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[quote=Anonymous]Here is the thing. Most schools don’t reach your EFC. They claim it can by giving your student unsubsidized and subsidized loan and add work study too. This can be between $5-10K of loans and work study added to get you within $5K of your EFC.

So say the college costs $70K 
Your EFC is $30K 
They give you A financial grant of 25K 
A sub loan of $5K 
A unsubscribes loan of $2500
A work study of $2500

Your total due to college is $35K

This means they came extremely close to your EFC, but.... that is with $7500 of yearly student loans (2500 starting interest immediately) and your kids is work for $2500 back working PT at school, and you still have to come up with $5K more. Not to mention your EFC is usually not realistic unless you have a lot of money saved up.

Our EFC is $33K and we only make $125K before taxes.

Also, you need to apply for FA each year and it will go down if you or your college student make more money. Co-ops don’t count IF you spend the money and not save it past 12 months. Meaning they want you to use it towards school costs. All other internships and summer jobs count against FA.  Also, most colleges increase tuition yearly, but your FA remains the same. So plan on a $1-2 more each year.

RPI gave us a 4yr outlook on costs with acceptance and it is projected to be $78,500 her senior year :(

This is why it really only seems to help the rich.  Or the poor (under $50-80K income depending on private college) who most schools won’t give student loans as form of payment and will cover to EFC with aid.

Middle class families are much better off looking for merit aid as it lasts for 8 semesters and if you or your student make more money, your merit remains the same. Most come with GPA requirements though. So be aware of that. For 99% of kids earning merit packages, this is not an issue.

Hope this helps some. [/quote]

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