Second Home and 529 Plan......

thumper1
Sat, 08 Aug 2015 20:33:52 +0000

An EFC of $50,000 means that is what the college will,expect you to pay…at least. To be honest, with an EFC of that amount, you would not get need based aid at any college in a significant amount.

If your income is $138,000, your FAFSA EFC will be roughly $35,000-$62,000 a year. Based on salary alone. That doesn’t include your assets.

Add to that…there is NO WAY for anyone here to predict your need based aid for two years from now at a college to be determined. Policies change, formulas change, etc. Your income could rise. The school’s might NOT be ones where full need is met. The parent asset protection allowance could continue to go down. All bets are off. Any EFC you are getting now would be for college students enrolling NOW…not in two years.

PLUS…the EFC is not a guarantee of need based aid. NOT AT ALL. With the income you have, however, you would not be eligible for federally funded grant money or subsidized loans.

The schools that are more generous will also like,y want the CSS Profile or their own financial aid form. These additional forms ask for more detailed financial information, including the equity in your primary residence.

How much need based aid do,you need? How much can you pay yourselves annually? Does your kiddo have strong enough SAT/ACT scores and GPA to be competitive for merit aid?