Class of 2018 acceptance thread

[JanetC]

I ran a basic EFC calculator for 70k income ($5k/month) and 4 kids, only one in college, no assets; EFC was about $6k. Then I ran NPC for Wisconsin with that EFC and they said COA was about $17k. (I think that's right).

 

I think the issue is just that many state publics don't have a lot of need-based aid. EFC is pretty irrelevant if the school doesn't meet need.

This is exactly why I am always nit-picking at people who use EFC and Net Price interchangeably in their posts. They can be very different!

[teachermom2834]

I ran a basic EFC calculator for 70k income ($5k/month) and 4 kids, only one in college, no assets; EFC was about $6k.  Then I ran NPC for Wisconsin with that EFC and they said COA was about $17k. (I think that's right).

 

I think the issue is just that many state publics don't have a lot of need-based aid.  EFC is pretty irrelevant if the school doesn't meet need.

This. And even at a 100% needs met school if one is truly living paycheck to paycheck then $7000 might as well be $70,000. But certainly many schools would give significant FA at that EFC level.

[Rebecca]

-Nm-

Edited March 5, 2018 by Rebecca

[8filltheheart]

This is exactly why I am always nit-picking at people who use EFC and Net Price interchangeably in their posts. They can be very different!

Except even universities use the term estimated parental (not familial) contribution when unrelated to FAFSA. I think the biggest problem is when people assume FAFSA's number is actually a meaningful number when not connected directly to a university. It isn't.

[Heather in WI]

Heather, I am so sorry to hear about the disappointment your family is experiencing. We are in WI as well and thought I'd suggest UW-Platteville as a school to consider. 

 

 

Thank you so much for your kind words, information, and encouragement. My cousin is a biology professor at Platteville! Honestly, we didn't consider any of the other UW schools, but I think this was short-sighted, and maybe a little high-falutin' of us (me!). Ds did apply to UA-Huntsville yesterday and I'll have him take a look at Platteville today. He's interested in computer science. 

[Heather in WI]

and the posted amt was paycheck which means that health insurance, taxes, retirement, etc were probably all already factored out, not just taxes.

 

Yes, health insurance and taxes taken out. (We pay 50% of health ins and 100% of dental & vision.) The company doesn't have a retirement plan.  :huh:

[teachermom2834]

Heather- I just want to say I think you are being gracious in the face of huge disappointment and people here discussing your finances and application strategy.

 

Good luck!

[Heather in WI]

Unless we know the exact EFC and the budget, and maybe Healther doesn't want us to pick her financial and admissions plans apart right now, there's not much to be done.

 

Haha, normally I'm a super private person. I don't  discuss our finances with anyone and cringed when posting our budget, but I'm desperate! LOL! Yes, paycheck is every two weeks. It does a disservice those in true financial hardship to say we live paycheck to paycheck. We make good $ on paper, but are considered lowest middle class in our area. We live in a 1200 sq ft house in a blue collar neighborhood. I can see Walmart from my backyard. :glare:  We dream of moving south where it's warm and the same $ buys a huge, beautiful house! 

 

This is copied/pasted:

 

(EFC)= 020878

 

Based on the eligibility criteria you may be eligible for the following:

 

Direct Stafford Loan Estimate - $5,500.00

 

I guess we really counted on a service academy/ROTC. Ds has always wanted to do this and while we knew his eyesight was an issue, we thought the waiver would be no problem. I mean, he's wants to do cyber security, speaks Russian, great grades/test scores, Eagle Scout, CAP Deputy Commander, Cyber Patriot Captain, Baseball MVP/All-Conference player, etc. He was picked for a candidate visit weekend and got into the USNA Summer Seminar, the interviewers indicated they thought he'd get in, and the remedial doctors thought everything was fine, and he received a nomination to each academy. Everything was bright and rosy. 

 

I mentioned previously that I started a part-time job this past year (in August.) We had a long talk  and believe that we could pay up to $6,000 a year, so combined with the student loan, we're up to $11,500 a year.

[eternalsummer]

$11,500 plus maybe if he works in the summers could cover room/board at a lot of places, then you're just looking for tuition.

[Grantmom]

He sounds like an amazing kid and I am sure he will do amazing things!  I am so sorry for this big roadblock that landed in front of him.  Is there any chance of an appeal?  If not, maybe he can do very similar things but in private industry instead.  I think there are a lot of private contractors that do similar work for the government, so maybe he can still have the type of career he wants.  Sending good thoughts!!

[Hoggirl]

Yes, health insurance and taxes taken out. (We pay 50% of health ins and 100% of dental & vision.) The company doesn't have a retirement plan. :huh:

I wanted to ask a question here that I don't know the answer to. I'm glad there is a good discussion about EFC v NPC going on. Maybe my question will help others down the road. I believe the CSS Profile removes assets already in retirement *plans* when considering aid. Not future contributions, but those amounts that are designated as such. So, if one is just generically saving money in a way that is not in a recognized retirement account (IRA, e.g.) those assets won't be protected, correct? The EFC ONLY considers income, correct? Not assets. I know the EFC is what is used to determine federal money (Pell grants and whether Stafford loans are subsidized or not).

 

I guess I'm also trying (rambling) to make the point/clarify that whatever one has been contributing to retirement accounts is going to be considered fair game for being used for college. I think this is where the rubber meets the road for many people, especially if one has many children. The expectation is that those contributions can be suspended and redirected toward college costs while the student is in college. It word be one thing for a person to suspend those for four years for one student - quite another over multiple years for multiple students! Additionally, for CSS Profile schools, there is going to also be a ding if $$s for retirement are not IN a designated retirement account. So, if an employer doesn't provide a plan, one should make sure to save for retirement in a some sort of designated plan. Am I getting this?

 

Also, from what I have seen on this board and heard elsewhere, those in the AGI category between $90 and $110k are hit the hardest with the unreasonable EFCs.

[*LC]

Heather,

 

No time for a full post, but check into some of these scholarships.

 

https://www.tripwire.com/state-of-security/featured/10-cybersecurity-scholarships-to-look-out-for/

 

Fingers crossed that it will work out.

 

Would he be eligible for bBucky's Tuition Promise. https://financialaid.wisc.edu/types-of-aid/tuition-promise/

 

Or is he a first generation college student?

https://financialaid.wisc.edu/types-of-aid/badger-promise/

[JanetC]

Except even universities use the term estimated parental (not familial) contribution when unrelated to FAFSA. I think the biggest problem is when people assume FAFSA's number is actually a meaningful number when not connected directly to a university. It isn't.

Don't even get started on all the misleading things colleges say about costs and financial aid....

[JanetC]

I guess I'm also trying (rambling) to make the point/clarify that whatever one has been contributing to retirement accounts is going to be considered fair game for being used for college.

 

 

Retirement assets are not reported on the FAFSA so they are not in your federal EFC. However, assets other than the primary home and your IRS-designated retirement plans are reported and assessed. That includes the parent-owned 529s of all children, not just the one filing the FAFSA. Also investment real estate and your business only if it employs more than 100 people.

 

For the tax year reported on the FAFSA/Profile, your voluntary retirement contribution is added back in to your income, not the value of your entire account.

 

The Profile asks about both your primary home, your retirement accounts, and your businesses without that exemption. Supposedly they just ask about the value in the account but don't assess it? Who knows? The formulas are secret. At least the FAFSA formula is a public regulation anyone can read.

[JanetC]

Ouch -- that 20K EFC still sounds a bit high. Please print out your SAR and check all the numbers line by line. There is a free how to file your FAFSA guide available at edvisors.com if you have questions about how or whether to report something.

 

https://www.edvisors.com/fafsa/book/user-info/

 

But if the EFC is accurate, it's going to be tough getting money from your state schools. Your son has strong potential for merit aid, especially if he has national merit status. The trick is finding places like UAH that are still accepting applications or doing a gap year.

[eternalsummer]

I also can't see how your EFC can be $20k with an income of $70k.  I think it must have been filed incorrectly in some way.  Just looking very briefly at the chart in this article: https://www.forbes.com/sites/troyonink/2017/01/08/2017-guide-to-college-financial-aid-the-fafsa-and-css-profile/#2b07764c4cd4

 

It seems like you'd need an income of $125K/yr to have an EFC that high.

Edited March 2, 2018 by eternalsummer

[Jazzy]

If he’s a national merit finalist, he qualifies for tuition plus $5,500 per semester plus $6,000 study abroad at UT Dallas. They are still accepting applications and still have several preview days open. With this, he might not even need the loan.

 

https://honors.utdallas.edu/nmsp

 

The school also has full tuition awards based primarily on test scores:

 

https://aes.utdallas.edu/prospective-freshmen/awards

Edited March 2, 2018 by Jazzy

[freesia]

I also can't see how your EFC can be $20k with an income of $70k.  I think it must have been filed incorrectly in some way.  Just looking very briefly at the chart in this article: https://www.forbes.com/sites/troyonink/2017/01/08/2017-guide-to-college-financial-aid-the-fafsa-and-css-profile/#2b07764c4cd4

 

It seems like you'd need an income of $125K/yr to have an EFC that high.

 

No, it's possible. We do not have an income of $125,000 and ours is 23,000.  We do have equity in rental property (bc we live on a church property the rental value of which is credited to us as income--but it's not actual money).  Even our combined actual salary plus housing is way below $125, 000.  Our equity is not shielded bc we don't live in the house we own.  The PP might have assets in savings.

 

PP, I think the amount you pay to pay off your credit cards and the amount you use for music lessons  and retirement is money they want you to use for college.  To pay our EFC, we would have to cut out any and all ECs for our other children, all online classes, cut out vacation, save nothing for retirement and draw from savings.  Colleges assume you have been saving for college and that you will forgo all extras to pay for it.

 

It does drive me crazy that they don't adjust for COL, though.  Friends are shocked at the cost of living where I live.  It is insane and impacts the amount of available cash we have as well as the mythical salary we have from the house we live in.  And, of course, any outside activity my kids are in is 150% what it would be anywhere else--at least.

[Joker]

Our EFC didn't line up with any of the charts I looked at prior. Our income is pretty straight forward with only dh working. We have no special or complicated income or money to report. I definitely filled out the form correctly and our EFC was still a good $6000 higher than most of the charts. It's really not a big deal for us since we told ds to mostly just look at state schools but I'm not longer confident in any of those charts.

[eternalsummer]

I did assume no equity or other assets.  I thought that if you had equity in a home or assets or savings, they wanted you to use some of that to fund college, and that makes sense to me.  If your job is being paid in income other than strictly cash, I can see how they count that as income too (because if you're not paying rent, presumably you have the $ you would have paid in rent to spend for college).

 

But if you're just living paycheck to paycheck, have no money in savings, no significant equity in a home, and are making $70k a year, I can't see how the EFC can be $20k.  That makes me nervous for our eventual EFC!

[teachermom2834]

I also can't see how your EFC can be $20k with an income of $70k. I think it must have been filed incorrectly in some way. Just looking very briefly at the chart in this article: https://www.forbes.com/sites/troyonink/2017/01/08/2017-guide-to-college-financial-aid-the-fafsa-and-css-profile/#2b07764c4cd4

 

It seems like you'd need an income of $125K/yr to have an EFC that high.

Not to get too personal in Heather's business but based on what she has written I think her income is significantly more than $70K.

 

The EFC is still not reasonable for her to pay but I don't think she filed her FAFSA incorrectly. Her EFC makes sense to me, unfortunately.

Edited March 2, 2018 by teachermom2834

[JoJosMom]

I wanted to ask a question here that I don't know the answer to. I'm glad there is a good discussion about EFC v NPC going on. Maybe my question will help others down the road. I believe the CSS Profile removes assets already in retirement *plans* when considering aid. Not future contributions, but those amounts that are designated as such. So, if one is just generically saving money in a way that is not in a recognized retirement account (IRA, e.g.) those assets won't be protected, correct? The EFC ONLY considers income, correct? Not assets. I know the EFC is what is used to determine federal money (Pell grants and whether Stafford loans are subsidized or not).

 

I guess I'm also trying (rambling) to make the point/clarify that whatever one has been contributing to retirement accounts is going to be considered fair game for being used for college. I think this is where the rubber meets the road for many people, especially if one has many children. The expectation is that those contributions can be suspended and redirected toward college costs while the student is in college. It word be one thing for a person to suspend those for four years for one student - quite another over multiple years for multiple students! Additionally, for CSS Profile schools, there is going to also be a ding if $$s for retirement are not IN a designated retirement account. So, if an employer doesn't provide a plan, one should make sure to save for retirement in a some sort of designated plan. Am I getting this?

 

Also, from what I have seen on this board and heard elsewhere, those in the AGI category between $90 and $110k are hit the hardest with the unreasonable EFCs.

 

My DD is a sophomore, we're just starting this process, so forgive my ignorance.  What EFC are you talking about? Is there an EFC that is connected to the FAFSA? The only EFCs that I've encountered so far are estimations on the websites of individual schools. And the variation there has me :willy_nilly: .  (I was, however, pleasantly surprised by a couple which exclude the parents' primary residence and retirement income from the calculation. That will open some doors for us.)

[freesia]

I did assume no equity or other assets.  I thought that if you had equity in a home or assets or savings, they wanted you to use some of that to fund college, and that makes sense to me.  If your job is being paid in income other than strictly cash, I can see how they count that as income too (because if you're not paying rent, presumably you have the $ you would have paid in rent to spend for college).

 

But if you're just living paycheck to paycheck, have no money in savings, no significant equity in a home, and are making $70k a year, I can't see how the EFC can be $20k.  That makes me nervous for our eventual EFC!

 

No, you don't have the money that you would have paid in rent to spend to college.  Your salary is reduced bc housing is provided.  In our case, our housing allowance (which includes the house) comes to more than our actual take home salary (so adding about %120)  ( say if our salary was $10, our housing is worth $12 more)We can't take that $12 and say we will live somewhere cheaper and spend $6 on college.

 

Unfortunately paying down credit cards and paying for music lessons is not considered living pay check to paycheck.

[8filltheheart]

I guess we really counted on a service academy/ROTC. Ds has always wanted to do this and while we knew his eyesight was an issue, we thought the waiver would be no problem. I mean, he's wants to do cyber security, speaks Russian, great grades/test scores, Eagle Scout, CAP Deputy Commander, Cyber Patriot Captain, Baseball MVP/All-Conference player, etc. He was picked for a candidate visit weekend and got into the USNA Summer Seminar, the interviewers indicated they thought he'd get in, and the remedial doctors thought everything was fine, and he received a nomination to each academy. Everything was bright and rosy.

He sounds like an incredibly strong applicant. I think the point to learn from this experience is that the application list was too dependent on being accepted via military programs and that the backup schools didn't check off all of the appropriate boxes for safety schools, especially the financial aspect.

 

One possible option if Platteville and UAH don't work out would be for him to take a gap yr and create a better list based on academic merit vs ROTC. It sounds like he would be a good candidate for competitive merit scholarships if his transcript and test scores are as strong as his ECs.

[eternalsummer]

I see, that is kind of a pickle!  Not many people have a rent or mortgage payment that is 60% of their income, and presumably if you were getting all of it in cash you'd live somewhere cheaper, so it kind of sucks that it's calculated that way.

 

I agree that paying for music lessons isn't exactly living paycheck to paycheck, but I also don't know where you'd get an extra $20k/yr out of an income of $70k with 4 kids.  I mean, I know that you can do it, but it seems pretty extreme.  Especially since I thought I just read something saying Wisconsin was giving free tuition to families making less than $56k/yr - it seems kind of unreasonable to expect someone making $70k to pay more than $14k/yr, in that case.

 

 

[teachermom2834]

I see, that is kind of a pickle! Not many people have a rent or mortgage payment that is 60% of their income, and presumably if you were getting all of it in cash you'd live somewhere cheaper, so it kind of sucks that it's calculated that way.

 

I agree that paying for music lessons isn't exactly living paycheck to paycheck, but I also don't know where you'd get an extra $20k/yr out of an income of $70k with 4 kids. I mean, I know that you can do it, but it seems pretty extreme. Especially since I thought I just read something saying Wisconsin was giving free tuition to families making less than $56k/yr - it seems kind of unreasonable to expect someone making $70k to pay more than $14k/yr, in that case.

First, I don't think Heather's income is $70K.

 

Second, EFC is not determined on the basis that Heather's family can pull $20,000 out of income for college. It is determined on the basis that Heather can pull $20,000 out of a combination of savings, income, and borrowing.

 

I don't agree with the process but that is what EFC is based on. Ability to pay from past, present, and future earnings- regardless of if that is reasonable.

[freesia]

I see, that is kind of a pickle!  Not many people have a rent or mortgage payment that is 60% of their income, and presumably if you were getting all of it in cash you'd live somewhere cheaper, so it kind of sucks that it's calculated that way.

 

I agree that paying for music lessons isn't exactly living paycheck to paycheck, but I also don't know where you'd get an extra $20k/yr out of an income of $70k with 4 kids.  I mean, I know that you can do it, but it seems pretty extreme.  Especially since I thought I just read something saying Wisconsin was giving free tuition to families making less than $56k/yr - it seems kind of unreasonable to expect someone making $70k to pay more than $14k/yr, in that case.

 

Oh, I agree totally.  Like I said above, we *can* pull 23,000 from the actual take home, but we would be absolutely bare bones around here.  It's not the college's problem we have 3 other kids and homeschool them (instead of me working).  However, it grieves me that there is no way my kids can go to the type of schools my dh and I went to (and we earn a comparable salary to my dad).

 

And yes, as the post above says, they assume savings and loans and student work.  (Although the 23,000 is after student loans are calculated--so the student would borrow 5500 and work on campus for 2200 and after all that you would need to borrow and work and pull from saving for the rest).

 

I try to remember that my children can go to college for sure using the local CC and SUNY school.  I just feel like things have reverted to life 100 years ago where only to rich can afford to go to the elite schools.  Sure some 6% admittance schools that will be covered fully if he gets in (and some are schools his great-uncles, aunt and grandfather went to). But let's be real--the ECs required to be competitive cost A LOT of money.

 

We applied to many 2nd tier schools with high scholarships.  The front runner now is going to cost us about 13, 000 after loans  (but before using any savings or summer work)  It has a good honors program and I am convinced ds will get a good education there.  It does not have name recognition or a greater student body with the stats ds has.  But it will be fine. He will do well.

 

 

[RootAnn]

Heather- I just want to say I think you are being gracious in the face of huge disappointment and people here discussing your finances and application strategy.

:iagree: 

 

Another lesson (one that constantly comes up) is that EFC doesn't equal the amount you can actually pay and doesn't equal the amount a college is required to cover (in loans/grants/scholarships). (And, I, for one, am thankful to Heather for her real life example and didn't mean to make the topic continue, especially since I'm sure it does make her nervous.

 

Heather - I hope UAH or Plattview comes up with a workable plan. If not, I agree with 8 that he might want to consider a gap year.

[Matryoshka]

But if you're just living paycheck to paycheck, have no money in savings, no significant equity in a home, and are making $70k a year, I can't see how the EFC can be $20k. That makes me nervous for our eventual EFC!

I've heard many, many people say that their EFC comes out to about one-third of their gross income (ours did) so that doesn't seem it all out of the ballpark.

[Hoggirl]

Not to get too personal in Heather's business but based on what she has written I think her income is significantly more than $70K.

 

The EFC is still not reasonable for her to pay but I don't think she filed her FAFSA incorrectly. Her EFC makes sense to me, unfortunately.

Exactly. This was why I referenced AGI - "Adjusted Gross Income." The number Heahter provided is her net or "take-home" amount after all taxes (federal, state, FICA) and health insurance premiums are withheld. Everyone is looking at it as her having an EFC of approximately $20.000 based on her net/take-home amount of approximately $70,000. For better or worse, I *believe* it's determined based on one's gross amount. Edited March 2, 2018 by Hoggirl

[Hoggirl]

Retirement assets are not reported on the FAFSA so they are not in your federal EFC. However, assets other than the primary home and your IRS-designated retirement plans are reported and assessed. That includes the parent-owned 529s of all children, not just the one filing the FAFSA. Also investment real estate and your business only if it employs more than 100 people.

 

For the tax year reported on the FAFSA/Profile, your voluntary retirement contribution is added back in to your income, not the value of your entire account.

 

The Profile asks about both your primary home, your retirement accounts, and your businesses without that exemption. Supposedly they just ask about the value in the account but don't assess it? Who knows? The formulas are secret. At least the FAFSA formula is a public regulation anyone can read.

Yes, I was unclear. What I meant was, if one usually contributes $5,000 per year to a retirement plan, that contribution of $5,000 (not the assets that have already been accumulated in the retirement account) going forward will be considered available for college costs. It, the music lessons, and several other things people have mentioned are considered discretionary spending. Right?

[Hoggirl]

My DD is a sophomore, we're just starting this process, so forgive my ignorance. What EFC are you talking about? Is there an EFC that is connected to the FAFSA? The only EFCs that I've encountered so far are estimations on the websites of individual schools. And the variation there has me :willy_nilly: . (I was, however, pleasantly surprised by a couple which exclude the parents' primary residence and retirement income from the calculation. That will open some doors for us.)

I am not the person to ask as we are full-pay. Forgive me if I caused confusion. Perhaps I used the wrong terminology by commingling "EFC" with the FAFSA. Eek! I'm sorry. Yes, some schools consider primary residences in their Net Price Calculators in determining their EFCs and some don't.

[8filltheheart]

Heather, one word of caution, this is your oldest and you have 3 younger kids. Do not take on more than you can handle without any negative impact on your daily life with your younger kids **and** your ability to offer them equal amts of assistance as you offer the oldest.

 

This is a very fine line to cross. Is it fair to tell younger siblings you can't afford ECs when the older kids got to do them? Is it fair to help an older silbling's costs and then end up in a financial crisis where that amt is snowballing bc it is times multiple kids and then the younger kids can't be assisted?

 

I can't tell from how you have worded your posts, but if you haven't been putting at least $6000/yr toward retirement, you cannot afford to pay $6000/yr toward college costs. You need to start funding some sort of retirement savings before you pay for college bc with 4 kids, you will never start saving and the $$ will all be spent on them.

 

There are cheap ways for top kids to attend college for low costs. Your scenario sounds like you need to make that your top priority. UAH, if your ds qualifies for charger excellence, fits that description. Charger distinction is still probably too much. Is he NMF? That will still qualify for scholarship $$ at some schools.

[JanetC]

Yes. There is an EFC returned by the FAFSA. It's not obvious. They don't actually put a dollar sign on it, but it is an EFC.

 

The Profile does not return an EFC. However, the College Board EFC estimator will estimate it. Big caveat that Profile schools tweak the formulas as they see fit. Don't count on that being your amount even at a meets full need school.

 

Think of EFC as how much need do I demonstrate? If you do not demonstrate enough need given your college budget, you need to hunt for low price tag and merit aid options,

 

Think of NPCs as telling you - given the need I demonstrate (and often the merit, too -- NPCs will ask about stats), what cost of attendance will the college offer and how do they expect me to pay it? (Grants, cash, loans, work-study, etc.)

[JoJosMom]

I am not the person to ask as we are full-pay. Forgive me if I caused confusion. Perhaps I used the wrong terminology by commingling "EFC" with the FAFSA. Eek! I'm sorry. Yes, some schools consider primary residences in their Net Price Calculators in determining their EFCs and some don't.

 

Don't apologize! YOU didn't cause the confusion; it just IS confusing! :ack2:  I hope someone who's been there, done that clarifies the terminology.

 

I'm 99% sure that my plan at this point is to win the lottery sometime in the next two years. That's realistic, isn't it? :blink:

Edited March 3, 2018 by JoJosMom

[8filltheheart]

Yes. There is an EFC returned by the FAFSA. It's not obvious. They don't actually put a dollar sign on it, but it is an EFC.

 

The Profile does not return an EFC. However, the College Board EFC estimator will estimate it. Big caveat that Profile schools tweak the formulas as they see fit. Don't count on that being your amount even at a meets full need school.

 

Think of EFC as how much need do I demonstrate? If you do not demonstrate enough need given your college budget, you need to hunt for low price tag and merit aid options,

 

Think of NPCs as telling you - given the need I demonstrate (and often the merit, too -- NPCs will ask about stats), what cost of attendance will the college offer and how do they expect me to pay it? (Grants, cash, loans, work-study, etc.)

 

I sort of disagree with this description b/c it leads to confusion that the FAFSA EFC actually defines any financial parameters. When a family is looking at just that number in isolation, it really doesn't tell them anything.  It has to be connected to a specific school for the number to have any informational value.

 

I know Janet knows this, but I am posting this for clarity for those who are new to the process. FAFSA is a federal tool.  It is used by the federal gov't to determine whether or not a family's financial situation qualifies them for Pell grants, possibly FSEOG, and subsidized student loans (up to a maximum of $3500 freshman yr.) There are a few more specifics, but they are less common and can be read about here https://studentaid.ed.gov/sa/types

 

By far, the vast majority only use FAFSA for those parameters.  If your EFC as calculated by FAFSA is $8600, then that absolutely does NOT mean that is what your college costs are going to be.  That is why I say the number by itself is meaningless.   For a small # of schools that meet 100% of demonstrated need, your need as defined by FAFSA or FAFSA plus the CSS or FAFSA plus their own financial worksheet will determine your costs as defined by them.  They meet need, but it is their definition of your need.

 

Most publics do not meet need.  UNC, UVA, UMich are publics that I think do.  But most are going to only offer Pell and loans.  Then you have a spectrum of schools that meet some need.  They sort of straddle somewhere between only offering Pell to offering institutional grants that are somewhere not quite meeting full need.

 

Understanding how your family's financial situation is seen by every single school is what it takes b/c they are all different.  Some calculate a percentage of home equity; some don't.  Some cap the % of home equity.  Money that you aren't taxed on bc it is going into retirement savings is added back to your income b/c they expect you to use that $$ toward college expenses.  Some will take overlapping college kids into consideration and split the familial contribution costs approx 60/60.  Some don't offer any institutional aid, so those overlapping kids mean nothing.  Older siblings and younger siblings that aren't in college may or may not impact your familial contribution (we have never seen a difference.)

 

So, knowing your FAFSA EFC is really only helpful as a number if you don't have assets and FAFSA is a pretty clear picture of your financial situation and how your need MIGHT be defined by meets 100% full need schools.  (If non-custodial parents are involved, FAFSA might not help here at all, either, bc FAFSA doesn't ask about NCP income and most universities are going to require that info.)

 

This article is not up to date about specific schools, but it will give an idea about how home equity impacts your expected contribution:

http://www.thecollegesolution.com/will-your-home-equity-hurt-financial-aid-chances/ 

 

Here is a list of 100% meets need schools: http://blog.collegegreenlight.com/blog/colleges-that-meet-100-of-student-financial-need/ (And remember, what you think you can afford has absolutely nothing to do with this definition.)

Edited March 2, 2018 by 8FillTheHeart

[JanetC]

This article is not up to date about specific schools, but it will give an idea about how home equity impacts your expected contribution:

http://www.thecollegesolution.com/will-your-home-equity-hurt-financial-aid-chances/

 

If you click on the orange Home Equity Spreadsheet link in that article it's pretty recent.

[Heather in WI]

And, I, for one, am thankful to Heather for her real life example and didn't mean to make the topic continue, especially since I'm sure it does make her nervous.

 

 

I am totally dying here!!! I'll happily go back underground when this is all over!!!

 

He sounds like an incredibly strong applicant. I think the point to learn from this experience is that the application list was too dependent on being accepted via military programs and that the backup schools didn't check off all of the appropriate boxes for safety schools, especially the financial aspect.

 

One possible option if Platteville and UAH don't work out would be for him to take a gap yr and create a better list based on academic merit vs ROTC. It sounds like he would be a good candidate for competitive merit scholarships if his transcript and test scores are as strong as his ECs.

 

Yes, I think you're correct about not spreading ourselves more. The academies (applied to USMA, USNA, USAFA, and USCGA) were crazy intense applications. Then, for ROTC, you had to apply to at least five schools with ROTC programs. We picked strong computer science schools with both NROTC and AROTC (UNC-Chapel Hill, Purdue, Texas A&M, UW Madison, and Marquette) to kill two birds with one stone, but that was 5 more applications. (Can't remember now which ones were common app, but I know not all of them were.) Then, he applied to a few Christian colleges as backup (Covenant, Wisconsin Lutheran, Grove City.) He had to be cajoled and pushed and ... strongly nudged to get those done and he took f.o.r.e.v.e.r as he was just done writing out essays and filling out applications by then. Baylor was applied to recently and then UA-Huntsville yesterday(?) Was it yesterday already? Or two days ago? The days are starting to blend together! The application fees +cost to send SAT +cost to send ACT add up! And, for ACT we had to send multiple ones (which each are a separate fee!) for colleges that superscore.

 

He's not a national merit scholar.  I begged and pleaded with private and public schools in our area for him to be able to take the PSAT and every single one said no. Even the two schools that let him take AP tests, said no to PSAT. The one change I would petition {decision maker} to make is to make the PSAT as easy to sign up for as the ACT/SAT. It's not really fair when so much college merit aid is available to those who are able to take it. 

[8filltheheart]

He's not a national merit scholar. I begged and pleaded with private and public schools in our area for him to be able to take the PSAT and every single one said no. Even the two schools that let him take AP tests, said no to PSAT. The one change I would petition {decision maker} to make is to make the PSAT as easy to sign up for as the ACT/SAT. It's not really fair when so much college merit aid is available to those who are able to take it.

I wish you had posted this back during his jr yr. You could have petitioned the NMC to consider an SAT score if you had contacted them with this dilemma. They do on occasion allow students to replace the PSAT with an actual SAT test. :( Too late now, but I am posting in case anyone else who is reading this runs into this issue, bc yes, it is a lot of $$ at stake.

[Heather in WI]

Heather,

 

No time for a full post, but check into some of these scholarships.

 

https://www.tripwire.com/state-of-security/featured/10-cybersecurity-scholarships-to-look-out-for/

 

Fingers crossed that it will work out.

 

Would he be eligible for bBucky's Tuition Promise. https://financialaid.wisc.edu/types-of-aid/tuition-promise/

 

Or is he a first generation college student?

https://financialaid.wisc.edu/types-of-aid/badger-promise/

 

We're not eligible for the second and third, but the cyber scholarships look interesting. Thank you!

[Heather in WI]

I wish you had posted this back during his jr yr. You could have petitioned the NMC to consider an SAT score if you had contacted them with this dilemma. They do on occasion allow students to replace the PSAT with an actual SAT test. :( Too late now, but I am posting in case anyone else who is reading this runs into this issue, bc yes, it is a lot of $$ at stake.

:crying:  :crying:  :crying:  I wish I had, too. 

[GoodGrief]

I am totally dying here!!! I'll happily go back underground when this is all over!!!

 

 

Yes, I think you're correct about not spreading ourselves more. The academies (applied to USMA, USNA, USAFA, and USCGA) were crazy intense applications. Then, for ROTC, you had to apply to at least five schools with ROTC programs. We picked strong computer science schools with both NROTC and AROTC (UNC-Chapel Hill, Purdue, Texas A&M, UW Madison, and Marquette) to kill two birds with one stone, but that was 5 more applications. (Can't remember now which ones were common app, but I know not all of them were.) Then, he applied to a few Christian colleges as backup (Covenant, Wisconsin Lutheran, Grove City.) He had to be cajoled and pushed and ... strongly nudged to get those done and he took f.o.r.e.v.e.r as he was just done writing out essays and filling out applications by then. Baylor was applied to recently and then UA-Huntsville yesterday(?) Was it yesterday already? Or two days ago? The days are starting to blend together! The application fees +cost to send SAT +cost to send ACT add up! And, for ACT we had to send multiple ones (which each are a separate fee!) for colleges that superscore.

 

He's not a national merit scholar.  I begged and pleaded with private and public schools in our area for him to be able to take the PSAT and every single one said no. Even the two schools that let him take AP tests, said no to PSAT. The one change I would petition {decision maker} to make is to make the PSAT as easy to sign up for as the ACT/SAT. It's not really fair when so much college merit aid is available to those who are able to take it. 

 

It's so hard. People tended to be a little...disapproving or something...about my last daughter's huge list of schools, but we needed the big money too, and there were just SO many variables. The wide net really did seem necessary. But the essays and keeping up with the various deadlines are absolutely tiresome in the middle of a busy senior year.

 

I wish I had caught you before he did Baylor; given your needs, I don't think that one is going to be doable financially, as he missed the deadline for the big scholarship competition.

 

In your situation, I would be very tempted to give a gap year serious thought, with the goal of getting an early start on putting in a new set of applications for the following year. He could save money as well, which might help the financial part of the equation.But let's hope the right situation opens up for him this season!

 

[Heather in WI]

It's so hard. People tended to be a little...disapproving or something...about my last daughter's huge list of schools, but we needed the big money too, and there were just SO many variables. The wide net really did seem necessary. But the essays and keeping up with the various deadlines are absolutely tiresome in the middle of a busy senior year.

 

I wish I had caught you before he did Baylor; given your needs, I don't think that one is going to be doable financially, as he missed the deadline for the big scholarship competition.

 

In your situation, I would be very tempted to give a gap year serious thought, with the goal of getting an early start on putting in a new set of applications for the following year. He could save money as well, which might help the financial part of the equation.But let's hope the right situation opens up for him this season!

 

 

No, we found out about it and he applied before the deadline (was it Feb 1st, I think?). He won the Presidential Gold Scholarship, Need based Baylor Scholarship, Work-Study, and the $5500 in loans ... so, $34,400.00 in scholarships/loans a year which is amazing! But, expects parents to pay $28,892 per year.  This is one that kills me that he couldn't take the PSAT because they offer a full ride for National Merit Scholars.  

 

Thank you though. I totally get the disapproval from others thing. I didn't tell anyone we were applying to that many schools as it felt insane at the time. Now, I wish we had applied to more. 

[Jazzy]

UTD can be very generous with merit aid. If his SAT score is high, you might qualify for full tuition. They use Apply Texas, so it should be an easy app if you’ve already done some Texas schools.

[daijobu]

 

 

 

I guess we really counted on a service academy/ROTC. Ds has always wanted to do this and while we knew his eyesight was an issue, we thought the waiver would be no problem. I mean, he's wants to do cyber security, speaks Russian, great grades/test scores, Eagle Scout, CAP Deputy Commander, Cyber Patriot Captain, Baseball MVP/All-Conference player, etc. He was picked for a candidate visit weekend and got into the USNA Summer Seminar, the interviewers indicated they thought he'd get in, and the remedial doctors thought everything was fine, and he received a nomination to each academy. Everything was bright and rosy. 

 

 

 

 

Then this is not only his loss, but a loss for our country.  

[JanetC]

UTD can be very generous with merit aid. If his SAT score is high, you might qualify for full tuition. They use Apply Texas, so it should be an easy app if you’ve already done some Texas schools.

 

The UTD merit aid deadline was March 1st -- you'd have to call and see if they would be flexible.

[GoodGrief]

No, we found out about it and he applied before the deadline (was it Feb 1st, I think?). He won the Presidential Gold Scholarship, Need based Baylor Scholarship, Work-Study, and the $5500 in loans ... so, $34,400.00 in scholarships/loans a year which is amazing! But, expects parents to pay $28,892 per year.  This is one that kills me that he couldn't take the PSAT because they offer a full ride for National Merit Scholars.  

 

Thank you though. I totally get the disapproval from others thing. I didn't tell anyone we were applying to that many schools as it felt insane at the time. Now, I wish we had applied to more. 

 

Just an FYI on Baylor, for future readers. They have an event called Invitation to Excellence. The student has to apply EA (I believe the deadline was November sometime, but can't recall precisely now. Your son would have been too late for it if he just completed his app in January). At the time my daughter did it, I *think* there was a separate application for invitation to Excellence to be done at that time as well. Regardless, it's an invite-only event for high achievers. They give out a certain number of full tuition scholarships during that event, which, for National Merit Finalists, can be stacked to create a full ride. The basic NMF scholarship at Baylor is actually only full tuition, not a full ride, without the competitive Faculty Scholarship.

 

The two Invitation to Excellence events occur in November and January, with scholarships announced in February. My daughter attended but was not chosen for a Faculty Scholarship, and the housing cost made Baylor a little much for us, even with the National Merit scholarship. t was a really neat event though, and I believe there is a $2000 automatic scholarship just for attending.

[PinkyandtheBrains.]

It's so hard. People tended to be a little...disapproving or something...about my last daughter's huge list of schools, but we needed the big money too, and there were just SO many variables. The wide net really did seem necessary. But the essays and keeping up with the various deadlines are absolutely tiresome in the middle of a busy senior year.

 

I wish I had caught you before he did Baylor; given your needs, I don't think that one is going to be doable financially, as he missed the deadline for the big scholarship competition.

 

In your situation, I would be very tempted to give a gap year serious thought, with the goal of getting an early start on putting in a new set of applications for the following year. He could save money as well, which might help the financial part of the equation.But let's hope the right situation opens up for him this season!

 

 

 

I am agreeing with this, a gap year might be really helpful. A chance to regroup and apply to schools who can meet your needs. 

[eternalsummer]

Heather, I just want to say thank you for being so willing to talk about all of this openly and frankly - your finances, how you applied to schools and what you were thinking, his qualifications, all of it.  We're looking at a situation similar to yours - we have an EFC and cannot or will not (depending on your perspective, but it works out the same for our kids) pay it.  I keep thinking to myself, don't worry, you've got this figured out, it will be fine - but truthfully, it's a mountain to climb with a lot of obstacles and I don't have it all figured out.

 

The PSAT thing is really unfortunate.  I can't believe so many schools won't let homeschooled kids take the test at their schools, and that they're allowed to not let homeschoolers take it.  We pay the same taxes public schoolers pay!  All I want is for my kids to be allowed to go sit quietly for a test a few times a year.  Grr.

 

I would also really consider a gap year if he doesn't find something suitable this spring.  He's such a good candidate for good merit aid at so many schools, even without the NM status.

[Eos]

My "honorary" kid is accepted at Unity and Warren Wilson so far - so happy for him!  

 

I've always referred to the ones I mentor and mother and worry over as my "extra" kids, but I like Faith Manor's use of "honorary" better.