EFC

The Devil’s in The Debt

Okay, high school seniors … let’s summarize. You probably have piled somewhere, the results of your college quest: the good news (acceptances) and the not so good news (rejections) or, possibly worse, waitlistings. Waitlistings seem to be the tool of choice these days with highly competitive colleges. You can read my thoughts on waitlists elsewhere ...

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Juniors: Look Ahead to Paying for College

Today I’d like to address high school juniors and their parents. We’re nearing the end of another school year. After classes end for you this spring, you will become “rising” seniors. Hopefully, during this junior year, you had a chance to begin (or continue) your discussions with your parents about your college process. If you ...

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Are We Too Rich to Afford College?

Question: I believe that my income is outside the range ($400,000) of any need-based aid from any school.  Am I correct?  I know this sounds like a dumb question, but netting $240k after taxes with high living expenses in a major metro area…$60k is a big chunk that is not really affordable without taking at ...

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Will Separated Dad’s Income Be Counted at FinAid Time?

Question: My ex and I have been separated for 9 years but have never gotten divorced. My ex pays child support, but I have full legal and physical custody. My income is $40,000 and by the time our son starts college, I expect my ex to be retired, relying on a substantial pension and 401 ...

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Why Do Merit Aid Applications Ask About EFC?

Question: On a MERIT based scholarship, why do they ask for the EFC? My husband and I have been very frugal and have enough money saved for a college education for our 2 children. However we want our kids to apply for MERIT based scholarships, (they meet the criteria, hard working, extra activities, great grades ...

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Is Extra Income for Mom Worth a Higher EFC?

Question: My son has a decent financial aid package with a large grant, work-study, and subsidized Stafford and Perkins loans. (We’re debating whether to take the unsubsidized loan for $2K because of the interest rate, which is at the moment worse than a home equity line would be.) We want to keep his loans to ...

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Help … Our EFC is Way Too High!

Question: I receive disability payments but the online EFC calculator tells me that our family ‘s Expected Contribution is $33,000. This is impossible for us as I have no extra money after paying my bills and no savings. Can speaking to the financial aid office help? My daughter has all A’s and good sat scores ...

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