Understanding FAFSA Anticipated Family Contribution

[Mickeyluver37]

My DD is a freshman in HS so we have a few years, but I just did one of those EFC calculators online, and our EFC is estimated at close to 30K! Wow! I know several of you have said that it doesn't just look at this year, but DH and I are really still fairly early on in our careers so assuming that we've made this much for her whole life and have been able to save accordingly would be erroneous. In fact, I doubt our own student loans will be paid off when she gets to college, but obviously that's not a factor on the FAFSA.

She does have a small 529, and I didn't even enter that on this calculator. I guess our EFC will actually be higher, and there is NO WAY we will be able to absorb that all with monthly payments, either.

 

[linnylu]

Mickeyluver37, you are in a good position because you are already thinking about this now. I recommended a book earlier that would be great for someone with a freshman in college. The book gives good tips about ways to lower your EFC- all legally

Also, now is the perfect time if your student is willing to start thinking about the ACT/SAT. There are a number of workbook and practice books out there to help students prep. I have a freshman in college and a senior in high school. Both took the ACT and SAT at the end of their sophomore year so we would know exactly how much they needed to prep. My ds is my oldest. He scored a 28 his sophomore year, but needed a 31 for a pharmacy program. He ended up taking a prep class since he wouldn't study on his own and ended up scoring a 33. That SAT score did more for him than his decent gpa and helped him earn a $26,000 a year scholarship to his private university- we pay $20,000 a year. He never could have gone without it.

My current senior in high school took the ACT and SAT the end of her sophomore year and saw that her math score was the lowest. She was willing to do practice tests on her own. She is a national merit semi-finalist and will most likely be going to college with tuition, board, and a stipend all provided. A number of colleges have offered her full tuition- no they aren't Ivy Leagues, but she will get out of
college without debt. It's those SAT and ACT scores that will get the merit money to many colleges- not the high gpa.

I am editing this to add that our EFC is over $30,000 a year. There is no way we could pay that. I am proud of my children for working hard for the merit scholarships that they've received.

 

[bluesaturn]

Mickeyluver37, you are in a good position because you are already thinking about this now. I recommended a book earlier that would be great for someone with a freshman in college. The book gives good tips about ways to lower your EFC- all legally

Also, now is the perfect time if your student is willing to start thinking about the ACT/SAT. There are a number of workbook and practice books out there to help students prep. I have a freshman in college and a senior in high school. Both took the ACT and SAT at the end of their sophomore year so we would know exactly how much they needed to prep. My ds is my oldest. He scored a 28 his sophomore year, but needed a 31 for a pharmacy program. He ended up taking a prep class since he wouldn't study on his own and ended up scoring a 33. That SAT score did more for him than his decent gpa and helped him earn a $26,000 a year scholarship to his private university- we pay $20,000 a year. He never could have gone without it.

My current senior in high school took the ACT and SAT the end of her sophomore year and saw that her math score was the lowest. She was willing to do practice tests on her own. She is a national merit semi-finalist and will most likely be going to college with tuition, board, and a stipend all provided. A number of colleges have offered her full tuition- no they aren't Ivy Leagues, but she will get out of
college without debt. It's those SAT and ACT scores that will get the merit money to many colleges- not the high gpa.

I am editing this to add that our EFC is over $30,000 a year. There is no way we could pay that. I am proud of my children for working hard for the merit scholarships that they've received.

I would caution students to stay on top of that GPA though, and not rely on good test scores. A significant discrepancy between SATs and GPA could be a bad sign to colleges. Why does this student have a high aptitude, but his/her grades are not reflecting those capabilities? I know you didn't imply people should forget about GPA, but I just thought I'd mention it.

In high school I lived in a high cost of living area and everyone I knew had incredibly high EFCs. And we were all very middle class too. I think my parents' was at least a quarter of their income. And they don't own businesses, don't have rental properties, etc. Most of my friends ended up at state schools (as did I) and no one received significant financial aid. Honestly, I think parents are better off expecting nothing regarding aid and preparing for the "worst" financially speaking. Then if those scholarships come through you are pleasantly surprised.