Merit aid.. help me out here

[Anonymous]

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

How much is saved for her college? How much was the merit award? What is your HHI?

[Anonymous]

Anonymous wrote:
There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

What I have heard about the EFC number is that it is expected to be a number which you can pay:

1/3 from past earnings (savings)
1/3 from present earnings (cash flow, student job)
1/3 from future earnings (debt -- student or you)

If you have no savings, then that 1/3 would have to come from cash flow or debt.

[Anonymous]

People like OP are frustrating. I don’t know why she acts surprised by college cost.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

Please ignore the rich holier-than-thous, the trolls, and the posers.

Normal readers understand that your comment was meant to imply you were not using potential college $$ for a car payment.

Normal readers also know they have college track kids. These kinds of complaints about EFC numbers blow my mind. Kids college tuition has to be one of the most predictable expenses in American life.

[Anonymous]

It doesn’t matter how predictable it is. If you don’t make enough money to save for college, you won’t have any savings. Only people with disposable income can’t understand how it is possible for someone to not have saved anything.

[Anonymous]

Anonymous wrote:It doesn’t matter how predictable it is. If you don’t make enough money to save for college, you won’t have any savings. Only people with disposable income can’t understand how it is possible for someone to not have saved anything.

You can’t save if you keep spending.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

Please ignore the rich holier-than-thous, the trolls, and the posers.

Normal readers understand that your comment was meant to imply you were not using potential college $$ for a car payment.

Thank you. Yes. It was just an example.

It was a bad example. A lot of parents driving much older cars to pay for kids college.

NP. Fools abound! Do you know how many years OP drove her previous car before it broke completely? Do you know the make and cost of the 5 year-old present car? Do you know if the 5 year-old present car is a used car or bought new? But one thing is certain. You can make snarky comments and it doesn't require much intelligence. Same goes with the person with $700K HHI and two older cars.

[Anonymous]

If you have no expenses you can cut, you probably qualify for some financial aid. Have you received your FA quote yet (beyond merit aid)? In-state for MD schools is not outrageously expensive, especially with some merit aid, so loans can take a big chunk out, plus work study or student working off-campus. You can take a home equity loan as well OP (from what I've heard). It should be doable in-state, and the loans shouldn't add up to an extreme amount after 4-5 yrs because we're not talking private schools here.

[Anonymous]

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

Then your daughter will have to take out loans. And/or choose a less expensive school. You do realize when you say 5 year old car it makes you look a bit absurd as a 5 year old car is very new to many of us.

[Anonymous]

Anonymous wrote:
There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

I think your child will have to live at home, then.

There really aren't cheaper schools than your in-state public option+scholarship. Unless you go to community college, or get a full scholarship (room and board) somewhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

The real question is why is this a surprise? The calculators are there so you know.

Driving a five-year old car? Odd comment.

+1. We drive 16 year old cars to afford college. No merit aid (the top schools don't offer it anymore). Didn't qualify for anything thru FAFSA but the unsubsidized student loans, which our children took out. It's been a struggle, especially as we have elderly parents to take care of.

[Anonymous]

community college, then transfer after two years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

Then your daughter will have to take out loans. And/or choose a less expensive school. You do realize when you say 5 year old car it makes you look a bit absurd as a 5 year old car is very new to many of us.

oh, ffs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

The real question is why is this a surprise? The calculators are there so you know.

Driving a five-year old car? Odd comment.

+1. We drive 16 year old cars to afford college. No merit aid (the top schools don't offer it anymore). Didn't qualify for anything thru FAFSA but the unsubsidized student loans, which our children took out. It's been a struggle, especially as we have elderly parents to take care of.

You have high income or assets and selected very expensive schools it sounds like. Probably could have gone elsewhere with little burden.

Walk an actual mile in the OPs shoes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here, To answer another question. Yes. She applied for financial aid by filling out a FAFSA.

There is no way I can pay what they calculate at our EFC. I wonder how they come up with that number. I mean, it’s not a matter of if I’m frugal and don’t go on vacation and keep driving my 5 year old car I can swing it. It’s like literally there is no way I can come up with that much money per year.

The real question is why is this a surprise? The calculators are there so you know.

Driving a five-year old car? Odd comment.

+1. We drive 16 year old cars to afford college. No merit aid (the top schools don't offer it anymore). Didn't qualify for anything thru FAFSA but the unsubsidized student loans, which our children took out. It's been a struggle, especially as we have elderly parents to take care of.

You have high income or assets and selected very expensive schools it sounds like. Probably could have gone elsewhere with little burden.

Walk an actual mile in the OPs shoes.

Wow, what assumptions you make! Judgmental no? Too much holiday wine and you are crabby? I don't think you have a clue about what is happening in today's college market. You don't have the facts to type what you did and you know it. Take your judgmental attitude somewhere else. Note I didn't judge the OP. I just stated our facts. We do drive 16 year old cars. And we have SN kids with the attendant expenses. And we do have parents with dementia and alzheimer's. And yes we did save but the accounts never recovered from the 1997 great recession, etc. etc. etc. Why don't you try walking a mile in MY shoes before making judgments so sporadically?