Super high EFC

[Anonymous]

Our EFC is about $60000!!! There's no way we could afford to pay that on our HHI, about $200K, give or take $15,000 or so depending on bonuses. We only have enough saved for about $25,000 a year per kid. There will be a one year over lap when they are both in college.

Did anyone else have an extremely high gap between their EFC and what they actually saved? I don't know how we're going to do it.

[Anonymous]

Yes hhi is 185k. EFC of 75k.

We used the payment plan,bonds and then DD got a scholarship which brought the cost down. We also made dd take out a loan each year(federal) which anyone qualifies for regardless of income.

[Anonymous]

Anonymous wrote:Our EFC is about $60000!!! There's no way we could afford to pay that on our HHI, about $200K, give or take $15,000 or so depending on bonuses. We only have enough saved for about $25,000 a year per kid. There will be a one year over lap when they are both in college.

Did anyone else have an extremely high gap between their EFC and what they actually saved? I don't know how we're going to do it.

Ours is $56k and our income as around $180k. We have saved enough to meet that. Think of it as $10k a year since birth- much more manageable. We have been able to save enough for both to attend out of state schools, but not both to private schools without merit aid. Luckily, merit aid is plentiful enough in private schools. DC's merit aid so far has been to make it close to in state costs (still waiting on one).

$25k is fine for in state. If your DC want to go elsewhere, then merit aid needs to pick up the rest.

[Anonymous]

Looks like your darlings are going public in-state.

Nothing wrong with that.

[Anonymous]

Anonymous wrote:Looks like your darlings are going public in-state.

Nothing wrong with that.

I paid less than 60k for 4 year state school and a Master's in Education. In 2002 and 2010. It might be time to reconsider schools if they don't qualify for other aid and don't want loans.

[Anonymous]

Two kids, $25,000 per kid saved sounds like you have $200,000 saved. Schools aren't interested in what you might have planned for your other children, they're interested in the savings you have now. I expect that if you deplete your savings by $60,000 this year for kid #1, the EFC will be lower next year to account for the lower savings.

But it's your call. Either way, you simply don't have enough saved to send each kid to private.

[Anonymous]

Anonymous wrote:Two kids, $25,000 per kid saved sounds like you have $200,000 saved. Schools aren't interested in what you might have planned for your other children, they're interested in the savings you have now. I expect that if you deplete your savings by $60,000 this year for kid #1, the EFC will be lower next year to account for the lower savings.

But it's your call. Either way, you simply don't have enough saved to send each kid to private.

I think that is true since they ask about available savings. Now you just have to decide who you love more

[Anonymous]

State school is by far the best value for your money. Going to a private over-priced college will not ensure your children's success. It will only make them feel entitled.

[Anonymous]

If you can't afford the ultra-expensive school, then don't send your kids there. The most successful people I know when to in-state public schools. That's where they teach you that you have to work for your success, not buy it.

[Anonymous]

State school is by far the best value for your money. Going to a private over-priced college will not ensure your children's success. It will only make them feel entitled.

I went to a state school and hate it when people make sweeping proclamations like that. Yes, it worked out well for me, but some students may really benefit from smaller classes and more individualized attention offered at a small liberal arts college.

[Anonymous]

Anonymous wrote:

State school is by far the best value for your money. Going to a private over-priced college will not ensure your children's success. It will only make them feel entitled.

I went to a state school and hate it when people make sweeping proclamations like that. Yes, it worked out well for me, but some students may really benefit from smaller classes and more individualized attention offered at a small liberal arts college.

A lot of people would benefit from that environment, but is it worth the $150k+ that most people would have to borrow? I'm not sure the benefits outweigh the cost.

[Anonymous]

As an adult I can look back and say that a state school and not having to worry about money during school and after graduation due to loans would be ideal.

[Anonymous]

Have you considered 1 or 2 years at a state school and possibly transferring?

[Anonymous]

Anonymous wrote:

State school is by far the best value for your money. Going to a private over-priced college will not ensure your children's success. It will only make them feel entitled.

I went to a state school and hate it when people make sweeping proclamations like that. Yes, it worked out well for me, but some students may really benefit from smaller classes and more individualized attention offered at a small liberal arts college.

Depending on her kids' stats, he/she likely won't have to go to a state school. Once you get away from the top-30 LACs on US News, many of them are VERY generous with merit aid and can usually net you a price that is within the range of a state school. My daughter, for example (who was a good student but not a superstar - 3.7 GPA and 2000ish SAT) had her net price at her LAC come in CHEAPER than our state flagship, and we don't qualify for financial aid.

Don't rule out the private schools, OP.

Now, if your kid has her eyes set on University of Chicago, Duke, etc., it's probably not going to happen, but you'd be surprised at what some of the middle-range private schools can do.

[Anonymous]

Anonymous wrote:Our EFC is about $60000!!! There's no way we could afford to pay that on our HHI, about $200K, give or take $15,000 or so depending on bonuses. We only have enough saved for about $25,000 a year per kid. There will be a one year over lap when they are both in college.

Did anyone else have an extremely high gap between their EFC and what they actually saved? I don't know how we're going to do it.

Most of the people I know with $200K incomes are paying a pretty significant amount of money on things like extracurriculars and food for the kid, that won't be a factor when they go away to college. When these expenses stop, plus saving for college stops, they're able to find another $1K or so a mont in their budget. Add on student loans, and whatever the kid can contribute and you're at like $45K. Your kid should have lots of good choices at that level.

If you really can't cashflow any expenses then choose a state school or a school where your kid qualifies for merit aid. If your kid works to pay for books and daily expenses, and takes out the maximum in government student loans (not parent loans, IMO that's too much debt) and you contribute $25K, you'll still have a number of choices.