<p>I got into Boston University's School of Management. It was my first choice and I'm so excited. However, the financial aid package they gave me was anything but good. I got a Federal Direct Unsub. Loan of $2,625 thats IT! My family's EFC is around 63,000 but that doesn't mean we have money like that to spend. I am one of 6 children - two of whom are in college and I am college bound. I really want to go to BU however money is a factor. What are some ways I can help my parents finance my education =</p>
<p>Have you tried contacting BU? You have nothing to lose, all they can say is no.</p>
<p>I did. I asked them if that was all i was getting and if there is a way I can get more and they said whatever it says as the decision is whatever I'm gonna get.</p>
<p>"My family's EFC is around 63,000 but that doesn't mean we have money like that to spend."</p>
<p>If you don't have money, your EFC would be lower. It is entirely different matter if you have the money and don't WANT to spend.</p>
<p>My dad has 6 dependands..not including my mom and his needs as well... I don't know how they can get 68,000 EFC with an income of $150,000 a year</p>
<p>Given the same financial facts, you pay more at BU than at much higher rated schools. I think the financial situation at BU is a bit tight and they're being prudent.</p>
<p>An efc that high with an income of 150,000 (more than 40% of his gross income?) means that your family has substancial assets (ie: savings, home equity). They take the dependants, and other college students into account when figuring out your efc.</p>
<p>Yeah, as Northeast said, with an income of 150k, I highly doubt they would determine that 40% of the total gross income would be a fair price for one of six dependants to go to college. There has to be some form of assets that we don't know about. Especially considering you would be one of three college students (isn't the contribution divided by 3 on the FAFSA in that case? Or am I mistaken). Something isn't adding up.</p>
<p>how about an efc of 56,000 with a family income of the same amount. And I'm one of 5 kids.</p>
<p>Again, your family must have other substantial assets. That income wouldn't otherwise produce that EFC.</p>
<p>EFC is directly proportional to your wealth (assets). Income plays a part, but it is only one of the components in your wealth.</p>
<p>If what I read over on the Parents' Forum is correct, when there is more than one child in college, the EFC is divided among them. That would put the total EFC at >$200K. Do I have this right? If so, there is either a mistake or are substantial assets.</p>
<p>The efc is also based on the student's assets. I have two in college and the efc is higher for one than the other because the first has more savings.</p>
<p>no seems to be like BU screwed everyone..even people with LOW efc's got the same package as me (a loan of 3 grand..thats it)... they made some major mistakes..idk what to do</p>
<p>I'm sure many students are in the same boat right now. College is outrageously expensive. However, the problem we have is our assets are inflated by the ridiculous housing values in NJ. Our 20+ yr old small town home with postage stamp yard and maintenance fees has a re-sale value of around 325,000. We bought it with a govt. program, so we only put down 6% and thus still owe the majority of the original principal. We could not sell it and live anywhere in the immediate area for less money. While I'm sure we could take out home equity loans, there is that small problem of actually making the payments and we're already living paycheck to paycheck. Our income in NJ is well under $100,000 and the cost of living is increasing. The EFC is plain unrealistic given differences in cost of living from state to state. I can't see how they are really factoring that in.</p>
<p>GFG, I agree. JaHmed, you are in the same position as my son. He is not attending his first choice b/c we just cannot afford it (even with a merit scholarship). He has not dwelled over it since I gave him the sad news. He knew that if the school did not add significant grant money to the financial aid package that it would not be possible. That is exactly what happened; he did not get additional dime in aid. Perhaps if he were an only child we would think about stretching ourselves to the limit, but he is not an only child. My son will probably go to an oos publice school, just like you might do, although the suny is instate for you, I guess. I hear that Suny Buffalo is pretty good for business. I will not allow my son to go into a massive amount of debt either. I know that you were thinking about it, Jahmed, but I think it is very unwise to do that. You have no idea as to what your future earnings and expenses might be in the future. </p>
<p>GFG, I live in NJ, so I understand what you are talking about.</p>
<p>We have similar issues for the people with high EFCs. We have no cash flow, and exploded house valuation in West. It should be clear to any financial aid office that we have to sell our home to fund college....and won't get going rate because of structural issues. I had always heard that selling up would not be required. My spouse wouldn't tell our daughter as he wanted her to have her dream (first in his family). He thinks she won't mind loosing the house. I think it will make her guilty forever. She got into the Ivy of her dreams yesterday but only a tad of aid, bringing down to price of other private schools. so much for the joy of her hard work.</p>
<p>Wow, that's tough. But selling your house is too extreme. Would you even be able to find a cheaper place to live? You really can't jeopardize your own financial future either unless you're counting on your daughter supporting you in your old age. That will make you feel guilty.</p>
<p>Ivy schools are only meant for the low income or the wealthy. Few middle income (say parents total income of $150K) can come up with $45K/yr.</p>
<p>Of course those preachers around here at CC will say you should have been saving for the last 20 yrs. Maybe I should counter that by saying if your family income is only 50K (which get you free education at Penn, harvard, etc) you're parents should have been more ambitious and gotten a better job. Maybe mom should get a job, etc.</p>
<p>Ultimately the big problem is the cost of college going up at twice the inflation rate for the last 20 or 30 yrs.</p>
<p>FooMonChew, I agree with you. The prices IMO are out of reach for much of the middle class. We are not selling our very modest home, nor am I throwing myself into debt to try to pay the private school bill. I am stretching to pay for the out of state public, but I am grateful for my son to have this option. I am sure that he is grateful to have this option too.</p>