<p>spent 20 minutes filling out the online FAFSA4caster “estimate” form, my EFC score came in at 99999…what does this mean? Are we on the hook for the entire costs,i presume?</p>
<p>If your EFC came in at $99,999 (which is the max that is shown for the FAFSA) then, yes…you are on the hook for the entire cost.</p>
<p>Ok so should we still fill out the Financial Aid forms? Will we have a small chance when our next child enters in 2 years? Thanks!!</p>
<p>Yes…fill out the forms. You never know what will happen in the future. Some schools do not award institutional aid to students who don’t APPLY as freshmen. What if your financial circumstances change and you need aid in the future? It does no harm to fill out these forms. By doing the FAFSA, your CHILD will be eligible for a Stafford loan. Some parents (we were included in that group) ask their kids to take these loans. It’s how our kids knew they were PART of the action when college bills were sent.</p>
<p>Thanks, we had already decided to do just as you had suggested…</p>
<p>I’m confused. </p>
<p>If someone has an EFC of $99,999…doesn’t that suggest an unusually high income/assets? </p>
<p>I can understand filling out a FAFSA in case disaster strikes or a Stafford loan is desired, but even if the OP has 2 kids in college at the same time, what “aid” could they get except maybe a loan??</p>
<p>Probably just a loan. BUT better to fill out the form. What if the school only disperses aid in future years to kids who APPLY the first year? If the family circumstances change…they could be out of luck. What if the main income earner loses their job this year?</p>
<p>Oh I agree that there are some “what ifs”.</p>
<p>Assuming everything stays the same, when qdogpa writes, “Will we have a small chance when our next child enters in 2 years?” it sounds like he/she thinks she might be getting some free help, when in reality, the “help” will likely be a loan. When you’re high income/high assets, you can have 2 in school at the priciest privates and still get nothing (my sister is a case in point.)</p>
<p>Not really, just trying to understand the process…Perhaps i made a mistake flling out the 4caster…What income range would negate FA? When our home is not accounted for, as well as retirement funds, hugh assets are not that huge ;)</p>
<p>Another reason to complete FAFSA: There are certain schools which require FAFSA even for merit aid. While it’s doubtful you’re going to get any need-based aid, you still want your student to be eligible for all available institutional scholarships.</p>
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<p>FAFSA is based almost entirely on income, and does not take into account home equity or retirement savings. If you have large non-retirement investments/savings, that might be hurting you, but most likely it’s the income. There are pro’s around here, and I’m not one of them, but my sense is that if your income is significantly below, say, $150-$200K, then try re-running the forecaster. Otherwise, it’s probably correct. :(</p>
<p>PS - I feel ya, EFC hurts.</p>
<p>To the OP…if your kiddo is applying to schools that require the Profile, your home equity will likely be considered at least to some point.</p>
<p>As pointed out…financial aid is largely base in income…and liquid assets (like savings, CDs, dividend income, etc). The FAFSA doesn’t even ask for anything else. Profile does.</p>
<p>I have no idea what your income is…but with a $99,999 EFC, I would guess it to be over $250,000 a year…minimally.</p>
<p>Thanks to all that have shed light on the process…One last question…Any funds set aside for other children for college(UGMA, 529’s) are they considered family assets or belong to the student? I believe 529’s are family assets and UGMA’s, are belonging to student…</p>
<p>For FAFSA, UGMAs (other than 529 UGMAs) are reported as student assets. This means they have a larger impact on the EFC - 20% of their value. 529 accounts are reported as parent assets so have a lower impact on the EFC, 5.6% of any amount over the protected parent asset allowances. So for student A you would report any UGMAs (other than 529 accounts which are reported as parent assets) in his/her name as student assets. Parents are supposed to report all 529 accounts they own for any household member
. I think this means 529 accounts owned by other household members would not be reported. I think most 529s are parent owned (ours both are anyway). Assets belonging to other children are not reported on student A’s FAFSA and his are not reported on their FAFSAs.</p>
<p>The above is for FAFSA only. I believe, though am not sure, that profile requires the assets of all the children to be reported. I seem to have read that here on CC but have no experience of profile myself. Hopefully someone with profile knowledge will confirm or deny.</p>
<p>LasMa makes a good point about merit scholarships. If you won’t qualify for any aid (or not much aid) and need some help, then it might be a good idea to look into some merit schools. </p>
<p>However, if your income is highish and your kids have a lot in non-529 UGMAs, then your kids would likely have a better shot at scholarships that don’t ask for FAFSA. With such a high EFC, I would be concerned that even if your children had the stats, they wouldn’t be given the scholarships if FAFSA is used. Thankfully, there are many schools that don’t look at FAFSA to award merit. My kids both have good scholarships that were awarded without looking at need.</p>
<p>Where is your child applying?</p>
<p>Accepted to Fairfield, deferred at Villanova and Northeastern…also accepted at safeties Drexel and Dusquesne,both with merit $$$…awaiting U Mass and Penn State…Fairfield is her choice</p>
<p>My sister falls into that category with a 99,999 EFC. She did fill our the Fafsa though because that allowed her daughter to get a stafford loan- $3500. She wanted her daughter to know that she had a vested interest in her education, regardless of what mommy’s income was.</p>