<p>If your parents’ Adjusted Gross Income (AGI) is really $90K, then something is not right. The financial aid formula is primarily income-driven and a good rule of thumb is that your EFC will be 25-30% of AGI. So, with an AGI of $90K, your EFC should not have been higher than approx. $25K. I believe that Duke caps home equity at either 1.5 or 2.5 times your AGI, so even with $200K in HE, you’d still have an EFC of, at worst, $35K, which would give you an FA package of around $25K. There must be something else going on. Are your parent’s small business owners? If so, and if they are reporting a business loss, Duke may be adding back in losses or expenses into your parent’s AGI.</p>
<p>Duke is very straightforward with their FA policies and methods for evaluating need. I would suggest having your parents call the FA office to explain how your need was determined.</p>