<p>We did the FAFSA and my EFC is coming in at $54k, which is more than tuition at the school my child is leaning towards. </p>
<p>There are many moving pieces and parts, but basically, in 2011 my taxes would have shown W-2 income that would have probably put us at less than $5k EFC. Happy to have a new job that makes more money, but I am not even close to making 10x as much money, plus I am paying off a lot of debt accrued during three lean years. </p>
<p>If my EFC is greater than tuition, are we pretty much hosed on getting need-based FA?</p>
<p>If your EFC for the upcoming year is $50,000 or so, your income for 2012 likely is in the $150,000 to $200,000 a year range. If that is the case, you would not qualify for need based aid for the upcoming school year.</p>
<p>The answer is, “probably”. Schools are getting tighter than ever. If there are a few schools your stduent has in mind that fall in this category and they tend to meet full need, you can send your previous years W-2s to the financial aid officer and ask for an appeal if this is a one time increase in pay for special circumstances. that will not likely continue. But if i’ts due to a new job that is supposed to continue, it isn’t going to fly. The chances are not all great taht the appeal would go through anyways. More often than not, I’ve seen it fail.</p>
<p>However, most schools do not even meet full need. So that your having the need doesn’t mean you are going to get it met. Those schools that do, tend to use PROFILE as well as FAFSA.</p>
<p>The most important schools on your studen’t list are the ones sure to take the kid and that you can afford. Every and anything else is gravey and lottey tickets. Get that base covered, and then look at schools where your student is in the upper echelon in terms of test scores and that give merit money. Catholic schools are often good sources of that.</p>
<p>my EFC is greater than tuition, are we pretty much hosed on getting need-based FA?</p>
<p>Yes, that’s probably true unless your child is accepted to Harvard, Yale, Princeton or Stanford or maybe a couple of others. Those schools give super aid.</p>
<p>What schools did your child apply to?</p>
<p>Since it looks like you’re only looking at FAFSA , then does that mean that your child is looking at a FAFSA-only school? If so, then not only will you not likely get need-based aid, but even if your EFC were lower, you might not get anything but a loan. Most FAFSA schools do not “meet need” and many don’t give any free money to those with EFC’s beyond Pell (about 5000). </p>
<p>FAFSA only schools usually would not be sympathetic to the fact that you were previously employed, simply because most don’t have much institutional aid to give out regardless.</p>
<p>I know it must seem crazy, but most schools do not have much aid to give out regardless of how low a family’s EFC is. Attending those schools can be a luxury and the expectation is for families to pay or go elsewhere. </p>
<p>As Thumper mentioned, with an EFC of $54k, then your income is likely around $150k.</p>
<p>If you find that your child’s first choice school is not affordable, then hopefully, your child has applied to some financial safety schools …schools that you know that you can afford.</p>
<p>Did your child apply to any schools that would give him merit scholarships for his stats?</p>