You don’t need “FAFSA information” in order to run a NPC.
Because your parents aren’t paying the rest.
This is the ONLY school you’ve applied to? Better get going on some others that your can AFFORD.
You say in an earlier thread that you have an older sibling in college. This tells me your parents are quite aware of how much money they have to contribute toward college, and likely told you all along.
I’m not sure who else lied to you, but it sounds pretty likely that you might have.
I PM’ed you.
Why have you only applied to one school? We’re only a few days away from February. It seems really late to have only one unaffordable school on your list.
You have to start with your budget. You can take the ~$5500/year federal student loan. If you work summers you can probably raise $3k. Your parents can contribute $6k. That’s ~$14k/year. You have a 24 ACT and 3.8 GPA. I’m not sure if that will qualify for merit anywhere. Is there a school within commuting distance of your home? Where did your brother go to college?
What state do you live in? Maybe look into smaller in-state public schools (directionals) near you if the application deadline hasn’t passed.
It looks like the OP is from Iowa.
Did you check out schools in IOWA?
Did you check out PUBLIC universities in Iowa?
The school you applied to is not affordable…so you need to find an affordable option.
Average indebtedness is just that. Many students work during school, become RA’s, etc. Just being an RA for 2 years would knock your debt down by over $20K.
You may need an EFC.
However, there is a FAFSA4caster web site that can estimate the FAFSA EFC from basic financial information, so that you can do a preliminary NPC try with that estimate if the NPC asks for FAFSA EFC.
“my dad is self-employed”
This is a major issue for several reasons. One is that self-employed people often have inconsistent incomes. At least in my experience, the children of parents who own small businesses often don’t get as much need based financial aid as they actually need.
“it’s the only school I’ve applied to so far”
That is a big issue. It appears that you have not applied to any university that is financially feasible. You need to either find financially and academically safe schools to apply to ASAP that are still accepting applications, or plan to go to community college for one or two years, or take a gap year.
In your various posts I haven’t seen your home state. What state are you from?
You should have run the calculator…
What you should have done is water under the bridge now.
The college is planning on your parents paying their EFC and they can’t or won’t.
This is the basic rule: parents are expected to contribute about 1/4 if their income to college. They’re supposed to have some savings they’ll use for your college. You’re supposed to have savings from a job. So in your situation, your parents are supposed to contribute 20-25k from income and savings. Then add your savings $5.5k in federal loans, and the college is affordable.
Can you list here
Cost of attendance, adding tuition, fees room, and board (unless you plan to commute to the private college)
And
Everything listed in your financial package
This way we can evaluate your situation better.
First, run the NPC on the college as if you handy applied yet. What results do you get? Do the results match your actual offer? If not, print out the NPC result and ask the college about the discrepancy. Check numbers: did you make mistake Hen you filled out the FAFSA or the CSS profile?
Btw, did you complete FAFSA and CSS profile for this college? What college is it (this wayw we know if it meets need or not).
Apply RIGHT NOW to Iowa State, UIowa, and UNI. Complete the application TODAY before anything else. If there’s an honors college application, apply too.
Then, run the NPC on Luther, Coe, Cornell college, Drake, uDubuque, Wartburg, Central.
Add running the NPC on Gustavus Adolphus, St John’s MN, Beloit.
Many deadlines have passed so you may have to take a gap year - in which case you’d defer your decision.
OP is badly confused. The school doesn’t owe him a discount down to the 6k his parents are willing to pay. The school calculates what their formulas show the family can pay and then offers an aid package based on the school’s policies and wealth. Most colleges can only do what they can. It’s why you run the NPC: to learn what this projection is.
The financial aid offer should show total costs, minus any grants, work study, and loans, then the remainder is the Expected Family Contribution (or similar wording.) OP should pore over that.
If the average student loans total 30k, that’s the student loan portion. ONLY. The families then pay their share. If the gap is 23k, that’s what the family is being asked to kick in, this year.
The fin aid offer should also show if student loans are already included in this bottom line or not. If loans are already firgured in the aid package, the gap is 23k. If they are not, 23k minus the student loan leaves the parents responsible for roughly 17k,.
NOT 6k. What the parents are willing to pay falls short.
That’s not the colleg’s fault or a lie. It’s the tough reality that many families can’t afford what their kids “dream” about. It’s not the college’s responsibility to control a student’s dreams, nor pay every penny the parents won’t or can’t.
So OP, as said now and before, you need an affordable option. And If you want to apply to other colleges, first run the NPC for each.
OP’s dad owns a business so I don’t think the Net Price Calculators will be accurate for him. But he can get an EFC from his brother’s FAFSA, and his parents can tell him how much aid his brother gets at the college he attends. I think it’s an in state (Iowa) private, and I believe OP can still apply there. He needs to find out if the college offers guaranteed merit. The college website should have that information on it.
OP, I’d try to find a couple financial safeties that you can apply to now or during a gap year. You have ~$14k/year to work with (from your parents, a summer job, and the federal student loan), so I think you’re going to have to look for guaranteed merit for your 24 ACT/3.8 GPA. I don’t think the name of the school matters. Most colleges offer solid educations. What’s important is that you can afford to finish.
I’m sorry the college you applied to wasn’t more clear about costs. There are many adults who don’t understand that phrase either, and I don’t believe colleges go out of their way to make sure it’s clear. The average student debt is ~$30k because that’s the current federal loan limit. They could clarify the first phrase by adding the second, but they don’t. Watch also for colleges that report the “average need met” or the “average aid” awarded. Colleges determine need, so a college that meets 80% of need meets 80% of what THEY determine you need, not what your family thinks you need. The average aid awarded means nothing to individual families either. A college that reports average aid of $30k could have given a $60k full ride to one student and $0 aid to another. It can be confusing to people who aren’t familiar with the process.
@bodangles
You do NOT need an EFC to complete a Net Price Calculator. You need the right year tax return, and your asset numbers. Plug them in…and poof…you will get a ESTIMATED net cost…because really the only REAL net cost would be the one based on the student financial aid award and cost of attendance at the college.
BUT…if the dad is self employed, the NPC likely won’t be accurate. There are lots of deductions allowed by the IRS for tax purposes for the self employed that some colleges add right back in as income.
In addition, with the FAFSA, the value of a smaller business isn’t included ont he form…but for a Profile School, it would be.
The other thing students sometimes forget…or ignore…is that contributions to tax deferred retirement accounts are added back in as income. So if the two parents put $40,000 into a tax deferred IRA or TSA or whatever self employed do…that would also be income for financial aid purposes.
The student wasn’t LIED to. The student and family did NOT do their due diligence in terms of the coats they would need to pay for this ONE college.
Have to ask…was this an early decision acceptance?
If finances don’t work at this college…decline the acceptance…and find a place where the finances DO work.
If your parents will give you $6000 per year and you take the $5500 Direct Loan…you have $11,500. Do you have a job? If not get one…
Anyway…$11,500 will pay for you to attend a community college or commute to a four year in your state.
You’re right, @austinmshauri. The NPC is limited by the self employment.
But when money is tight, it’s so risky to apply to one school, fingers crossed it’s going to come out affordable. We don’t know that this college has clouded things or misrepresented. Or, just what they did say.
And OP needs to be sure he’s approved for “entering as a sophomore.” IF it’s approved, yes, he’d need 3 years of payments, not 4. Many colleges still have requirements or pre-requisites or the student benefits from college level intro courses before jumping ahead, just based on high school AP. Yes, you can often get credit for “gen eds,” but this may not serve perfectly in the major.
@lookingforward, I agree it’s risky to apply to one school under just about any circumstances. OP has a backup, though, and the one school he mentions here is in addition to the safety.
I also think it’s really important to emphasize your point – students shouldn’t count on needing only 3 years to graduate. I think they should always plan for at least 4.
I’m sorry you feel lied to. Of all the schools we toured for my two kids who have gone through the process, only one was upfront about cost and loans in the info sessions. All the others made it seem like it would all magically work out.
I was faced with the same thing at your age. I wanted private or OOS and my parents just couldn’t afford it. I went to my state flagship and then private for grad school.
Iowa has some great public universities, apply there.