My family’s EFC is 38k. Our income is about 93k but my parents say they can only afford 6k. Is this really all they can afford? I am their only child and their savings are 46k. Their investments is about 100k.
I think $6k per year is about right if they are trying to fund it from current income. That’s $500/mo.
It’s up to them to decide what they can afford, what they WANT to afford. You need to start looking at your options. Can you get full tuition scholarships? Can you commute? Do you have a talent or skill (athletic, music, art, drama) that can get you money? Military options?
I have been working really hard on scholarships and I think I’ve applied to about 30 so far but I’m still working on some. 3 of them have denied me though b/c our family is too high income.
I’ve been accepted into UNR (university of Reno), USF, and UDubb. I know we can’t afford uw because we didn’t get any aid with our income but I did get 22k scholarship from USF. At Reno I got 2.5k. I didn’t receive any financial aid only loans cuz our income is high. It just sucks cuz everyone at my school seems to be getting really good financial aid and they’re all going to their dream schools while my mom is telling me to go to community college.
I am also willing to work during college and get a little bit of loans but my mom is completely against any kind of loans.
Did you look into any of the options that posters previously suggested in your earlier thread here? http://talk.collegeconfidential.com/financial-aid-scholarships/1962553-can-anyone-tell-me-why-i-got-0-financial-aid-p2.html
I’m p sure I was late to all those deadlines. I did get millenium scholarship
Nobody here can tell your parents how much they should be able to afford. That’s a personal decision.
The best aid comes from the schools. Did you check the [Yola scholarship site](http://automaticfulltuition.yolasite.com/) to see which colleges might offer merit for your stats? If you file the FAFSA you can take the ~$5500/year federal student loan, and if you work summers you can probably earn another ~$3k. That’s ~$8k. Plus your parents’ $6k gives you ~$14k/year. It sounds like you need a full tuition scholarship. If your stats are high enough to qualify, I’d take a gap year and apply to a new list of schools.
your parents’ EFC seems high for their income. Are you sure of your facts? Sounds like they have more in assets than what you’ve mentioned.
You know…only YOUR parents can’t determine how much they can spend on your college education annually. They have a household,budget and expenses, etc…and really…only they can determine the amount they can contribute to college costs.
Your EFC is high because of the savings and investments, not their income. If they are not retirement assets or home equity they are not protected and assumed available.
That said, even if your EFC was 17k (which is about what it would be on income alone) all you’d likely get at UW is a subsidized loan. State schools do not give a lot of FA to out of state students.
6k sounds about right for cash funding based on income. The rest are their assets and savings so up to them, no one here can say what they can or cannot afford.
EFC (expected family contribution) and PWTS (parent willing/able to spend) are often very different numbers. Your parent’s have a household to run, and - a retirement to fund. They are doing you a huge favor by paying a dime… and another by being transparent about what they are willing to pay.
as @thumper1 and others note above, nobody can answer that question but your parents - and it sounds like they have. $6k per year (perhaps they will also still pay for your health insurance, car insurance, gas, cell phone, etc). Now the ball is in your court.
As long as you don’t approach them in an angry fashion (remember, they are being pretty generous here) there is nothing wrong with having a rational dialog with them about how they came up with that number and if there is any flexibility. Sit down objectively and ask - but be respectful and allow their decision to guide your next steps.
- can you take a gap year, live at home and save money to supplement room/board and apply for some affordable schools? Can you go to a CC for 2 years, then use $12k/year for the remainder?
Assuming you are a Nevada resident, that $6k (and your $2,500 award) should cover tuition, books and a little more. Perhaps that is where their number came from. There is nothing stopping you from earning $10k or more per year working just 20 hours a week someplace like Starbucks. If commutable, go to UNR, save up some money and move in with friends near campus as a sophomore.
What are your stats?
Did you apply to Utah State, UWyoming, etc., as suggested in your other thread?