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What would be the EFC for a family that makes ~150k in total?

IMaGeckoIMaGecko Posts: 370Registered User Member
No significant assets, at least nothing out of the ordinary. About 20k saved up for college.

I'll put my info into an EFC calculator eventually, but I just want to know if any of you can estimate it for now.

I'm a little worried because my parents said that they can pay 15k a year AT MOST. They are getting this money out of the college savings + current income. They will not take out loans. (There are several reasons for this, i.e. we have other expenses, my sister is also going to be starting college soon, etc. But anyway, 15k is all they are going to pay).

Obviously my EFC is going to be more than 15k... right?
Post edited by IMaGecko on
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Replies to: What would be the EFC for a family that makes ~150k in total?

  • rockvillemomrockvillemom Posts: 5,128Registered User Senior Member
    Probably - I have a friend with that income and her EFC is about $45,000 - but they have only 1 child. It depends on a lot of variables - income and savings are a big part of it, but also the number of children and the parents' ages. Do the EFC calculator - it is the only way you will get a meaningful number, and then you can begin to have the discussions that you need to have with your parents.
  • splat11splat11 Posts: 293Registered User Junior Member
    I would guess that the EFC would be in the 45k+ and more depending upon the assets.
  • IMaGeckoIMaGecko Posts: 370Registered User Member
    :( okay.

    Thanks for the help.
  • MilitaryMomMilitaryMom Posts: 509Registered User Member
    I have tried this and we have two children who would be considered dependents and it is something like 42K. WE have saving of about 16K.
  • PeaPea Posts: 2,384Registered User Senior Member
    Yes, the above posters are right. I would guess you can expect an EFC of around 40K.

    I'm sorry, if it helps any many people are shocked when they see how high their EFC is. Your parent's initial position of 15K plus no loans might change once they realize how high your EFC is.

    Remember, this is only need-based assistance you are close to not eligible for, there are other types of scholarships based on merit.
  • vballmomvballmom Posts: 3,132Super Moderator Senior Member
    I calculate an EFC of around $35K, depending on whether the total assets fall under the protection allowance.

    Assumptions:

    Age of the older parent is 56
    Total assets are $70K
    State is California (for tax calculation)

    A. Age of older parent 56
    B. Number in family 4
    C. Number of children in college 1
    D. Parent income 150000
    -- parent income from work 150000
    529 accounts 20000
    Total parent assets (investments and cash) 50000
    E. Parent assets 70000

    Parent FICA 11475
    Parent federal income tax 15000
    state income tax 10500
    Parent income protection allowance 24370
    Employment expense allowance 3500

    1. Total allowances 64845

    2. Available income 85155

    Asset protection allowance $64900 <--- this is dependent on age of older parent
    3. Discretionary net worth 5100
    Asset conversion rate 12%
    4. Parent contribution from assets 612

    Adjusted available income $85767
    Contribution from AAI ($7,732 + 47% of AAI over $28,600) $34600

    5. Parent contribution $ 34600
  • IMaGeckoIMaGecko Posts: 370Registered User Member
    Thanks Pea. I appreciate the merit aid suggestion. But one of my main criteria for choosing a college is that I want to be at the bottom of the students (intelligence wise) at the college. I thrive in the kind of environment when many people are smarter than I am. To get merit aid at a college, I would have to be at the tippy top of their applicant pool, which is exactly what I don't want. Oh well, I guess I don't have that luxury =/

    Wow, thanks so much for taking the time to figure that out, vballmom. My parents are younger (both in mid-40s). And I feel that our assets are less than that. (Wait, does a house count as an asset? Our mortgage is not going to be paid off for 10 years....). I don't really know anything about finances (protection allowance? discretionary net worth? employment expense?), so I don't understand those calculations.

    I'll keep nagging my parents to put our info into the fasfa calculator... maybe they'll finally do it this weekend, and we can see what it really is.
  • mom2collegekidsmom2collegekids Posts: 59,748Registered User Senior Member
    But one of my main criteria for choosing a college is that I want to be at the bottom of the students (intelligence wise) at the college.


    Not a good place to be financial aid wise. Even if you qualified EFC-wise for some aid, many schools give crappy aid to those who have low stats for their schools.




    I thrive in the kind of environment when many people are smarter than I am. To get merit aid at a college, I would have to be at the tippy top of their applicant pool, which is exactly what I don't want. Oh well, I guess I don't have that luxury =/


    Well....I have good news for you.... Depending on your major, you can still be "merit-eligible" for some schools and still be amongst some kids who are smarter than you.

    This is how it works...at large publics, there are many students with moderate to lowish stats. But! they are often in the easy majors. (Some may start in harder majors, but soon drift off to easier majors). The more challenging majors are where the higher stats kids can be found in higher concentrations.

    For instance, at my kids' school probably most of the kids who are in their majors (Math and Chem Engineering) have some kind of generous merit scholarships because they all are in the 95+ percentile. However, the school as a whole has many kids with just so-so stats. So, my boys are amongst some very smart kids (perfect SAT/ACT, etc) in their majors, but they still got great scholarships because compared to the school as a whole, they are top students.

    So, what will you be majoring in? And what are your stats?
  • IMaGeckoIMaGecko Posts: 370Registered User Member
    Bio major (not pre-med though).
    I'm taking the SAT on saturday and I'm trying to improve my score of 2120. ( I've been studying.)
    ~3.6 UW GPA, with a HUGE upward trend. (Junior year = 4.0). Rigorous courseload.
    And not to brag, but I'm going to have the best letters of rec in history. Not sure why, but teachers LOVE me. They truly think I'm the one of the most brilliant students they have ever taught. (I know because they have made comments like that to my parents).

    I am also definitely going to be a NMSF (PSAT score was 221 in FL.) I may or may not become a NMF (I had low grades freshman year- 2 As, 2 Bs, 1 C).

    So for merit aid, I'm looking at University of Pittsburgh. From what I've read, I really like that school. Would hoping for full-tuition from them be expecting too much?
    And since I might be a NMF, I looked through the list of schools that offer scholarships for NMFs. The only one that appeals to me is Northeastern. (But they do not guarantee full tuition, they only say that NMF are looked at to be considered for full tuition scholarships.)

    So yeah. Pitt & NEU. Plus UF and FSU which will be very very cheap since I'm instate + Bright Futures. But I REALLY want to go up north for college. So I'm hoping I can get some merit aid from Pitt or NEU.
  • mom2collegekidsmom2collegekids Posts: 59,748Registered User Senior Member
    The one C is probably not going to keep you from NMF...especially for freshmen year. Just keep your nose clean, do well on your SAT, turn in the paperwork correctly and on time, send your SAT score to NMCorp....and you'll likely make NMF. :)

    Then, you'll have some good options for auto scholarships and some competitive ones. :)
  • IMaGeckoIMaGecko Posts: 370Registered User Member
    Awesome. I'm going to add the NMCorp as one of my 4 free score reports... is it too early to send it (since I haven't yet been designated as NMSF) ?

    Should I send it now for free or wait until after I'm named semifinalist?
  • momofthreeboysmomofthreeboys Posts: 11,243Registered User Senior Member
    I would NOT discount schools that might offer you merit money. You've got a pretty good cash basis for college if you are willing to utilize Stafford loans. $15,000 plus $5000 Stafford get's you to $20,000. Toss in a $10,000 merit scholarship and you're at $30,000, a strong summer job and you've got a nice amount to play with. Many of the strong midwest schools are in this price range to boot if you want "up north" as opposed to "north east." NMS is the icing on the cake. Do your research on these threads and you'll find wonderful suggestions where you will be challenged in whatever you want to pursue.
  • IMaGeckoIMaGecko Posts: 370Registered User Member
    Thanks :)
    10 char
  • mom2collegekidsmom2collegekids Posts: 59,748Registered User Senior Member
    Awesome. I'm going to add the NMCorp as one of my 4 free score reports... is it too early to send it (since I haven't yet been designated as NMSF) ?

    Should I send it now for free or wait until after I'm named semifinalist?



    I would wait until you take the SAT again later this year.
  • IMaGeckoIMaGecko Posts: 370Registered User Member
    Alright, I'll do that just in case I decide to take it again. (But most likely this is gonna be my last time taking it- I've prepped a lot and I think I'm going to score 2250+, and I'd be happy with that.)
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