first time FAFSA shock

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our HHI was never above 120k in a HCOL and our EFC is 34k/yr (and our FA is solely student loans for the amount above 34k). But honestly it's not that hard to pay for--we saved since birth for 2 kids and are cash-flowing the amount we usually saved and cutting corners to pay out the extra. I think it's a big shock if you haven't been saving because not only do you not have the amount the FAFSA considers you to have saved up, but also you're used to spending your whole income.

unless we have very different ideas of HCOL, I don't see how that is remotely possible unless you have a lot of family help elsewhere

No no unusual family help (my undergrad education was paid for save for 12k student loans, DH worked through college and didn't finish). We are mainly first gen (one of our four parents completed a college degree). We lived in NYC, shortly after our first was born moved to Northern Virginia (Arlington renting, bought house in Fairfax city in 2009). We don't have a UMC style life--used cars, public school, no travel sports or expensive activities, cook our own food, car travel.

120k- mortgage in Fairfax city - taxes - retirement savings and you had enough to sock away 120k in a 529- that's impressive budgeting

[Anonymous]

Fin Aid is determined based on your income, but no one is supposed to pay tuition out of their current paycheck. Like any large purchase, you're supposed to have planned for this.

[Anonymous]

And the CSS for additional aid does count primary home and 401k amounts.

I got laid off and had just unemployment income for part of this year and two kids in college. But since I am older my 401k is one million and I have $800k equity in house. That also kills you as FASFA at OOS schools or private schools does not cover much of the cost

[Anonymous]

Anonymous wrote:That sounds lower than what some of my friends experienced. Theirs was closer to 33 to 40%.

Same our EFC was just over a third.

[Anonymous]

Anonymous wrote:And the CSS for additional aid does count primary home and 401k amounts.

I got laid off and had just unemployment income for part of this year and two kids in college. But since I am older my 401k is one million and I have $800k equity in house. That also kills you as FASFA at OOS schools or private schools does not cover much of the cost

I can't believe the colleges expected you to pay tuition. You're practically a pauper.

[Anonymous]

Anonymous wrote:The EFC is one quarter of our adjusted gross income. Is this "normal"? One quarter?!

Ours is like more than half. I think $180K EFC or something crazy. We only make $280K per year but we have $4M in assets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The EFC is one quarter of our adjusted gross income. Is this "normal"? One quarter?!

Ours is like more than half. I think $180K EFC or something crazy. We only make $280K per year but we have $4M in assets.

Why is that crazy when you have $4m in assets?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How do you find out your EFC?

When you fill out the FAFSA.

I did fill it out--didn't see an EFC. Does it get sent to you later?

You should have received an email after you completed it (sent to your child's email address) that shows the EFC -- it's a bit strange in that it won't have a "$", it's the number that starts with zeros.

[Anonymous]

Thanks for all the info and commiseration.

[Anonymous]

Ours came back as about one-third of our income. In theory, yes, we could pay full price for $70K+ schools by draining home equity and having the kids take the standard federal loans. But, I really don't see any value in paying that much vs. aiming for in-state public schools or privates that give good aid to meet our $35-$40k max, which we can pay in full due to long saving in 529 plans plus a gift from grandparents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How do you find out your EFC?

When you fill out the FAFSA.

I did fill it out--didn't see an EFC. Does it get sent to you later?

You should have received an email after you completed it (sent to your child's email address) that shows the EFC -- it's a bit strange in that it won't have a "$", it's the number that starts with zeros.

Aha! Thanks.

[Anonymous]

Our EFC is 50% of our HHI - $150k - mainly b/c we over saved over the years. Nothing we can do about it now except pay full price or get merit aid.

[Anonymous]

FAFSA shock? So you were expecting a bigger handout or more debt availability?

Literally every college lists tuition, room, board, and standard expenses on its website.

Don’t blame your student for your unrealistic expectations.

[Anonymous]

To be clear, fin aid is based on your income and assets. Thus the importance of the Net Price Calculator. A public service announcement that bears repeating, because above all I see are references to EFC. FAFSA EFC, alone, is not enough information!!!

[Anonymous]

Anonymous wrote:To be clear, fin aid is based on your income and assets. Thus the importance of the Net Price Calculator. A public service announcement that bears repeating, because above all I see are references to EFC. FAFSA EFC, alone, is not enough information!!!

FASFA asks about neither house or retirement.