I just filled out the FAFSA and the confirmation page says EFC = 061740. That’s a dollar amount right? Is that $61k per year!? I make good money but certainly don’t have $240k sitting around! Does anyone have any insight into if that is their final dollar EFC?
Do you have only one child in college and make $150k? Or have a second home or some assets? It’s pretty easy to get the EFC up there quickly.
They don’t expect you to have that money sitting around. The assumption is that you have saved some, you have borrowed some, and some can be pay-as-you-go from current earnings. You can also pick a much cheaper school, so you don’t have to have $240k for college.
Yes it’s $61K. You must have fairly high income (maybe $200K/year) and/or high assets. If you think that is wrong you should verify the info in your SAR when you get it. And you are expected to fund your EFC from income, savings and loans.
I feel your pain. Public instate and/or schools that offer merit are the way to go if you don’t have huge college savings.
Are YOU the student and the one with income? You mention that you “make good money”.
Or are you the parent? If so, it sounds like you have an income of about $180k (maybe less if you have assets
No one thinks you have $240k lying around. You’re expected to pay from savings, current income, and future income.
No, that’s not the final dollar amount…it could be MORE.
The schools and the government expect that you’ve saved some money for the education; like Obama has done for his daughters.
That amount is just how much you should be able to give to your child. The amount you will actually have to pay depends on the school’s tuition.
First, double check your entry. Make sure you did not mix up the parents’ and student’s income, etc.
Second, it is a common response for most parents here.
If your income is north of $150,000 with assets, this EFC is very possible
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Does anyone have any insight into if that is their final dollar EFC?
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Who do you think “their” is?
FAFSA is a federal form. EFC is a federal number.
What schools did you or your child apply to?
do any of the schools require CSS Profile?
I feel your pain. State flagship may be the way for us.
Depending where you live, even state flagships are high. My daughter was accepted to University of Illinois - Urbana Champaign and the COA is around $30K (in state!) with room and board, which seems outrageous to me for a state school!
California resident here. The UC’s cost around $30K/year (in-state) and Cal States are around $21K/year (in-state). No bargains unless you qualify for FA.
Wouldn’t all the Net Price Calculators have provided early warning? And, yes, UIUC is crazy expensive for in-state, which is why we are (probably) going to be looking strictly OOS.
Do you own a business? Rental properties? Money in regular savings instead of retirement accounts? Do you have investment accounts?
Income north of $180,000 a year?
Lots of reasons why your EFC per FAFSA could be $60,000 or more.
You don’t have to pay that much if you or your child attending less expensive school.
If your child attends a college that costs $30,000 a year, you will be paying $120,000 for the four years.
And your kiddo can take $27,000 in Dorect Loans over that four years…so you would be paying about $75,000.
No one has to attend a college that costs $60,000 a year.
Yes, we cannot afford our EFC either, especially after going through a rough patch around 2008. We’re fortunate that kid #2 qualifies for some generous merit awards. Count your blessings and shop around with a budget in mind!
With up to $10,000 of AOTC and some merit based scholarships, you may be paying way below $75,000.
A parent with an income that gives an EFC of over 60K is unlikely to qualify for the AOTC anyway. let alone 10K. .