Does anyone actually pay full price for expensive private colleges?

mazewanderer
Fri, 11 Jun 2010 12:05:50 +0000

And that is where the colleges can get way with misleading figures. The only loans they count are those that go through the college or those has to count. Yes they have to count stafford loans and perkins or loans that college organizes. They do not count any loans that you are forced to take.

The example I gave in another forum is that of parents who have say $100,000 more equity in their house. Non FAFSA schools consider this for EFC purposes and may increase the EFC by say $5000. What is insult to injury is let us say that family has $100,000 in home equity and they borrows $5000 through HELOC for college. Next year, there is no credit for the $5000 borrowed, and the EFC is still calculated on the $100,000 (assuming no change in equity value). The HELOC is considered as discretionary loan. Please correct me if I am wrong.