<p>Well my parents' combined income is about 130K, and I'm not exactly sure about all assets but we do live in a house just under 1 Mil (is this even factored in?), and I have barely any of my own money in the bank. 1 other sibling, but not in college. </p>
<p>Babson I got 7700 in loans and work study. Boston College I got 5900 in loans and work study.</p>
<p>At this rate I will have to go to my state school. Is this normal?</p>
<p>Going to your local state school is normal if you and the parents haven’t saved to afford someplace more expensive… yes. Unless you have a lot of resources you can’t attend schools that expensive without a great deal of financial planning and sometimes sacrifice.</p>
<p>Yes, colleges that use Profile will factor in home equity, but each college may factor it differently. Some colleges will cap home equity at a multiple of income, while many do not and use the full equity amount in the calculation of your EFC. In general, approx. 5.6% of your net home equity is valued for the purposes of an EFC. A full $1mm in equity, would make your EFC $56k, for example. </p>
<p>Once income gets above ~$100k, need-based aid starts to drop precipitously, if you don’t have extenuating circumstances.</p>
<p>btw: loans are loans. There are no differences in your packages, since grant/merit aid is all that really matters.</p>
<p>Alright thanks. My parents had said they would pay for like 15-20K if I really felt like the school would be really, really worth it. </p>
<p>I’m just surprised because the fin aid forecaster had said my EFC would be like 35k.</p>
<p>EDIT: Ahh I see, I used the FAFSA forecaster, not like the Profile one.</p>
<p>Do you have any acceptances to schools that you like in the 20-25K range or any schools that are likely to offer you merit aid?</p>
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<p>I believe BC is a Profile school. I don’t know about Babson. Your equity in your primary residence IS considered as an asset by the Profile schools at least in part. How much equity do your parents have in that house? In other words, subtract the mortgage they owe from the current value…that is their equity. That is what BC would have considered.</p>
<p>With an income in the $130K range, your family contribution is probably between $32500 or so and $42000 or so. </p>
<p>Babson does not meet full need of accepted students so what you receive from them is totally up to them.</p>
<p>BC does meet full need but if they do package loans in their finaid awards, I believe. So if you add your loan of $5900 to the higher end of my family contribution estimate ($42K plus $5.9K you get something very close to their cost of attendance. Plus the W-S award.</p>
<p>I am curious…what kind of loan is $5900? I thought the Stafford loan for students was $5500 limit for freshmen.</p>
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She said that was the combined amount for Stafford and her Work Study.</p>
<p>^^yes, I’m assuming $3500 Stafford unsubsidized, plus $2400 work study.</p>
<p>Babson is a profile school as well Thumper. The other schools I applied to are Carleton, Claremont McKenna, U Penn, Pomona, Swarthmore, Wash U, U Washington. </p>
<p>UW isn’t a bad school at all, I’m just not that drawn towards it. </p>
<p>And I’m a guy Fafsa4ever, haha.</p>
<p>Bluebayou you’re correct.</p>
<p>But won’t your parents have to pay more than $20K for UW?</p>
<p>If he’s instate for WA and the parents pay $20K and he takes out the Stafford loans, his costs should just about be covered.</p>
<p>Ah yea UW is my state school.</p>
<p>You say your parents would pay $15K to $20K if you felt it was really worth it. But your state school costs more than that and your EFC would preclude aid there other than an unsubsidized Stafford so I’m confused. Did you apply to big merit aid schools?</p>
<p>I’m not positive but I believe the INSTATE costs of attending UW are $25000 or less. If the parents pay $20000 and the student takes out a $5500 Stafford, won’t that cover the instate cost of attending UW?</p>
<p>Yes, but in his post he seems to say that UW wouldn’t be what he considered really worth it, it’s his safety.</p>
<p>True…but if he has to adhere to a family budget, the other schools are NOT going to work with a family contribution that is as high as his is. These schools mostly give need based aid…and his family will need to pay the family contribution…which is more than the $20K…so UW may be his only financially doable choice!</p>
<p>Sorry I was referring to tuition, not total costs.</p>
<p>NuclearPenguins, I have a suggestion. </p>
<p>Do the IM & FM EFC calculations on the collegeboard website with your parents’ 2010 tax returns (Or estimates). Compare “State & Local Taxes Paid” from both of these to the actual amount of “state & local taxes paid” on your parents tax return. </p>
<p>If the amount of state & local taxes paid by your parents actually exceeds both of these FM & IM calculations by a large amount, I suggest you send letters to FA Offices of all the schools you applied to & ask the FA Offices to consider this a special circumstance, and therefore adjust your family’s EFC. </p>
<p>The FAFSA & PROFILE calculates state & local taxes by a percentage, it is automatic.
With a million dollar home, it sounds like your real estate taxes might be quite high. </p>
<p>I am not saying all the schools you applied to will adjust your family’s EFC, but it is certainly worth a try.</p>
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<p>What do you mean? Do you mean your parents will contribute $20K towards tuition? What will they contribute towards the rest of your college costs?</p>
<p>If your family contribution is in the $35k-$42K range (as computed by FAFSA), your family contribution most colleges will be in that ballpark for the total COST of attending. In other words, that is what your family will likely be expected to contribute annually.</p>
<p>Please explain what you mean by the above quote.</p>
<p>I’ll talk to them, clarify things up they told me this like in junior year.</p>