So after filling out the fafsa it says that my EFC is 046843. Does this mean $46,843? Furthermore, my brother will be attending college at the same time as me, so is this number for my education only or for the two of us? Finally, if my college says they meet 100% of the demonstrated need, do they use the fafsa or their own calculations?
First. When you completed your FAFSA, did you indicate that there was a second student. In college?
Second…if completed accurately, your EFC is for you only.
Third, has your sibling done his FAFSA? What was his efc?
Fourth, if the school meets full need, it likely requires the CSS Profile or a school form (PRINCETON and U of Chicago use their own form…actually Chicago gives you the choice of their form or the Profile in addition to the FAFSA). Your FAFSA EFC really has no meaning to schools that use the Profile. The Profile info is what they use to compute need.
Fifth, if your school guarantees to meet full need for all students, it will do so based on its calculation of your need.
Sixth…yes…that means $46834 is your EFC. All this really means is that you are not eligible for a Pell Grant or any other need based grant aid that is federally funded.
I’m curious…did you think you would be eligible for need based aid? Even with one student…an EFC of $46,000 or so would be an income of well over $150,000 a year. If both you and your brother have this EFC, and it accounts for two college students…your family income is well into the $200,000’s.
Ok, thank you.
So I did indicate that my brother would be in college too.
And my brother’s fafsa wasn’t due as early as mine but he’s finishing it now.
And I did do the CSS profile as well. I guess I just have to wait and hear back from my college.
Again, thanks for the info.
Your family’s income and/or assets would have to be very high if with two in college your EFC is $47k. That means it’s almost $100k for both kids.
I hope your parents aren’t expect you two to get need based aid. Unless both of you get into HYPS, you’ll likely be full pay at both schools.
It doesn’t matter that your brother hadn’t yet filled out FAFSA. Your calculation was based on two in college, that is the amount for YOU.
Is this your brother’s first year in college?
If not, what was his EFC last year?
My brother is my twin, so this is our first year.
And he’s going to Hopkins and I’m going to Georgetown, but I don’t know how generous their aid is.
And my parents really aren’t expecting any need based aid either.
Both schools are very expensive. I believe both meet full need. But your need, in both cases, will not be based in the FAFSA EFC. It will be based on the info on the Profile.
It is very possible that you could be full pay students at those schools. Merit aid…not likely. I think both schools have very limited merit aid (GT might not have it at all).
If your parents are self employed, own a business, or own rental properties, it is also very possible that deductions allowed by the IRS will be added back in as income…some are not allowed for financial aid purposes.
@mom2collegekids What does HYPS mean?
Harvard, Yale, Princeton, Stanford. Sometimes you will see M there too…that’s for MIT.
They have very generous need based aid. But really, with $46,000 EFCs per FAFSA…the need based aid calculation done by the schools could very well be higher…things like primary home equity are considered by some of these schools…And as I said previously, business deductions can be added back as income.
@rgr717 Harvard, Yale, Princeton, Stanford. All of these schools offer very good financial aid packages.
Thanks
Usually, the FAFSA EFC is the MINIMUM you have to pay before getting financial aid. You cannot get subsidized loans or workstudy without paying that EFC.
Georgetown uses CSS PROFILE and your student and parent contributions calculated from their formulas using that information will what you will have to pay them. It is expected that it will be more than the FAFSA EFC, because FAFSA cuts the parental contributions in half, but PROFILE schools tend to only reduce by 40%. There is often a required student contribution in the mix as well, and primary home equity is also taken into account.
I’m in a similar-ish situation to OP, only with a slightly higher EFC. However, if EFC were simply based on current income, I’d likely be pell eligible, so my family can’t contribute very much (due to where our assets are). I’ve been applying for merit based scholarships, but to fill in the gaps I thought I could take out the federal loans and maybe do a workstudy. @cptofthehouse you’re saying that won’t work because of the high EFC, so what do people normally do in this situation?
Our EFC with both sons in college is around $46k each. They were offerred the Stafford loan of $5500 and the rest was Parent Plus loans. Needless to say, the loans were turned down and we are full pay at a UC and a Cal State. At least we do not have the huge price tag of the privates mentioned by @hwhat318.
Georgetown and JHU both have merit aid, but very limited numbers at each.
@kitten23 , I will offer a couple of possibilities: ask for professional judgement reconsideration by the financial aid office, and pick school whose cost of attendance is less than your EFC.
@Hippobirdy thanks for your suggestions, but on paper my family has money so I don’t think the schools will reconsider anything… And besides, the schools on my list are between 15- 22k before merit, which still might not be low enough depending on additional scholarships (that haven’t been announced yet).
Kitten- with low income but high assets, are your parents unwilling to liquidate some assets to pay the difference between merit aid/other scholarships and cost of attendance? That’s how most people manage in this situation if the student doesn’t get enough aid to attend.
Other than shares in a closely held company which might not be liquid unless a family member can step in and buy their stake, most assets are bought and sold when necessary.
The assets are in a variety of places, some more liquid than others, however all have generally been earmarked for retirement (with the vast majority NOT in a 401k or other retirement account). There is also a family business involved. My parents will likely be able to contribute a few thousand dollars a year (they won’t give me an exact number, which is frustrating because I don’t know what I have to work with).
Kitten, have you tried the spreadsheet approach?
Put three schools on your list. Break out tuition, room and board, other (include travel to get to and from campus, books and incidentals.) Show the gap between the max you could get from the scholarships and the actual costs, and then ask your parents, “how much of this gap can you realistically fund for four years?”
If the answer is, “we can kick in for your bus ticket back and forth after Thanksgiving” then the answer is zero. If the answer is “we can pay room and board if you can cover tuition with merit aid/scholarships and a part time job” then that’s your answer.
Many people borrow against assets (another strategy, since you asked what people in your situation do). But you are correct- a college is not likely to look at a high asset situation and reconsider your need based aid. People with high assets sell or borrow against those assets to pay for college.