yes, EFC should be 33% of AGI, 1/4 is even a good number.

it is expensive to go to the college

It's very important to use the college's own Net Price Calculator. Need calculation often involves more than just what's in FAFSA. You can play around with the NPCs anonymously, try different numbers, etc.

FAFSA EFC, by itself, cannot be relied upon as a estimate of what you would pay!

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.

The specific school’s Net Price Calculator will be the most accurate. Your Expected Financial Contribution is made of of past earnings (savings) + current earnings (income) + future earnings (loans).

Anonymous wrote:

Anonymous wrote:

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

Remember, the idea is that you saw this coming and were saving for it. Not that you pay it from each year’s earnings.

\\

THe FAFSA asks for your last three year's earnings, but assumes that you've been making this for the last seventeen years.

No it doesn’t.

It simply does not take the early years into account.

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?

Every school has a net price calculator that can tell you your EFC. College Board has a calculator that can tell you your EFC, too.

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

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.

Anonymous wrote:

Anonymous wrote:

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

Remember, the idea is that you saw this coming and were saving for it. Not that you pay it from each year’s earnings.

\\

THe FAFSA asks for your last three year's earnings, but assumes that you've been making this for the last seventeen years.

Even better is we have one in college and one going in. Our income has gone down to Covid (company wide 30% reduction) and our EFC went up! It is really is a crappy system.

Anonymous wrote:

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

Remember, the idea is that you saw this coming and were saving for it. Not that you pay it from each year’s earnings.

Yeah, if you expect to cashflow this, it'll be a problem. But not if you've planned.

Anonymous wrote:

Anonymous wrote:

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

Remember, the idea is that you saw this coming and were saving for it. Not that you pay it from each year’s earnings.

\\

THe FAFSA asks for your last three year's earnings, but assumes that you've been making this for the last seventeen years.

I just completed it, and it only asks for 2019 earnings.

Anonymous wrote:

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

Remember, the idea is that you saw this coming and were saving for it. Not that you pay it from each year’s earnings.

\\

THe FAFSA asks for your last three year's earnings, but assumes that you've been making this for the last seventeen years.

My parents made about $100k back in 1993, and I got zero financial aid.

Anonymous wrote:How do you find out your EFC?

https://myintuition.org/
This site will give you an estimate for the schools that they list.

It is always shocking , when you first see it!