<p>As far as I can understand, it appears that Reed uses the Expected Family Contribution (EFC) from the FAFSA and CSS Profile to determine the cost of the school. From what I can see, it appears that Reed only requires families to pay this EFC amount, and the school gives a grant to cover the rest.</p>
<p>Here's my concern: my ACTUAL EFC is $0. My parents don't have a single penny saved for my college education. However, my family's income is about $140,000 a year, so the FAFSA and CSS will say my EFC is around $14,000 or even more. In turn, Reed will see this and say that the school will cost $14,000 a year, which I can't afford. I can only afford the school if I can get it down to $5,500 so I can take out loans.</p>
<p>Do I have a full understanding of Reed's financial aid system? I feel like I might be missing something.</p>
<p>What could be making your EFC $0 with that income? Not saying it’s impossible, just curious.</p>
<p>My parents haven’t saved any money for my college. They aren’t contributing anything. I have to pay my own way.</p>
<p>By actual EFC he means the amount he is actually able to pay.</p>
<p>The “F” in EFC is FAMILY. The schools expect your family to pitch in. They just do. Especially at $140k. Reed is an expensive school if your family isn’t paying (and many many many families cannot).</p>
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<p>Nope…your EFC is not what your parents plan to pay. Your EFC is what is computed based on your family income and assets. With $140,000 in income, your EFC would be in the $40,000 range or so.</p>
<p>Sorry for the mistake. I meant the amount my family is actually contributing is $0. Not my EFC. Small misunderstanding.</p>
<p>EFC is expected to come from funds in some combination of the past (savings), present (income), and future (loans).</p>
<p>OP while it seems like Reed may be out of your price range if your parents aren’t going to contribute, why are you limiting your ability to contribute to only $5500 – your federal loan amount? I personally am planning on earning about 5K/year between work-study and summer earnings. This should be very manageable with generous work-study minimum wage (at colleges like Reed). So there’s 10.5K. Then you can apply for outside scholarships and grants which will reduce the self help obligation at Reed (and similar). Apply for lots and keep applying. You can also apply to colleges that stack need and merit aid or just give really good merit! One of my brothers worked for the government during every summer and they gave him substantial money for college plus benefits plus paid a salary. My siblings have all put themselves through excellent colleges (without a penny from our parents) – you have more options than just that $5.5K loan/year. </p>
<p>Have you run the net price calculator on the Reed website? There should be a link on the financial aid webpage. Go do that, and you will see what you/your family will likely be expected to pay. No savings and no contributions from your parents with a $140K annual income, you need to start looking at community college with a transfer to 4 year option, in-state options where you can live at home, or talk your parents into contributing some so you can dorm at an in-state college. I agree with @LyricalLacuna that you can make SOME dent in your cost via working and some outside scholarships, but unless you have a hook or some huge talent, outside scholarships are very competitive and your odds of getting them are quite low. Smaller ones are often for only one year, so don’t help you out after freshman year. Highly unlikely that you will cover $40K/year through this process, which is what Reed is likely to cost you.</p>