Many questions regarding finances in college

[thumper1]

Our EFC is ~$21k, which I assume is an ANNUAL expected measure of family contribution.

Yes, the EFC per FAFSA you received is for the 2019-2020 academic year only.

If this is the case, then that estimate is wrong in reality. The reality is my dad can comfortably afford to pay ~$10k a year because of the mortgaging costs of our home. I was wondering if FAFSA would inquire about mortgage costs, but it explicitly said to include only those of other homes that we do not live in, as well as other assets like investments and businesses.

A couple of things.

1. The FAFSA NEVER considers the mortgage related to your primary residence, your home. Everyone has some kind of expense for their lodging...rent or a mortgage. So...the FAFSA doesn’t consider this at all. It just doesn’t matter in terms of the FAFSA EFC calculation.
2. The FAFSA computes what you could pay per year based on the financial data you entered...income, assets, number in family, number in college. The FAFSA EFC should be viewed as the MINIMUM you will be paying. Neither the California public universities or VT meet full need. It is very possible that the SCHOOLS will actually have a higher family contribution than $21,000 per year.

With that being said, VT would certainly be out of our price range if OOS. Either way, whether if I go to VT as an instate student or attend another college, my father is expecting to incur debt. I’ve offered to take on the debt under my name because I worry about the stress it might impose upon him, but he refused.

You, the student, cannot take on debt in your own name in the amounts it appears you need. That amount is limited to the $5500 Direct Loan. Any additional loans would need to be either taken by your parent or co-signed by them.

By the way, our loan estimate is $5500.

Yes…that is your Direct Loan limit for freshman year.

I have to ask…did you complete a FAFSA for THIS year even though you are taking a gap year? Also, for future reference, this form and the Profile if needed are available for completion October 1. Why did you wait so long to get this done?