imeverywoman Posted July 16, 2010 Share Posted July 16, 2010 education made any of you seriously consider your plans for private vs. public education? Heck, I'm even considering local university and having my kids commute. Quote Link to comment Share on other sites More sharing options...
creekland Posted July 16, 2010 Share Posted July 16, 2010 EFC is the Estimated Family Contribution, or, in short, what the Gov't determines your family should pay for college before any Gov't subsidized need based loans or grants would take effect. This is based on the FAFSA - financial aid form and counts income and savings. Colleges can do what they like with their institution given aid, but they can't offer any Gov't based or subsidized aid IF the cost to the student and parents falls below the EFC. Even if Grandparents send money to the college for Junior, that counts as a scholarship (commonly referred to as an MGM scholarship - My Grand Mother) and does NOT reduce an EFC - meaning what grandma sends in could take away other subsidized aid. Grandma would have to send money to the student (gifts up to 11K - maybe more - per year per person are allowed without tax issues) and the student or parents need to send it to the college (from themselves) to count toward the EFC. Some colleges try to meet all need up to the EFC. Some don't give a hoot about it. Some give more (but it can't be Gov't subsidized). Some aid can be loans, not just grants - not all that helpful in the end. And, after our experience, I agree with those that say to look for a school where your student is in the top 25% of students attending that tends to offer aid to get the best value. Having your student major in something the school is actively promoting also helps - as do various intriguing extra-curriculars, etc, that make for an interested student that the college wants to attract. Our private college is costing us less than the local state school would, and it's my son's first choice! I'm glad we let him apply, but we had a backup plan if the school had remained unaffordable. Quote Link to comment Share on other sites More sharing options...
imeverywoman Posted July 20, 2010 Author Share Posted July 20, 2010 Just when I thought I knew what I was doing, along comes high school! There is so much more to learn now. Thank you for helping me along the way. :) Quote Link to comment Share on other sites More sharing options...
creekland Posted July 20, 2010 Share Posted July 20, 2010 We all start at the beginning at one point. I've found this board to be a superb source for learning the ropes. Since we're speaking of financial aid, many colleges also use a separate Profile to determine need. I've yet to get involved with that one, but others can add more. Hubby and I both went to an excellent large Public U. My oldest chose very small private and got the extra aid needed to attend (less cost than public). My middle son will be considering both options as will my youngest when the time comes. The best advice I can give is research, visit, apply, see what financial aid is offered, then decide. The fit is so good for my oldest that I'm really glad we had an open mind about his preferences. Prior to his search, our plan was that all three of our boys would follow in our footsteps... It took me a while to get over that "dream," but in the end, their life is theirs, not mine, and if I've no "real" reason to object to their choices (academics, affordability) then it's time I got on board with their dreams. I'm looking forward to seeing where life takes each one! Quote Link to comment Share on other sites More sharing options...
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