My family recently filled out my FAFSA and our EFC turned out to be an astounding $57k a year. My father makes around
$140,000 a year and has $350,000 in assets. In addition, I have an older special needs sister who is dependent on my parents and a younger sister who is a freshman in HS. Does an EFC of $57k sound right for my family’s circumstances?
Your $350,000 assets account for about $20,000 of that EFC. Income counts for about $30,000 or so. So yes…that sounds about right to me. My opinion.
Is this $350,000 in assets NOT in authorized retirement accounts?
Do your parents have unreimbursed expenses for your special needs sister? If so, some colleges might consider a special circumstances consideration.
If you have any Profile schools in your mix, there is a place to explain things like costs related to the care of your older sister.
If your parents have no costs related to the needs of your older sister, this would have no bearing on your college family contribution.
Does your special needs sister require a lot of expensive care that is not covered by insurance or disability or state aid? The amount of uncompensated aid would have to quite high to reduce your EFC.
If your sister lives with you because she can’t support herself , but her costs do not greatly exceed a healthy person, then she would just count as a dependent.
Does your sister qualify for state aid or disability aid?
Do your parents provide over half of your special needs sister’s support or does the government through social security disability/other benefits?
You might not realize that college does not have to cost 57k a year, there are many with much lower cost, so if you choose one you don’t actually pay that. If you do want an expensive college, it is expected that cost is covered from savings, as well and current income and loans if the savings are not enough.
It can be strange to hear that kids are surprised that 55k colleges actually cost 55k, lol. But to find out what a college will actually cost you, run the Net Price calculator for that school. Some colleges don’t attempt to meet need so even if your EFC was 10k the colleges could still cost you 55k if you wanted to go there. Some colleges give ‘super aid’ and will be more generous.
@MitchIsTheMan97
for your stats, Iowa State has given you a generous merit award. Your remaining costs are $25k per year.
How much will your parents pay per year?
@mom2collegekids the weird thing about that is my parents won’t tell me how much they’re going to contribute until I get all of my scholarships in. Don’t ask why, they’re kind of weird about that.
@madison85 @mom2collegekids My older sister is fully reliant on my parents and I think we listed that when filling out the FAFSA. My sister doesn’t really require any special care except for extra attention from my parents.
So she is a dependent and there are no extra personal care or medical costs involved?
Just the basic necessities and we reported that to FAFSA.
So your sister just counts as a regular dependent. There won’t be any special consideration.
However, doesn’t your sister qualify for any disability payments and state insurance or anything? If so, then then depending n the amount, she may not be a dependent according to FAFSA guidelines…
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the weird thing about that is my parents won't tell me how much they're going to contribute until I get all of my scholarships in. Don't ask why, they're kind of weird about that.
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Ask them, if Iowa state’s award is the biggest award yielding the lowest net cost of $25k, will you pay the $25k per year?
There could be few reasons they’re not saying. They may be scared about the whole thing and delaying any “talk”. Or they may be afraid to say a number like $45k per year and then have you pick a school that costs that much when a cheaper school is just as good.
That said, this is scary and you could end up with no affordable schools. Which of your schools will cost the least and how much is that?
I think the reason that my parents aren’t talking is because they’re afraid if they say a certain amount, I’ll stop trying for scholarships. And as of now I have multiple schools with costs $10k< and I am a finalist for a full ride scholarship at one of my instate public schools.
Would you stop trying for scholarships?
Heck no! I realize the fact that scholarships are free money, so I’d love to take the immense burden of college costs off of my parents.
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And as of now I have multiple schools with costs $10k<
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Wow…which schools will cost you less than $10k per year? And are all of those merit awards for 4 years or just one year?
They’re not as reputable of schools (SIU Carbondale, Missouri State and SIU Edwardsville) but I’m still happy with their offers. And yes, the merit award is for all four years.