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Money and Finances
Reply to "Is there a calculator or benchmark for how much college we can afford?"
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[quote=Anonymous]OMG. Most of you know nothing about how this works. OP, go join Paying For College 101 on Facebook and read all the posts you can stomach for about 2 months. Read the recommended books and articles. Leiber, Selingo, Colleges That Change Lives, etc... Your EFC is irrelevant if you're middle class or earn more than that. It only matters for low income people who might qualify for a Pell Grant. Our EFC was about $65K. Sounds like a lot. But the school my kid chose only costs $50K and they got a merit award (not based on family income/assets) for $15K. So, even though our EFC is $65K we spent $35K/year. Creating a smart and strategic list of schools to apply to will be how you set parameters on what you'll have to spend annually. Very few people pay full price at any private school ranked below 50. Google Jeff Selingo to understand why. [/quote]
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