<p>With the total income my parents make together, their EFC would be about $30k if I found a college that would meet my full need, and I talked to my parents who said they think they will be able to pay this amount. But that IS only if I find a college that will meet full need, and I guess they would pay less if I won scholarships/merit aid.</p>
<p>If I went to one of the universities abroad that I am considering (which my parents are also in favor of), the comprehensive fee itself would be $30k. I don't think I would get any scholarships or anything though.</p>
<p>Which would be the better option to choose? I would only visit home like 4 times per year so flight costs shouldn't be TOO much, and I WOULD love to go abroad for undergrad. Is it unwise for any reason? I just want to make sure I am not overlooking anything.</p>
<p>Knowing how expensive just a semester abroad is, do not know how feasible the entire undergraduate experience would be. If your parents can pay $30K a year…find a great college in the U.S. and spend a year or more abroad. Quite possible, especially if any merit aid here, or at a state university, to enjoy both and no need for loans.</p>
<p>their EFC would be about $30k if I found a college that would meet my full need, and I talked to my parents who said they think they will be able to pay this amount. But that IS only if I find a college that will meet full need, and I guess they would pay less if I won scholarships/merit aid.</p>
<p>This can be confusing. Merit aid only reduces what a parent pays IF the merit is so big that it is larger than “need” and therefore cuts into EFC. For instance…</p>
<p>COA = $50k
EFC = $30k
Need = $20k</p>
<p>So, if a full need school gave you $20k in “need grants,” but you also got a $10k scholarship, that $10k scholarship would reduce your grant to $10K. Therefore, your EFC is still $30k.</p>
<p>The only way merit decreases EFC is when merit exceeds need…(and the school allows that).</p>
<p>Example…</p>
<p>COA = $40k
EFC = $30k
Need = $10k</p>
<p>But, say you’re given a Presidential scholarship worth full tuition - which is worth $25k. Then your scenario would change to…</p>
<p>COA = $40k
Merit = $25k</p>
<p>So, now family only has to pay $15k. :)</p>
<p>Also, keep in mind that “full need” schools usually also ask for CSS Profile. They may decide that your parents contribution should be $40k. Then what will you do?</p>