<p>Hello everyone,
I just calculated my EFC that totaled around 95,000. Is that for all four years or only one year? If it is only for one year, wouldn’t it be a little high? My father makes a net of 220k but taxes eat up nearly half his income, we just paid the mortgage for our 500k house and we own another condo in the city valued at about 300k. Although our household consists of me, my mother, my father, and my two siblings that are under ten years old, my aunt in India had tuberculosis and my father is paying her and her husband’s medical bills because they can’t afford it, and my greedy uncle always wants our money, but my father has recently refused to give him any. Could costs of extended family members be used to reduce my EFC?</p>
<p>EFC is for one year.</p>
<p>The EFC is for one year. You have to recalculate each year to show changes in your family’s financial situations. As to supporting other relatives, unless they are dependents as defined by the FAFSA rules, that is your parents’ choice. I can sympathize because we spend a substantial amount on the grandmothers’ needs that is not taken into account. </p>
<p>With a second property and other assets along with your family income, I don’t see your EFC coming down to a point where you will get aid. You are eligible for non subsidized loans.</p>
<p>As others have said…EFC is for one year only. It is recalculated annually. Your family’s high income and that second home (the condo) are assets that many families do not have the good fortune to have. </p>
<p>It is wonderful that your family is helping the relatives who are less fortunate, but the FAFSA calculation considers that to be choice. It is not factored into the equation at all.</p>
<p>The financial aid formulas figure that if push comes to shove, your family could sell that second home. It’s also a choice to have this as opposed to using that same money for college costs.</p>
<p>Have you discussed college costs with your family? With these sorts of income, assets, property, perhaps they have planned ahead for your college education as well. Talk to your parents immediately about how much they can and will be able to contribute to your college costs.</p>
<p>Did you think you would be eligible for need based aid?</p>