<p>I have applied to Reed College, which uses the estimated family contribution as the primary data point for their financial aid.</p>
<p>As far as I can understand, it appears that Reed uses the Expected Family Contribution (EFC) from the FAFSA and CSS Profile to determine the cost of the school. From what I can see, it appears that Reed only requires families to pay this EFC amount, and the school gives a grant to cover the rest. For example: Reed's cost is about $60,000. If somebody had an EFC of $10,000, Reed would give the student a $50,000 grant, making the school cost $10,000.</p>
<p>Here's my concern: my ACTUAL EFC is $0. My parents don't have a single penny saved for my college education. However, my family's income is about $140,000 a year, so the FAFSA and CSS will say my EFC is around $14,000 or even more. In turn, Reed will see this and say that the school will cost $14,000 a year, which I can't afford. I can only afford the school if I can get it down to $5,500 so I can take out loans.</p>
<p>If this is truly the case, am I truly screwed when it comes to EFC? How do the FAFSA and CSS Profile calculate EFC?</p>
<p>An EFC is only calculated from the info you enter in the FAFSA. Schools like Reed also collect additional financial info via the profile or their own form. Your fafsa efc will determine what if any federal aid you qualify for. It may also determine if you are eligible for state aid. Each school including Reed will take your fafsa efc and the additional info collected via profile and apply their own finaid formulas and come up with an expected contribution for their school from you and your family.</p>
<p>You actual efc is not 0. Zero is what your family can contribute. Your fafsa efc with an income of $140k should be at least double $14k, though it depends on factors such as are other siblings in college at the same time. Yes, there are many families out there who can’t afford their efc and expected contributions as school’s determine them. The solution is to find a more affordable school, one you can commute to etc.</p>
<p>Most colleges do expect a student contribution (federal direct loan and/or work(-study) earnings). For example, suppose a school assumes a student contribution of $4,000, so if the school calculates an EFC of $10,000, it will offer a net price of $14,000 ($10,000 from the family, $4,000 from the student).</p>
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<p>No, your actual EFC is as calculated by colleges (which may differ from each other). But your AFC (actual family contribution) is $0, which can make it a problem to attend a college where your EFC is greater than $0.</p>
<p>Basically, you are looking for large enough merit scholarships (near full rides).</p>
<p>Your EFC with that income will be about $40k if one child is in college. It will be about $20k for each child if there are two in college.</p>
<p>You can’t afford these kinds of schools. </p>
<p>What are your stats? We can find you schools that will give you large merit for your stats.</p>
<p>What is your major?</p>
<p>What is your home state? </p>
<p>BTW…just because your parents don’t have anything saved for college does not necessarily mean that they can’t pay anything. Many parents don’t have college savings.</p>
<p>Are your parents actually saying that they won’t pay one cent towards college? If so, how do they expect you to go to college.</p>
<p>Have you run the net price calculator(NPC) on the Reed finaid website? That’s the best way to see what Reed may expect you and your family to contribute. But if either of your parents are self-employed, own a business, own rental properties or have other more complicated tax situations, then the NPCs are less accurate.</p>
<p>I did run the Reed calculator, but our taxes change every year (sometimes drastically), so I can’t get an accurate number at all. Unfortunately due to the way Reed works, I don’t think I can afford it.</p>
<p>I’ve already received large scholarships (almost full rides) from other private schools. I was just concerned about how the EFC worked in particular. My worst fears have been confirmed. But no biggie - I’ve already been accepted to schools that I can 100% afford on sizable scholarships.</p>
<p>How would your EFC be $0 with an income of $140,000? That is THE question.</p>
<p>For,schools,that use the Profile, the FAFSA EFC is really meaningless. The FAFSA EFC is used for eligibility for,federally funded need based aid. The Profile info is used to compute a family contribution by the college for awarding of institutional need based aid.</p>
<p>But do tell…how did you get a $0 EFC with $140,000 in income? </p>
<p>Your EFC has nothing to do with what your parents,are willing to pay. The EFC is computed based on income and assets of your family. With an income of $140,000, your family contribution at most schools will be $40,000 a year…or more.</p>
<p>It appears that you have gotten some merit scholarships to help with college costs at some schools. That is,where it is at for you! Merit awards! Not related to income at all.</p>
<p>Although ian you might consider gently educating your parents. It is virtually impossible for you to pay for college on your own with loans. (OR maybe they know that and they mean via merit money and Reed to them is a pipe dream.)</p>
<p>They want me to pay via merit awards and loans. I already have a sizable scholarship to Stetson University that (with loans) will allow me to live on campus and pay my way through by taking out loans. I AM going to college. It’s just that Reed is my #1 choice.</p>
<p>Additionally, I live in Florida, so the public schools here are extremely affordable.</p>
<p>You apply to Reed and to some other schools and when all of the offers are on the table, you can discuss the situation with Reed. I doubt very much they will give you a full ride but maybe they can get you down to doable number. Frankly, a cost of $14K to go to a school like Reed, for a family making $140K a year, looks mighty generous to me. But if you can’t do it, your parents won’t help, the school won’t budge, then like thousands of other students looking at colleges they can’t afford, you have to come up with another choice, an affordable one. It’s like saying you want that Mercedes Benz when Hyundai is what’s in your budget. </p>
<p>To answer you question, yes, that’s the way it works. If your parents can afford a school by fin aid formula, they are expected to pay before the school puts in any money. Your FAFSA EFC will be the least you will pay before you get a dime of financial aid. The only way to beat that number is to get big merit awards or to find a schools that costs less than that EFC. </p>
<p>Have you visited Reed College? It is very different from Stetson, any large public school, or really any school in Florida. It is definitely the kind of school not right for many people and the kind of school people get to and then feel they don’t fit in, can’t make friends, doesn’t offer activities for them. Some people love it, but others (me) would hate it. Many people have compared it to Amherst, and I love Amherst but don’t like Reed. I’ve known grads of each, and yes, my views are are influenced by those alums. Reed is even more granola-y than Portland, and that’s saying something.</p>
<p>When should I fill out the CSS PROFILE and the FAFSA? I just got an email from Stetson University (a school that I’ve been accepted to) today alerting me that the CSS profile was available to fill out.</p>
<p>“The 2015-16 CSS PROFILE will be available October 1st, 2014. Please note that you can (and should) file the CSS PROFILE with estimated 2014 information, which you will update by submitting finalized information to Reed using the College Board’s Institutional Documentation Service (IDOC).”</p>
<p>Reed’s website also says this about the FAFSA:</p>
<p>“The 2015-16 FAFSA will be available January 1st, 2015. Please note that you can (and should) initially file the FAFSA with estimated 2014 information, which you may correct at a later date.”</p>
<p>I always figured that it would be easiest just to fill out the CSS and FAFSA after my parents and I do our taxes. Does it give me an advantage to put “estimate” information in early? I need all of the extra advantages I can get.</p>
<p>Additionally, Reed’s website (same link as above) says that I need to have the CSS and FAFSA completed by February 1. That seems extremely early, considering I’m relying on both sets of parents (both biological parents are remarried) to get their taxes done ASAP.</p>
<p>That being said, I know that the FAFSA only cares about the parents I live with. My mom and dad were divorced and both remarried. The CSS wants my dad and step mom’s info as well, even though I don’t live with them, correct?</p>