Is this EFC high? Help!

@aserto009

The 2018-2019 FAFSA was available for submission on October 1, 2017. When did you complete this form?

These schools also require the CSS Profile IIRC. Did you complete THAT form as well?

When you were choosing colleges to apply to…did your parents ever discuss how these would be paid for? What did they say?

UConn OOS is expensive.


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It appears that your parents may have 1M+ in unprotected assets<<

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Plus all the protected ones (401K, defined benefits pension. quite possibly forever medical coverage)
In reality, parents with this kind of wealth are money savvy and are not going to fill in FAFSA forms expecting FA, did the OP do it, or did the parent do it? I know some schools will insist on it, but what numbers are you getting with CSS/profile schools?
You dad took early retirement? Were your parents born in the USA?

@mom2collegekids I applied to 18 schools. I received 15k a year from Delaware for merit, making it only 28k. Still waiting to hear back from 10 of the schools. Other schools I’ve gotten into are Uconn, UMD, Providence, Fordham, and Penn State. Waiting to hear back from many small LAC’s such as Bucknell, Lafayette, and Muhlenberg. Whenever I ask my dad how much he’s willing to pay he says to not worry about it, but on the other hand he gets super stressed when he sees that we’re not getting any need based. He won’t give me a solid price.

@Sybylla my parent did it, expecting a good sum of money since he didn’t think any of his retirement money would count since he’s been unemployed. My dad did not take early retirement, he lost his Wall Street job 4 years ago and hasn’t been able to get a solid position since, much of it due to his age. And yes my parents were born in the US.

Also, @Sybylla my CSS schools gave me $0 as well.

I think you need to sit down and establish some facts with your parents. Your dad’s protected retirement is not factored into FAFSA (but that really isn’t relevant here), it is the unprotected assets, if your dad is indeed ex Wall street, non of this is going to be a surprise. Maybe you are hearing something different than is being said, your parents are possibly looking for a value for money school for a student that isn’t getting merit that makes the COA reasonable. Only a CC kid would say something like “ONLY” 28K a year for a school like Delaware. Which in state schools are accepted to? Do you have siblings?
If your dad isn’t working, did he help you with searching for schools? Did he run NPCs? He is the epitome of the money man, no? He would be on top of the numbers?

No, I’m not hearing them wrong. They want me to go to a top school but are just worried about cost. I didn’t apply to any state schools. @Sybylla

And I didn’t mean only 28k in that way. I just come from a very affluent area and that’s the attitude that people have, but I don’t. @Sybylla


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They want me to go to a top school ......................I didn’t apply to any state schools<<<<<<<

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That is a bummer, your parents want a top school, but do they understand the limitations of your stats?

Actually, my stats are capable of getting me into many great schools. I come from a High school that is basically a feeder school. And I have ins at a a few schools and have spoken one on one with my admissions Counselors about my stats. @Sybylla

Are they okay with your taking a gap year if no college is affordable?

You didn’t apply to any state schools? Last I checked, Penn State, UMD and UConn are state schools. Do you mean in state schools?

I’m considering a gap year mostly because I’ve had medical problems over the past few months and also really want to volunteer/learn more about myself before entering the world as a college student since I’ve basically grown up in a bubble. However, many of my schools will wind up being affordable. I know for a fact they can afford Delaware, but I’ve suffered from problems since after I made my final college list that lead me to believe I will do much better at a small private LAC. @MYOS1634

I meant in state. My phone autocorrected. @CottonTales

Also, you say a student who is “not receiving merit” meanwhile I have received merit. @Sybylla

OK. So, you have an affordable safety at least.
Start looking into CityYear for a gap year/volunteering/real world experience.

If it’s just 50,000 a year that your parents earned than yeah like everyone else’s comment above they most likely have some other money elsewhere because my parents combined earn $67,000 with two other siblings, me being the first to go to college and my EFC is 4,463


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meanwhile I have received merit<<<<<<

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Merit that makes a difference, vs sweetener merit. Is U delaware what your dad would call a top school, it is better than your instate good school? You just need a straight Q&A with your parents.

It may be too late for an app to City Year. There are still open deadlines, but that would be for cities where they have trouble filling slots (not all kids work in their home areas.)

OP, as several said, did you check for errors? You refer to “retirement” money but funds in Qualified Retirement Plans don’t count. In contrast, if your father is managing non-qualified assets (mutual funds, bank accounts, stocks, a few other sorts,) those are the unprotected some refer to. You need to see if your parent included QRP in with total assets reported.

If no mistakes, as others say, it sure seems he has a lot of money. Now we realize 85k feels huge, but it’s based on something.

Meanwhile, both this thread and your understanding will go in circles until you pinpoint what’s up.

The issue isn’t your getting into some target colleges. It’s paying. If 28k or so is do-able, okay. But you probably need a frank talk with your parents, to understand. No getting around that.

We can see you’re confused. But you need the right info to make the right decisions.

The balances IN tax deferred retirement accounts like TSA ot IRA accounts are not included as assets on the FAFSA. Did you put your parent TSA or IRA account balances as assets on your forms?

However, any withdrawals your parent takes from these accounts would be income. And because the parent is withdrawing from a tax deferred account, taxes would be owed.

Please clarify what you mean by “my dad didn’t know his retirement would be counted”. Is this retirement INCOME…or the balances in tax deferred accounts.

Again, OP has said dad is ex wall street. This dad didn’t know thing does not compute. OP really may not have the whole story. Anyone who has retirement accounts and brokerage knows their apples from their oranges. Or they pay a man who does. If FAFSA is done wrong, so would go their taxes, you think that is likely?