how much do parental assets affect EFC?

Paying for College
1

<p>My parents have managed to save $20k in a 529 account for me, of which I'm grateful for. But in the grand scheme of things, it seems to be not enough at all. My first choice is Northeastern, and they only gave me 10k for my freshman year, the rest in loans. I suppose this is because my EFC was 48k -- my parents make 150k.</p>

<p>What I'm trying to say is that we look like we have a lot of money, when we don't. I know that I will most likely be unable to appeal my aid for much more because debt is not considered as an uncontrollable factor that would make me eligible for more aid (I'm pretty sure that's what I heard). I'm trying to consider if I can go to Northeastern; if I do, I'll have to use all the money in my 529 account. If I use all that money, will my EFC be reduced by a large amount (assuming the income stays about the same, i'll still be the only one in college, etc.)?</p>

<p>And yes, I've know the argument about being smart and just going to a more affordable school. I understand that. Northeastern's my top choice (though that seems weird to many people, heh) and I'm just trying to see if it's even remotely feasible because I'd love it to be. If it's not, I'll most likely end up at UConn anyway.</p>

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<p>It will not affect your FAFSA EFC much. About 5.6% of Parent assets go to the EFC.</p>

3

<p>That sucks. All right, thank you very much. :]</p>

4

<p>FA usually doesn't care how high your consumer debt (auto loans, credit cards) is. But appeal if you really want to go; it's unlikely that they'll give you a worse aid package for appealing!</p>

<p>I'm so impressed with UConn...if you're instate I can't imagine why you'd go into debt for Northeastern. Send a message to NE that they have crummy aid and attend UConn!!!!</p>

5

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<p>Yeah, that's why I didn't consider appealing in the first place.
I've got a love/hate relationship with UConn, haha. It just feels tough to have to turn down your first choice. In the end, I'm okay with it, and I'm moving forward. :]</p>