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EFC!!! CSS 14000 Fafsa 99999 !!!!!!!!!!!

laptop19laptop19 Posts: 233Registered User Junior Member
There were not any mistakes either! What should I do?? HElp!
Post edited by laptop19 on
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Replies to: EFC!!! CSS 14000 Fafsa 99999 !!!!!!!!!!!

  • thumper1thumper1 Posts: 32,614Registered User Senior Member
    Proofread again. That makes no sense.
  • laptop19laptop19 Posts: 233Registered User Junior Member
    got it..the mistake was on my css estimator. My efc is truly 99999!!! What should I do??? I submitted everything for financial aid at all of my schools (6 state and 3 private). Will I get anything and is it worth still asking the university for financial aid? One of my schools is known to like students who do not apply for aid....
  • anxiousmomanxiousmom Posts: 5,197Registered User Senior Member
    If your EFC is almost $100,000 then your parents have enough money for your to afford college. Relax.
  • laptop19laptop19 Posts: 233Registered User Junior Member
    The truth is, its so high because they own a business worth 1000000 dollars...they dont have 50,000 dollars just for college. Should I rescind my application for financial aid at the one school which me doing that may help me?

    One thing still puzzles me, when i fixed my cc profile the efc went to 60000, but that still doesnt match my 99999 from fafsa (even though this change wouldn't really help)
  • 1989DC1989DC Posts: 263Registered User Junior Member
    Damn.. buy me a car
  • thumper1thumper1 Posts: 32,614Registered User Senior Member
    A FAFSA EFC of almost $100,000 would indicate either very significant assets (bank accounts in parent and/or student names), or a VERY high income...VERY!!! The FAFSA does not consider home equity. If your EFC really IS $100,000, one would hope that college costs have been considered by your family. Most schools cost less than 1/2 of that with instate publics costing a small 20% of that.
  • Muffy333Muffy333 Posts: 2,059Registered User Senior Member
    If you said on your app you were applying for FA and now you are not, it might be a good idea to let the admissions office know you made a mistake if they are not "need-blind." Sometimes it is obvious anyway that you will not be costing the university a lot, even if you checked yes, like if you live in a high income zip code or your parents are both plastic surgeons.
  • Muffy333Muffy333 Posts: 2,059Registered User Senior Member
    Did you ask an accountant how the business should be valued?
  • laptop19laptop19 Posts: 233Registered User Junior Member
    haha, thank you..USC is the only school I applied to which is not need blind. So should I call in and tell them that I will no longer want aid??? Are there any benefits of still applying for aid even though my efc is 99999?
  • laptop19laptop19 Posts: 233Registered User Junior Member
    yess my parents did and they went and found out about how much it was worth at the moment (their share of it) which was 1 mmm...!
  • Muffy333Muffy333 Posts: 2,059Registered User Senior Member
    If your family truly doesn't have a lot of income and assets except the 1 million thing you can apply for aid and explain to the FA office that you can't borrow against the 1 million share of the business (if this is true). Of course, if you CAN get a loan from the business or use it as collateral or something, that's another story. Have you researched (in books or by calling the FA office itself) exactly how this kind of asset is usually treated?
  • laptop19laptop19 Posts: 233Registered User Junior Member
    Well, if i do keep my aid request, does anybody know what I would get aside from the fact that I will receive no grants?
  • sblake7sblake7 Posts: 1,691Registered User Senior Member
    With an EFC of 100K, you'll receive no need-based aid. Your parent's taxes are going to help the more needy attend college, not the other way around.
  • KiwikimmiKiwikimmi Posts: 114Registered User Junior Member
    But isn't the EFC what the colleges subtract from their own tuition? I'm so confused...
  • sblake7sblake7 Posts: 1,691Registered User Senior Member
    Expected Family Contribution is a number that approximates what the colleges think your family should be able to pay to support one year's college expenses. Then the colleges use that figure to prepare a financial aid offer.

    If a college meets 100% of need (many don't), then they would take the Cost of Attendance (tuition, room/board, books, transportation, miscellaneous expenses) and subtract the EFC to determine your need. They'll prepare an aid offer that approximates that need, which includes grants, loans, and probably work study.

    So-- the most expensive colleges have a COA approaching 50K per year. So anyone with an EFC larger than 50K won't be seeing any need-based aid. If a student is looking at a school with a COA of 21K, and they have an EFC larger than 21K, they don't have any "need" in the eyes of that college, so they won't receive any need-based aid.

    Those students should look for merit scholarships.
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