If my parent makes between 60-80, 000, what do you think my EFC will be.

Paying for College
1

<p>The question of financial aid has been on my mind for a while because it will completely determine what school I go to. While my mom may pay a few thousand for me to go the state university, she sees going anywhere else as pointless and I doubt she will pay much for it.
She made around 80,000 in 2007 but she thinks she dropped to around 60,000 in 2008. I am an only child and she doesn't have any other assets then a house and a car that I can think of.
Any estimates of how large my EFC will be? If anyone has parents that make around the same amount and have already figured out their EFC, please tell me. I know it'll just be an estimate. </p>

<p>Thanks.</p>

2

<p>First of all, 2008 will be the year used for FAFSA, so it will be the $60k figure (if that's what 2008 income ends up being). </p>

<p>It's impossible to say what your EFC will be, because the formula takes more than just income into consideration. Roughly speaking, though, many families find that their EFC is around 20-25% of their adjusted gross income (this DOES vary!!!!). So you may find that your EFC is around $12,000 or so. Maybe not, though. Go to finaid.org and enter your info into the federal methodology EFC calculator. This will give you a better idea.</p>