High EFC, no savings

<p>My parents used the NPC for Clark University on College Board. I'm not sure what the income was, but there are no assets or savings, and it said the EFC was 35000 (tuition, not counting room and board is 37000!) I spent a lot of time in hospitals my freshman and sophomore year, and the little that would have gone to college went to my medical bills. We live on Long Island and the house is quite expensive, and I really don't know what to do. I'm stressing out so much. I can't believe that my parents didn't save at all for my education, and I just don't know what to do. Is this EFC accurate? Why didn't they take into account the lack of assets/savings? If it helps, I have a 3.5 GPA UW, 3.7 W. I haven't taken my SAT yet but I'm expecting to get 1700-1900.</p>

<p>We have no way of telling if the EFC is accurate. An EFC of $35K would mean an income of around $140K or greater. And that doesn't take into account assets. Parent assets don't have a great effect on the EFC since they are assessed at around 5.6%. The expectation for the EFC is that college will be paid out of savings, current income and future income (loans).</p>

<p>When you refee to income are you talking gross or net income?</p>

<p>Probably gross. After about $60,000 in income,EFC seems to go up pretty fast.</p>

<p>OP -- </p>

<p>Since most schools do not meet full financial need, even a lower EFC may not translate into more grant money for college.</p>

<p>if you have not taken the SAT yet you are likely a junior? The NPC for Clark University may well be accurate. You still have time to research this directly with that particular school, but also to find out how much your family thinks it can afford to pay per year for your education, then build a list of schools based upon that information, Once you have taken the SAT (also maybe take the ACT as well) you will have a better idea of schools where you may qualify for guaranteed merit scholarships, and schools where you may qualify for competitive merit. </p>

<p>You may need to identify in state options that would allow you to pursue the kind of educational environment you desire... There are many options depending on your major interests... SUNY - ESF, SUNY - New Paltz, SUNY - Binghamton, SUNY - Oswego, etc... as well as others are all worth a look.</p>

<p>Good Luck :)</p>

<p>PS. Some schools may take medical expenses into account if you ask for a professional judgement... but remember that most colleges do not meet full need.</p>

<p>You have a good number of very fine SUNY schools which will cost far less than Clark. Having affordable schools on you application list is important. MOST parents do not have significant college savings for their kiddos.</p>

<p>
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Parent assets don't have a great effect on the EFC since they are assessed at around 5.6%.

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<p>Agreed, for FAFSA. But Clark also requires the Profile (and NCP if applicable). Assets could have a bigger impact or perhaps the parents entered the market value, not net asset value, in the NPC.</p>

<p>OP, I would suggest that you ask other Clark students or search for their posts. The NPC's are new this year for many schools and may not be very accurate. Clark's data suggests that they tend to be fairly generous via merit aid so make sure you're well prepared for your SAT's and ACT's and plan to take them more than once. Once you have some test scores in hand, your parents can certainly have a conversation with admissions/financial aid there and perhaps even ask for an early read on their situation.</p>

<p>I also agree with Kat and thumper on the SUNY/CUNY options...there are some very good programs to be found among them and the prices are tough to beat. It's possible that you would get some merit aid at the smaller 4-year SUNY's like Plattsburgh (they have a scholarship calculator on their website). You can do a search of majors at suny.edu</a> - The State University of New York. </p>

<p>I know several students who started at SUNYs and transferred to their expensive "dream school" for the last two years...remember, the name on your degree is where you finished, not where you started! Please don't make the mistake of blowing the budget for a dream school you're unlikely to be able to afford for all 4 years.</p>

<p>can't believe that my parents didn't save at all for my education, and I just don't know what to do. Is this EFC accurate? </p>

<p>Why didn't they take into account the lack of assets/savings? If it helps, I have a 3.5 GPA UW, 3.7 W. I haven't taken my SAT yet but I'm expecting to get 1700-1900.</p>

<p>=============</p>

<p>What year are you? It doesn't sound like you're a senior.</p>

<p>If not, then study for the SAT and the ACT....you need to take both in hopes of doing better one one or the other.</p>

<p>The NPC did take into acct that your parents don't have savings. If they had, the EFC may have been HIGHER. </p>

<p>That said, schools don't give you more money just because your parents weren't savers. If that were true, no one would save.</p>

<p>If you're a junior:</p>

<p>Get the best grades you can.</p>

<p>Get the best ACt and SAT you can.</p>

<p>Apply to schools that will give you large merit scholarships for your stats and apply to some SUNYs that cost less than EFC.</p>

<p>Also, find out how much your parents are willing to pay each year....that's likely going to determine where you should apply.</p>

<p>You need to find out how much your parents can pay. That and your grades/test scores will give you an idea of where you can afford to go without depending on financial aid (other than guaranteed student loans which are in the $5K range + your own work contribution). Try to have two such schools that are both academic and financial safeties where you would be willing to go. (They might be schools to which you can commute or they might be instate publics.) Then, after you know those schools, go ahead and look at a few schools where you could go only if they give you scholarship money and where you are a good candidate for scholarship money. That is hard to figure out so you need to realize that you're taking a chance and it may or may not work out. Add them to the list and see what happens.</p>