How much would my family have to pay?

Paying for College
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<p>So my mom doesn't work and my dad's income for this year is going to be about 36K
My parents have about $150,000 saved though, is that going to affect the CSS profile too much? How much do you think my parents would have to pay?</p>

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<p>[FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>

<p>run the numbers thru both the federal and institutional methods to get an idea of the FAFSA efc and what the CSS (which doesn’t give back a specific number because each school uses the info differently) might be</p>

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<p>The number that I get from FAFSA, is that the actual dollar amount?</p>

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<p>In my experience, the FAFSA estimator was almost the exact amount of my EFC. Just realize that not every school guarantees to fill in the rest (difference btw Cost of attendance and EFC) with ‘free’ money (scholarships, grants)</p>

<p>the amount of your parents savings account isn’t going to be treated much differently with FAFSA and CSS, CSS (Institutional method in that estimating calculator) will also take home equity (if you have any left) into consideration.</p>

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<p>Is the savings truly just savings or is any of it in retirement accounts?</p>

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<p>it’s truly savings. my parents don’t make a lot of money, but they save a lot…like we don’t buy expensive stuff, we don’t eat out, etc</p>

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<p>Look into Simplified Needs Test, and Automatic Zero EFC (search this forum or Google them). Your family might be eligible for SNT (which would exclude the 150K savings from assessment) or the Auto Zero EFC, either of would result in very low or zero EFC, and max financial aid eligibility.</p>

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<p>sblake7, you’re talking about FAFSA…but do you know about CSS?</p>

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<p>Oops-- I should have read more closely.</p>

<p>Right-- the SNT and auto Zero EFC are FAFSA-only-- the 150K in savings will be assessed by the Profile formula as a parental asset. The amount above the various allowances (which usually come to around 30K) would be assessed at 5%, as I recall.</p>

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<p>OKay…but I can file both things for some colleges, and is it possible that if the money from CSS don’t cover my tuition, I can get the rest from FAFSA? is that how it works?</p>

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<p>No that is not the way it works. Schools that use CSS use it for their own institutional aid and use FAFSA for Federal aid. FAFSA itself does not cover anything - it is a form you complete that the school uses to calculate and award federal aid.</p>

<p>Federal aid will nowhere near cover the cost of a private school - it does not even cover the cost of 4 year public schools and they do not award more money because you are at a more expensive school. Federal grants aid is quite limited. The largest grant is the Pell which for 2008-2009 school year was a maximum of $4731 and to get the maximum requires a 0 FAFSA EFC. Whether you go to your State U or a private school the maximum Pell remains $4731 (unless the school cost less that $4731 in which case th Pell will be reduced accordingly). As the EFC goes up the Pell goes down until, once the EFC reaches 4042, the Pell becomes 0. Other than that there is the SEOG which is difficult to get. The maximum varies by school based on how much SEOG funding they receive and how they decide to award it. The maximum possible is $4000 but most schools set their maximum much lower in order to offer it to more people. Then there is the ACG - requires Pell eligibility and certain Academic criteria - and is for freshmen (max $750) and sophomores (max $1350) only. That is followed by the SMART grant which also requires Pell eligibility and is a maximum of $4000 for 3rd and 4th year students only and is for certain degrees.</p>

<p>Other than that federal aid consists of loans and work study both of which have maximum amounts.</p>

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<p>If your parents’ adjusted gross income is less than $50,000 for the year AND they either 1)were eligible to file a 1040A or 1040EZ (even if they filed a 1040 - it’s just if they COULD have filed a 1040A/1040EZ) or 2) someone in their household received federal means-tested benefits during the year (food stamps, social security income, TANF, WIC, or free/reduced lunch) the Simplified Needs formula is used to calculate the Expected Family Contribution. Under this formula, NO ASSETS are used in the formula. They could have a million dollars and it wouldn’t be counted. If they fit the criteria listed, their savings won’t be taken into consideration in the formula for FAFSA.</p>

<p>It doesn’t look like your parents’ AGI will be low enough, but if it is … if the AGI is less than or equal to $30,000 and the tax filer/means-tested benefit stuff above is true, your EFC is automatically 0.</p>

<p>CSS Profile is a different story. Profile schools look at assets much more carefully. The way the savings are treated may be different at different schools. You won’t really know until you get your award letter from a Profile school.</p>

<p>I should point out swimcatsmom’s post as a caution, though. Just because your EFC is low or 0 doesn’t mean that will be all you’ll have to pay. The EFC is really just a number used when awarding aid. If the school doesn’t meet need, or if they meet need with lots of loans … you’ll be paying more than the EFC.</p>

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<p>That assessment for assets is at 5.6% and it is for FAFSA calculations, not Profile. The schools that use the Profile collect asset information and use it in any way they choose, and they don’t uniformly use that information the same way. </p>

<p>It is, however, safe to say that a part of that $150,000 savings will be expected to be used for college expenses for those attending Profile schools. How much?? Well…that depends on the school.</p>