Our household income was 157k. We are living check to check. I have 14k in tuition for a daughter and 4k in tuition for a son annually. I owe 35 k for my own college education. We are massively in debt-- mainly educational expenses, no fancy cars, boats, or vacations. I do not see ANY of this on fafsa forms... no accounting for anything education expense-wise? ?? We have no assets but 401k w employer and maybe 60k in home equity. <?> So, as a family of five, with a mortgage of 1550, and a huge college debt already incurred for me. OUR EFC IS 45 thousand? 45K WHAT. Just what??? . Help. I figure we can give 8-10k for college. I can't understand this at all.
I am freaking out. I tried to review the form but I see no place to enter family expenses, parents other educational loans, or etc. Can someone explain how this nonsense works? 45 k is like 1/3 our income or almost half after taxes and tuition.