<p>On the FAFSA, my calculated EFC is 12,000, but the college calculated my EFC to come out to 20,000. Our AGI is 84k but we have 2 kids in college next year, so how will my family be able to afford 40k out of the 84k we have a year?</p>
<p>Does your college guarantee to meet full need for all students? If NOT, the FAFSA EFC should be viewed as the minimum your family will be expected to pay.</p>
<p>Did the school actually calculate your EFC as 20,000, or did they just gap you so that your aid package was $20,000 short? An EFC of 20,000 is very high for the situation you describe … I am wondering if it’s just that your aid does not meet your need (not uncommon).</p>
<p>To the OP…again…if the college does NOT guarantee to meet full need, the FAFSA EFC should be viewed as the MINIMUM you will be asked to pay. If the school uses additional data from the CSS Profile or their own financial aid form, the SCHOOL can use that data any way they choose to determine your actual financial need.</p>
<p>Even colleges that meet need assume you will spend some savings on college, not just meet the cost out of income.</p>
<p>I just received my financial aid package from Syracuse University. I have an aid package totaling 40,000(including my merit scholarship), which leaves around 20,000 for me/my parents to pay with 5,5k in loans and I have to work for the work study. I’m starting to think that Syracuse uses home equity since they have my family contribution listed as 20,500, which is about 8,000 more than FAFSA. If Syracuse gives this much money this year, will they continue to do so for all 4 years? Granted that assets and financial situation stays the same.</p>
<p>Syracuse does NOT guarantee to meet full need for all accepted students. It might not have anything to do with your home equity. This is what they decided to offer you. Really for SU, this is a good award. But it’s only good if you and your family can fund the over $20,000 balance for the upcoming year.</p>
<p>Does Syracuse ask for home equity or require PROFILE? They have to have the info to use it. FAFSA alone won’t give it to them.</p>
<p>But as Thumper says, they do not guarantee to meet full need. </p>
<p>Usually, the aid stays consistent over the years, but costs do go up each year, and upperclassmen on campus housing tends to cost more than freshman dorms. At many schools some savings are realized by a mass exodus to off campus digs and dropping the meal plans. Also most all schools do increase the student contribution each year, often reflected in the increased direct loan amounts.</p>
<p>I believe Syracuse is a Profile school.</p>
<p>I PM’d Djokster. It could be a correct EFC, it could just be a gap … but I did suggest calling Syracuse’s aid office to be sure. It’s always a good idea to contact the school directly if you think something may be wrong. If it is, it can be corrected. If it’s not, they can explain why it is what it is.</p>
<p>Alright thanks for the assistance everyone. I will call Syracuse and confirm some questions I have.</p>
<p>It may not be related to your current situation, but the EFC is for both kids, not each.</p>
<p>Each student completes a FAFSA. Each student receives a FAFSA EFC on their SAR. </p>
<p>If the schools do NOT meet full need, then the FAFSA EFC really is the minimum you will be paying. </p>
<p><<<<
It may not be related to your current situation, but the EFC is for both kids, not each.
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<p>???</p>
<p>EFC is not for both kids. An EFC is the EFC for the one child that the FAFSA is for. Not for both kids.</p>
<p>I thought he has one kid in college now and 2 kids in college next year. Wouldn’t the total EFC still the same when both kids go to college? Otherwise, $40k EFC for $84 AGI does seem high unless he has a lot of asset.</p>
<p>Bill…the EFC each kid receives on their SAR is for that kiddo. That is what we are saying. When two are in college, yes, that EFC will be ABOUT half for each of the kids…than if only one was in college. </p>
<p>A $40,000 EFC on ONE kid’s SAR would be for that ONE kid.</p>
<p>Syracuse uses the CSS Profile and absolutely does consider home equity and other real estate assets</p>
<p>Profile schools tend to take the parental expected contribution as calculated by their own institutional methodologies and then multiply that number by .6, rather than halving it, if there are two kids in college at the same time, and then adding the separately computed institutional expected contribution for that kid applying to that school. </p>
<p>Bill…now youre using a different term. Yes, the total EFC would be the same. But the EFC on the SAR is for ONE child.</p>