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Parents Cannot Meet EFC

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Replies to: Parents Cannot Meet EFC

  • austinmshauriaustinmshauri Registered User Posts: 8,630 Senior Member
    The EFC isn't the total colleges will expect you to pay. It's the minimum. If your child is a US citizen s/he can take the federal student loan ($5500 as a freshman, $6500 as a sophomore, and $7500/year as a junior and senior). I think a $12k EFC is too high to qualify for federal or state grants, but if your child has high stats they may qualify for merit aid.

    International students who can't afford what colleges expect them to pay need to pursue financing in their own country. International.students may qualify for merit too, but if parents can't pay anything the chances of filling the gap are slim.
  • happymomof1happymomof1 Registered User Posts: 29,442 Senior Member
    Our EFC was unaffordable, and we had no college savings. What we could afford was the local community college. We told our kid that her options were the community college or any place she could get an aid package that brought our costs down to the price of the community college. She wasn't interested in digging for affordable 4-year places and opted for the CC and a guaranteed transfer to a state U.

    Crunch your numbers. Can you set aside anything at all each month? Try doing that. Whatever you can peel off and stash in some kind of savings (even if it is in a shoebox under your bed) will be money you can have available for college costs. Start on January 1, and you might be able to have a semester of community college costs saved before a bill comes for the fall. That's how we worked things.
  • thumper1thumper1 Registered User Posts: 76,082 Senior Member
    @oscar63

    So...your FAFSA EFC is $12,000? Is that right?

    Have you received a financial aid package from any college...yet? If not, you need to wait and see what the college financial aid is...because your FAFSA EFC is the minimum you will be expected to pay.

    OR is the $12,000 number the net cost a net price calculator is giving you? If that is the case, what aid does that NPC say you will possibly get.

    Regardless...until you have a financial aid award in hand...you don’t have a clear number of your costs.

    What CAN your parents afford to pay annually?

    I am a mom of three- 2 college (BU, Dartmouth) and 1 grad school

    Also...if you have three older kids...this is not your first rodeo. How are you paying for the BU and Dartmouth kids...and how did you pay for the kid who is now in grad school?

  • oscar63oscar63 Registered User Posts: 371 Member
    @ thumper1 will pm you
  • austinmshauriaustinmshauri Registered User Posts: 8,630 Senior Member
    If the gap after the tuition grant is $16k then the college might be unaffordable. The student can only borrow $5500. Even if they work summers they can only raise ~$3k. They'd still be $7500 short. Can they attend cc for 2 years then transfer to a 4-year school? Are their stats high enough to get merit anywhere?
  • oscar63oscar63 Registered User Posts: 371 Member
    @austinmshauri I understand, stats very high. Just unfortunate situation, could attend a community college first. Ty for reaching out.
  • sybbie719sybbie719 Super Moderator Posts: 22,610 Super Moderator
    Is your 12K EFC based on now having 2 kids in college?

    If you now have a kid in grad school, with the exception of professional school, the grad student is independent and can probably borrow up to the full cost of attendance as a gradPlus loan. Is. Your grad student in a PhD program or a masters? Your grad student may have to pay his/her own way to free up monies for the younger student to attend college.

    Unfortunately, BU does not meet 100% demonstrated need while Dartmouth does. Are your current kids in college sophomore, junior, seniors? Does either one of them have a prospective internship to help defray some of their costs?
  • CTTCCTTC Registered User Posts: 2,234 Senior Member
    edited December 2018
    @thumper1
    Also...if you have three older kids...this is not your first rodeo. How are you paying for the BU and Dartmouth kids...and how did you pay for the kid who is now in grad school?

    This isn't even her rodeo. According to the post linked below, the query is for her daughter's boyfriend (which is not allowed).

    https://talk.collegeconfidential.com/discussion/comment/21853453#Comment_21853453
  • austinmshauriaustinmshauri Registered User Posts: 8,630 Senior Member
    If he has high stats he's better off taking a gap year to search for merit aid. If he starts at a cc he loses the opportunity to get freshman grants.
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