<p>Is this a very high EFC number? (14030)
Will I get ANY financial aid? I’m starting to worry…cause my parents cannot afford tuition for private universities…</p>
<p>That means you and your parents are expected to contribute $14,030 (at a minimum).</p>
<p>The specific financial aid package from specific schools may vary. Some schools will offer enough aid so that your final bill will be in the neighborhood of that number. </p>
<p>Your mileage may vary.</p>
<p>How much can your parents pay each year for your education?</p>
<p>Where did you apply?</p>
<p>Loyola Marymount and Chapman </p>
<p>I’m not sure how much they can contribute but my mom is out of a job and my dad had to drop his firm and work at another law firm that is salary based. I think the EFC is high because my mom had a job this past year…but now shes been out of work since December…we are in debt and were trying to pay our bills/mortgage payments …idk</p>
<p>Well, you better have a talk with your parents about how much they can contribute so you can make a responsible decision in a few weeks.</p>
<p>did you only apply to LMU and Chapman? Did you apply to any UCs or Cal States?</p>
<p>Your EFC really isn’t very high for a two-income family - especially if one parent is an attorney. </p>
<p>If those schools don’t meet need without large loans or they have gaps, you’re going to have some problems. If your parents can’t pay their EFC, you’re going to have problems. You may have to go to a CC for a couple of years until your parents finances improve. </p>
<p>What is your financial safety school?</p>
<p>Aren’t there special circumstance adjustments for a parent who lost a job?</p>
<p>^^^^</p>
<p>There can be if the parent has been out of work for a longish period of time - this parent has only been out of work since Dec. There often is an assumption that many people will find new jobs with a few months. </p>
<p>Right now, a school isn’t likely going to bestow a new and generous offer based on the mom’s recent situation because she might be re-employed within a few months.</p>
<p>I don’t know how generous California schools can be right now with unemployed parents because so many parents have lost their jobs. </p>
<p>Is LMU or Chapman a CSS Profile school? If so, the amount that the parents are expected to pay could even be higher. That EFC seems low for the child of an attorney.</p>
<p>My dad’s income this past year has gone down a lot since this recession…his total adjusted income for 2009 alone was about $19,000. My mom work(ed) as an animator for Nickelodeon studios but the show was cancelled so she was laid off. (by the way I made a mistake my mom was unemployed since JUNE of 09 but she worked on a DVD special for about a month up until dec 09) My mom says its tough getting a job (especially in her field…timing. Most shows are being made in 3D now, while her expertise is only in animation timing in 2D shows) As for financial safety…maybe a JC/community college…2 years of work then transfer…We shall see.</p>
<p>Your EFC is based on the Adjusted Gross Income of BOTH of your parents for 2009. So…that is what you would be reporting on the FAFSA. </p>
<p>Is your dad a salaried lawyer at a firm…receiving $19,000 worth of income? That seems very low to me.</p>
<p>no, he had his own practice but due to these tough times…had to move to another firm (salaried) to cover the business loss. that EFC number is from both of my parents.</p>
<p>I don’t know how this all works…It would seem that your mom’s income is gone for 2010 (at least for now), but your dad’s income for 2010 will be substantially higher than it was in 2009…therefore, I wonder how colleges will consider an adjustment. </p>
<p>What I mean is this…say your mom’s income was $40k for 2009, and your dad’s income was $19k. Now, for 2010, say your dad is earning $60k and your mom is earning 0, I don’t know if colleges will think an adjustment in aid is possible. Won’t colleges want to know both current incomes for special aid consideration?</p>
<p>Neither LMU nor Chapman require the Profile. Both are FAFSA only schools. Chapman, however, reportedly meets full need. LMU does not. </p>
<p>To the OP…your EFC will be calculated based on the AGI of both parents. Is there a significant difference in their AGI from 2009 and what they will be earning in 2010? If that is the case, you can contact the schools to explain your situation. You will need to document the reason(s) for the decline in income. </p>
<p>Debt is not factored into the FAFSA formula at all. Neither is your mortgage payment on your primary residence. NOW if your family owns other real estate (perhaps associated with your dad’s business, or any other property) that would be reported on the FAFSA.</p>
<p>Neither LMU nor Chapman require the Profile. Both are FAFSA only schools. Chapman, however, reportedly meets full need. LMU does not.</p>
<p>Very true. Another problem I see is that Chapman puts loans in FA packages… Staffords, Perkins, Plus, and their own private. If you also have to borrow to pay for your parents’ EFC of $14k, you could end up having to borrow too much.</p>
<p>
</p>
<p>What does this mean? The income used on the financial aid forms is your parents adjusted gross income (AGI).</p>
<p>Sorry, I meant to say my dad alone made about $19k</p>