The rental is your problem - that is considered liquid cash under many formulas - even those that don’t consider your primary residence. Thumper could better tell you if that is enough to warrant the high efc or if there is another issue.
@Shoshonte
What was your FAFSA EFC?
how much do you have in home equity?
How much do you have in non-retirement savings?
What is your AGI?
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CMU’s EFC is $154K.
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I think it’s a rather recent thing for CSS schools to give “family contributions” that exceed COA (FAFSA has been doing this for years, and now will even give an EFC that is > $99k). I realize that when CSS Profile schools used to only give a “family contribution” up to COA, it may have mislead some to think they’d get aid once two were in college.
So, CMU is basically saying that you will have to have 3 kids attending there before you’d even get a little aid? Am I understanding this right?
Update – CMU walked me through the process and found a typo in my CSS profile. Based off the misinformation, they assumed we had $1.9M hidden income; therefore, the high EFC. Once they redid the numbers, FA came out to nearly $47K.
Feel relieved.
Submitted corrected CSS profile to the other schools. Case is now a full-ride and looking forward to hearing from Georgetown.
lol…$1.9 million in hidden income! Don’t we all wish!!!
Congrats on the revised aid.
Just an FYI for others: my D’s FA offer for one of her schools concluded that we had resources available in the amount of >40% higher than COA. We all had a good laugh over that one! Off the list in 2 seconds flat.
Just to double check . I need some opinions. The total income is required on the FASFA before taxes correct? Our income for the year is 100,000. My son is receiving no financial aid and our EFC is 17,000 a year. Does that sound right to anyone?
Oh and if 100,000 sounds like a lot of money ,not when you have a home equity loan,a mortgage,3 car loans,insurance, and electric bill with a company that had a 37% rate increase…etc etc. He will be moving to his dad’s shortly so he can file under his FASFA next year.
Yes, that EFC sounds about right for an income in the $100,000 range.
It sounds like his dad has a much lower income. Just understand that this will not guarantee a free ride or even a substantial increase in need based aid at a school that does not meet full need for all.
Your son would get any amount of the Pell Grant to which HS is entitled, and any state aid based on a very low FAFSA EFC.
Honestly, the EFC sounds a bit low. Mostly, when you get income in the low 6 figures, the EFC comes in around 25-30% of income.