<p>Hello,</p>
<p>My dad lost his job last year around October 2009. His income was over $100K per year.
He has been trying to start a business after giving up on finding a new job (that type of job is slowly going extinct in America).
My mom is making less than $40K a year, I believe.
We have about 60% equity in our house and like $100K outside of our house.</p>
<p>If my dad starts a business in February 2010 and my mom continues working at $40K a year, what kind of financial aid will I (and my sister also applying as a transfer for Fall 2010) be eligible for at UCs and privates (CMU, Cornell, Stanford, MIT, Pomona) as a transfer student for Fall 2010?</p>
<p>Thanks in advance!</p>
<p>It’s hard to say…</p>
<p>Your FAFSA EFC will be based on 2009 income and assets - which sound like a lot. Did your dad get a severance check, too? That will also be an issue.</p>
<p>I don’t think you’ll get much help from the UCs.</p>
<p>Maybe a private “might” be more understanding.</p>
<p>What is your EFC? If you don’t know, try this. FA Calc [FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid](<a href=“http://www.finaid.org/calculators/finaidestimate.phtml]FinAid”>http://www.finaid.org/calculators/finaidestimate.phtml)</p>
<p>Put in 2 kids in college. Let us know what the results are.</p>
<p>Thanks mom2collegekids.
The EFC I got (using 2009 values) was $23,515.
My dad got a severance check I think.</p>
<p>Wait, if I go to a private school, will my room and board be “like free” (fully covered by financial aid) because our EFC is less than $40,000?</p>
<p>UCs have crappy financial aid, so, don’t expect much in the way of college money there. MIT has an online aid estimator – try that.</p>
<p>*The EFC I got (using 2009 values) was $23,515.
My dad got a severance check I think. *</p>
<p>Did you include the severence check? Or did you just put in income? YOu have to include the severence.</p>
<hr>
<p>*Wait, if I go to a private school, will my room and board be “like free” (fully covered by financial aid) because our EFC is less than $40,000? *</p>
<p>Most schools do not meet 100% need without loans. However, some of your schools do. But that doesn’t mean “free”. They may expect YOU to earn some of your costs with work-study.</p>
<p>Keep in mind that financial aid is not always free money…sometimes it’s loans…it depends on the school. For instance…UCs will put loans in their FA packages.</p>
<p>However…since it doesn’t sound like you included the severence, you need to go back and do that.</p>
<p>AND…more inportantly, you need to ask your parents how much they can spend on YOUR education. Don’t forget, they have your sister, too.</p>
<p>They may say that they’ll only be able to give each of you $10k or less (which may be if your dad is starting a business and he needs all his cash for that and to pay home expenses). Then what will you do to pay for the remaining $14k per year? (which may be higher if you didn’t include severence.)</p>
<p>Thanks all.</p>
<p>I will ask my parents how much they can pay.</p>
<p>When you get more info, come back. And, find out if the severence was included in the FAFSA numbers.</p>
<p>That info and your parents’ ability to contribute will likely have a major impact on your ultimate college choice.</p>
<p>My dad said that he doesn’t know how much he can contribute. He plans on getting heavily involved in a business.</p>
<p>Thanks for the info. I guess I will start looking at the FAFSA and CSS soon. But first, I need to get accepted (or rejected) to schools.</p>
<p>My dad said that he doesn’t know how much he can contribute. He plans on getting heavily involved in a business.</p>
<p>So…is he essentially saying that the family can contribute NOTHING or just a couple of thousand maybe??? That’s what it sounds like. It sounds like he wants to have all money available for his start up business.</p>
<p>Well, this is going to be a serious problem because your EFC is over $20k per year. </p>
<p>Did you apply to any financial safety schools? BTW…are you a transfer student? Your first post is unclear. If so, are your parents paying for your school costs now? If so, how much are they paying?</p>