<p>Do you have a lot of non-retirement savings? That’s why people are thinking your EFC sounds wrong - $36k with AGI of $90k.</p>
<p>To have an EFC of $36,000 with before tax income of $90,000, your family must have additional assets.
Our income is six figures, yet our EFC is much lower.
Do you own real estate besides your primary residence, accounts outside of dedicated retirement accounts or are self employed?</p>
<p>For students unlikely to receive 100% merit or need based aid, it is prudent to determine to identify what they can afford from saving, loans and current income.</p>
<p>Families often have an EFC of 1/4 before tax income when they earn under six figures, to 1/3 of before tax income over six figures.</p>
<p>Its unfortunate that anyone would borrow money to become a chiropractor.</p>
<p>*Hmmm How do you figure? I just listed the number after completing the FAFSA.</p>
<p>(EFC) = 036651----What else does that mean?</p>
<p>$88,000 to be exact, and the EFC was based on LAST years taxes. He’s only been employed as an NP since August, so even after I re-enter info on FAFSA after we file taxes for 2013 it will actually INCREASE.
2012 AGI income was only $68,000, so as you see, the EFC still came out as I posted. Household of 4.*</p>
<p>I know that’s what you posted. However, with that income your EFC should NOT be that HIGH…unless you have significant assets. Please look over your numbers and see if you accidentally put in a wrong number somewhere. Maybe an extra 0 in savings.</p>
<p>For a family of 4 with assets under $50k (not counting home), and that income…then your EFC should be LESS than $36k.</p>
<p>That $36k would be an EFC for an income of about $125k for the same family with modest assets. That’s why I think there’s been a mistake…somewhere.</p>
<p>If you used 2012 numbers and put in $68k as your income, and you got a $36k EFC then you’ve made a mistake… Your EFC with that income would probably be about $12k.</p>
<p>Look for:</p>
<p>Did you accidentally put any Parent info into the Student info area (common mistake)</p>
<p>Did you accidentally list a retirement acct? ( you are supposed to include deposits made during the year, but not the total asset).</p>
<p>Did you accidentally include home equity?</p>
<p>We’re in Colorado, my daughter wants UT Austin.
She’s a 4.0, higher if weighted.
She’s Student body Pres. of her High School, lots of accolades.</p>
<p>Interest? global studies/international studies, communications</p>
<p>She wants out of Colorado, hates the cold she says, so in-state not a possibility.
Already accepted to Texas A & M, cheaper than UT, but… out of state, expensive, and establishing residency takes an act of God, gainful employment that averages 20 hrs/wk with purpose in mind for “tuition purposes” per the options for becoming a Texas resident— Establishing residency documents. Obviously they don’t want students to go to college for 4 years and leave the state, no benefit for that state financially, I get that. She was born in Texas, but… not there anymore, so no perks on being born there. My husband was a Texas veteran, but doesn’t help your kids.</p>
<p>Bad news…</p>
<p>No matter what your EFC is, UTexas is a public school and isnt’ going to give an OOS student the money to go there. </p>
<p>So, even if your child was a lowish EFC kid from a divorced home, UT would say…“You’re OOS, pay for it yourself. Your parents don’t pay taxes here. We charge high OOS rates for a reason, you’re supposed to pay the cost. We don’t charge high OOS rates and then cover them with need based aid…otherwise, why bother charging high OOS costs.”</p>
<p>So, you’d be full pay at UT no matter what. And, UT is hard to get into OOS anyway.</p>
<p>What affordable schools has your D applied to?</p>
<p>What are her test scores?</p>
<p>Sorry, let me also clarify that my husband works at the County Hospital vs a plastic surgeons office where he could make $200,000 per year, and HATE his job.</p>
<p>Obviously the decision to turn down a position that would enable your husband to get out from under debt and provide for his family is a choice, but expect to bear the ramifications of that decision.</p>
<p>I’ll check it over again, but it seems to me this number we got… was the same years ago when we did it for my husband, when we applied for FAFSA for him.
Weird how the number seems strangely the SAME.</p>
<p>I matched the specific line they list for the 1040, and it’s all correct. Listed $) assets, no savings, investments etc. I’m serious that was the number - 036651, and if that means $36,651??? Then guess we’re richer than I thought. lol</p>
<p>How much can you pay? Who do you think should pay the rest?</p>
<p>Looks like UT Austin is $19k-$26k per semester for nonresidents (2013-2014). [FINANCIAL</a> AID: 2013-2014 Undergraduate Cost of Attendance (COA)](<a href=“http://finaid.utexas.edu/costs/130undergradcosts.html]FINANCIAL”>http://finaid.utexas.edu/costs/130undergradcosts.html)</p>
<p>What are your daughter’s test scores?</p>
<p>What about Alabama (Jan. 6th deadline)?</p>
<p>Like mom2collegekids said, your EFC won’t matter for an OOS public like UT Austin - - does your daughter have a financial safety?</p>
<p>Time to have a heart to heart with D. She’s going to be disappointed for a bit, until good solutions can be found depending on her test scores.</p>
<p>How much CAN you pay each year? And…please tell your D that and if you can’t co-sign more loans, that’s understandable. Most parents won’t do that and for good reason.</p>
<p>If the number is similar to when your husband applied as the student, then follow mom2collegekids’ instruction to check to see if you put the income amount in the student information section rather than in the parent section. When student income is considered, as much as 1/2 is considered available for college. That would match to your numbers, so do check that.</p>
<p>I’m serious that was the number - 036651, and if that means $36,651</p>
<p>Yes, that’s what it means and there is a mistake somewhere. No one has that EFC with that income (no assets) when the CHILD is going to college (not the parent). </p>
<p>Are you sure that you didn’t indicate that the PARENT was going to college??? If you had the same EFC before with your H, then it looks like you’re indicating that a PARENT is going to college and not a CHILD.</p>
<p>She “only” as she says got a 26 on her ACT scores.</p>
<p>Don’t tell me she might not get into UT… it’s her dream… A &M to me is AWESOME, it was her first acceptance letter she got… 2 wks after applying.</p>
<p>I think she should go to A & M, but… not my decision… and she knows she’ll have school loans, and cares NOT at all.
So… guess we haven’t raised her well enough to understand DEBT. lol
Actually… she knows of her fathers student loan debt, but I hope for her dreams, she gets into UT… and might I add… they’d be lucky to get my daughter… she’s exceptionally driven and has a passion for wanting to make change in our educational system, and learning from other countries to do it. Proud mom… absolutely.</p>
<p>I’m serious that was the number - 036651, and if that means $36,651</p>
<p>Yes, that’s what it means and there is a mistake somewhere. No one has that EFC with that income (no assets) when the CHILD is going to college (not the parent). </p>
<p>Are you sure that you didn’t indicate that the PARENT was going to college??? If you had the same EFC before with your H, then it looks like you’re indicating that a PARENT is going to college and not a CHILD.</p>
<p>Please look your FAFSA inputs over. It’s now sounding like the PARENT is being calculated at the student. The numbers seem to suggest that. If a PARENT is going to college, then only about $25k is considered to cover spouse and children…and the rest for parent’s COA.</p>
<p>She “only” as she says got a 26 on her ACT scores.</p>
<p>Don’t tell me she might not get into UT… it’s her dream… A &M to me is AWESOME, it was her first acceptance letter she got… 2 wks after applying.</p>
<p>I think she should go to A & M, but… not my decision… and she knows she’ll have school loans, and cares NOT at all.
So… guess we haven’t raised her well enough to understand DEBT. lol
Actually… she knows of her fathers student loan debt, but I hope for her dreams, she gets into UT… and might I add… they’d be lucky to get my daughter… she’s exceptionally driven and has a passion for wanting to make change in our educational system, and learning from other countries to do it. Proud mom… absolutely.
She’s a semi-finalist for Deans scholarship at A & M… doesn’t mean she’ll get it… but i’s certainly available to an OOS…
Might I add, she deserves it, worked hard all 4 years, AP classes, though not high enough scores to advance her in college, but has 4 AP’s this year alone, works PT,quite the load, AND student body pres… so would I begrudge any OOS with her accolades??? Absolutely not.
If you make the grades, and work your butt off in comm. service, your grades, your the school mascot etc. Kudos to you… the sky SHOULD be the limit, not the state. I live in Colorado, so welcome to Colorado Texas OOS students, we’re more expensive in-state than TX is for us OOS. Go figure, we are one of the most expensive states for our own students than most. Lots of kids go out OOS because it’s so expensive here.</p>
<p>Please look your FAFSA inputs over. It’s now sounding like the PARENT is being calculated at the student. The numbers seem to suggest that. If a PARENT is going to college, then only about $25k is considered to cover spouse and children…and the rest for parent’s COA.</p>
<p>And, what are her test scores…including SAT breakdown.</p>
<p>we’re more expensive in-state than TX is for us OOS.</p>
<p>This doesn’t sound right unless your D gets merit at TAMU.</p>
<p>OOS at TAMU is $40k per year. Instate in Colorado isn’t that high. Are you comparing semester costs to yearly costs. </p>
<p>Your H was able to borrow those grad loans in his name. Grad loans are easier to get and don’t require co-signers. </p>
<p>Your D won’t be able borrow on her own because of her age, undergrad status, etc. YOU will have to sign those loans. You may not qualify to cosign those loans…and you’d be responsible for them if she can’t pay them.</p>
<p>Have your D look at Miss State, Truman State and Ole miss.</p>
<p>Texas is unlikely to be affordable, but these schools offer rates just slightly above in state tuition for residents of the western states.
[WICHE</a> - Student Exchange Programs](<a href=“http://wue.wiche.edu/search_results.jsp?searchType=all]WICHE”>http://wue.wiche.edu/search_results.jsp?searchType=all)</p>
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<p>I’m in overload right now, doubting my FAFSA responses, but have gone over it numerous times. Followed EXACTLY every line they say gives the info on the previous years tax forms.
Gonna go over it again, and edit if necessary.
Possibly because I checked SSI, because I receive disability.</p>