’s college costs which means that they’ll have little to spend on yours since they won’t get aid for brother once you go.
PLEASE ask your parents how much they’ll spend ON EACH CHILD next year. You will not get ANY “free money need based aid” from any PA public schools …and your stats are not high enough for merit at UPitt or PSU.
He did Penn State’s 2+2 program. He went to a Branch campus and commuted from home for 2 years. The tuition was only about 14,000 a year. Because of this, he didn’t file the FAFSA. He is going to be a junior for the 2017-2018 year, and is transferring to Penn state main this coming year which means his cost of attendance will change to 35000 a year. My parents have about 40000 saved for each kid and will not take from one kid’s account to give to the other.
My parents say they will help with what they can, but expect us to help pay too. I’m just trying to make smart financial decisions.
“But expect us to help pay, too”
Students can’t pay that much. You’ll be lucky to be able to earn $5k per year and borrow $5500 for frosh year.
You need to find schools that will give you a very large merit scholarship each year.
Yes, merit aid is where you can really earn your share of costs.
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He is going to be a junior for the 2017-2018 year, and is transferring to Penn state main this coming year which means his cost of attendance will change to 35000 a year.
My parents have about 40000 saved for each kid and will not take from one kid’s account to give to the other.
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He did a 2+2
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tuition was only about 14,000 a year.
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So, did he use his college account for his first 2 years commuting? If so, then he’s only gonna have about $10k left for his last 2 years yet his costs will be $70k for the next 2 years.
I think you, your brother, and your parents need to sit down and figure out how the next 5 years of college will get paid. Your brother is going to be very short…and you’re going to be very short.
Your parents may not realize that you can only borrow the following amounts…
Frosh $5500
Soph $6500
Jr $7500
Sr $7500
And you can only really count on earning/saving to put thru college MAYBE $5k per year.
And in the meantime, go back and make sure you filled out the forms correctly, no false assumptions about the questions, and indicated 2 in college. Yes, you should be running the NPC for any college. Get your ducks lined up.
I wouldn’t call the Fafsa numbers meaningless, but they’re just a starting point. Final results depend on what the college has, in the first place, and their policies.