<p>Sorry for the horrible grammar. I blame studying for the ACT.</p>
<p>“And don;t forget that families like yours pay the most taxes so kids with 0 EFC can go to college for free! Got it?” </p>
<p>Imgdoc, where did you get the idea that 0 EFC means they’re going to college for free? A 0 EFC often only yields a pell grant, ACG eligibility, and access to subsidized loans. One would be very hard pressed to turn that into a free education. Many lower income kids are also working to contribute to their family’s income. It’s true that they will often make very careful choices about college and taking on debt because they have fewer financial options and know how difficult it is to pay back. Kids from higher income families here on CC so often refuse to consider starting at a CC and are unhappy that their families didn’t have the discipline or foresight to save small amounts on a regular basis in a college fund for them. </p>
<p>Please think about what kind of society we live in before you rush to judgement. Do you really want to live someplace where there’s no benefits given to people who truly need help? Do you think your entire future and career should be based on what you did, or didn’t do, between ages 14-18?</p>
<p>Adding to sk8r’s post…</p>
<p>“And don;t forget that families like yours pay the most taxes so kids with 0 EFC can go to college for free! Got it?”</p>
<p>Free? I have no idea where you got that idea. I have a 10 EFC and I am no where near going to school for free. I’m going to be taking out roughly at least $10,000 in loans every year because my parents can contribute NOTHING and even some of the money I earn needs to be sent home to help. I want to live in this fairy land of yours where I can go to school free.</p>
<p>Stop whining when your parents make that much that you feel the need to put down people below you. And grow up and open your eyes to the real world. Be thankful that your parents have that amount of money instead of putting down people that need help. Sorry we aren’t all as lucky as you! Nobody chooses the family that they are born into.</p>
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<p>The problem is with your perception of people’s wages. </p>
<p>My total income in 2008 was 6k. I’m a nontraditional student . . . which means I get to simultaneously get to pay for school and pay for rent/food/electricity on my own. Last year I somehow managed to pay for everything (tuition, rent, etc) without taking out any student loans, but the job I had last year ended (it was a temporary job converting things over to a new computer system) and this year I had to take out 4k student loans to cover my living expenses. Thank God community college tuition is so cheap, I got enough in scholarships to cover most of it. Now I have another part time job, but it is VERY part time due to the number of hours I’m in class (7:30 AM to 3:30 PM most weekdays,) meaning I don’t make a lot of money. </p>
<p>I’m skeptical of these claims of people “barely getting by” on 150k, 200k, 250k. Are there no minimum wage jobs in your city? What do the people with those do? They are the ones “barely getting by”, probably in a two bedroom apartment with five roommates eating ramen, if prices are really as inflated as people are claiming. </p>
<p>Personally, yes, I live “comfortably” if that means having a roof over my head, heat in the winter, a used car that was paid off years ago (though I take the bus these days–cheaper than gas), no debt except student loans, and a steady stream of library books coming and going for entertainment. When you have to cut back, you cut back, and life goes on. It’s amazing all the things you don’t really need and all the little expenses that add up. I worry sometimes, but I’m not unhappy. That said, it sure would be nice to make enough to contribute something to my poor, sad retirement fund. When you don’t make much, you don’t have much to add to it and since I’ve been in school I haven’t been able to put anything in at all.</p>
<p>$23,000. 
Parents make about $100,000 a year.</p>
<p>EFC: $5,604</p>
<p>I wish it was less, so I would qualify for more grants…</p>
<p>88,873…wow…Yeah I’m gonna be stuck going to a state school/scholarship school even if I get accepted to my dream colleges =/ Obviously I don’t mean “stuck”…but I would rather go to my dream colleges.</p>
<p>You can still have your dream, you will just have to foot the bill.
My EFC is 1897.
My parents made $52,000. I am one of 3 with an older brother in college. My parents will not be hepling me. They took out a 10K loan right after they got outa bankruptcy for my brother. They think that because I get better grades and got into a better school that I can find the funds.We have 2 people with asthma and my mom with bla bla bla but I’m not really complaining cause I knew all this. When I see people say that they are scrimping when their family makes 200K I can’t help but to think shoulda made better choices.
I’m going to be going to UChicago which is a blessing and slight possible. They have great FA but I still my have a 20K gap. Who knows but I will still go. It maybe tough to payback but I think that my dreams are worth it.</p>
<p>People DO NOT ASSUME YOU WILL ONLY HAVE TO PAY YOUR EFC - EVEN IF THE SCHOOL MEETS 100% NEED!!! I have made this mistake. Many schools will consider assets like home equity and if your parents bought their house before you were born it is most likely worth alot more now and if they have not remortgaged they have a nice size asset (though your life style and modest household income may not show it). Start looking at the best loan options you can get now - don’t wait!
good luck to all</p>
<p>I am lucky enough that there is no equity in my home. It is a poorly built summer cottage that is not even meant to be lived in year round. It has less square footage than a double wide trailer with water and sewage problems. So I’m totally thankful for that (er… sort of thankful…). But I did think I’d only have to pay my EFC for a long time. I’m more worried now, but if I have to shoulder a lot of debt, so be it. I’m really hoping for no more than $40,000 in debt, and I think that’s reasonable.</p>
<ol>
<li> I am independent.</li>
</ol>
<p>romanigypsyeyes, I did not mean to put down anybody. I just dont think the fin aid formulas are fair to families with higher income living in pricey areas of the country. </p>
<p>OK, I exagerated a little about the O EFC and free college.
Here is an example from an Ivy college for a total income of $57,000 and assets of about 70K, not an extremely poor family, right:</p>
<p>2009-2010 Estimated Award: </p>
<p>Parent Contribution 0<br>
Student Contribution $2,350<br>
Total Expected Family Contribution $2,350 </p>
<p>Financial Aid Award:<br>
University Scholarship $45,760
Student Loans 0<br>
Campus Employment $2,450
Total Financial Aid $48,210
Loan Indebtedness at Graduation $0 </p>
<p>And this is total cost of attending. Can you find an instate tuition or even community college cheaper than this?
I dont see a reason for complaining if you have 0 EFC.</p>
<p>On the other hand if your income is 160K your parents have to come up with 140K for 4 years and you still gonna have at least 12K in student loans.</p>
<p>That is only for certain Iveys. If you were going to a state college here in Michigan you might end up with $10,000 or more in loans and work study after Pell and grants each year. Each college is different.</p>
<p>The title should be change to “What is your student loan”. :P</p>
<p>EFC means nothing, like someone said, just that you get the pell grant and some other things. Other than that, if your school isn’t 100% need, but be careful, that need might be loans and you’ll all be in the same boat as those of us with a high EFC … student loans!</p>
<p>1200.
honestly, how did this even happen? like seriously, i don’t have that kind of money!
and you know what stinks, RIGHT AFTER 2008 was over and thus the ending period for taxes for the year, my dad was laid off. in this damn recession.</p>
<p>so now, i really DONT have money.</p>
<p>$0 (actually minus $50k, but FAFSA rounds up). Definitely NOT a good thing.</p>
<p>3,XXX Parents make around 50k~</p>
<p>I’m not sure where your example came from, imgdoc (especially considering almost all schools in the $45,000 range use the INSTITUTIONAL method and not the FEDERAL method, which is where the EFC comes from), but I really hope that’s what my financial aid package looks like.</p>
<p>EFC 0 live, unfortunately, uncomfortably.</p>
<p>i got into a school with 100% need me with only grants though:-)</p>
<p>EFC 28500</p>
<p>***, i can’t afford to go to collgee</p>