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Post by Sprockey on Oct 26, 2017 12:37:52 GMT -5
Completed FAFSA and got the Expected Family Contribution/ EFC number.
What does that mean exactly?
Is it what we are expected to pay (per year?) or not?
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Post by Sprockey on Oct 26, 2017 12:54:07 GMT -5
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Post by realcranky on Oct 26, 2017 13:09:09 GMT -5
It's basically your deductible - what they expect you will plunk down out of pocket before anything else kicks in. And be aware that the "anything else" is more likely to be loans than any sort of grant, unless your income is low enough for a Pell Grant. Actual scholarships are mostly awarded through the college/university, and they typically come off the loan end of your f/a package, not your EFC.
Fun times!
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Post by jen on Oct 26, 2017 13:15:30 GMT -5
Yeah, you're going to be full pay except if he can get merit. Our EFC was nearly 45k. 😂😂😂 As if.
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Post by Sprockey on Oct 26, 2017 13:58:41 GMT -5
realcranky No Pell Grants jen your EFC number was 45000 ?? Don't cry for me Argentina! 
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Post by jen on Oct 26, 2017 14:18:55 GMT -5
Yep. Every cent is going toward tuition. Sold my house and my car and downgraded both
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Post by Sprockey on Oct 26, 2017 14:35:09 GMT -5
UGH
But I'm curious if the number was actually 45000 which means they expected you to contribute 45K
So if my EFC number is 5000 that means they expect me to pay 5k out of pocket (or if the EFC is 25000 they think we can pay $25k)
Is that how that works?
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Post by jen on Oct 26, 2017 15:28:22 GMT -5
Yes
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Post by realcranky on Oct 26, 2017 19:51:34 GMT -5
Yes. And didn’t you do this all before??
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Post by Sprockey on Oct 26, 2017 20:08:33 GMT -5
Yes. And didn’t you do this all before?? I'm supposed to remember what I did 10 years ago?! The only thing I remember is that I didn't understand my EFC score then, either. Lol |
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stl
Full Member
Posts: 633
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Post by stl on Oct 26, 2017 20:21:55 GMT -5
Your EFC number is the amount of money they think you have laying around to pay for college and the amount you wish you had laying around.
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Post by Sprockey on Oct 26, 2017 20:40:10 GMT -5
Perfect lol
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mare
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Post by mare on Oct 26, 2017 21:16:16 GMT -5
Shit. I am not looking forward to this....
Sent from my SAMSUNG-SM-G930A using Tapatalk
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Post by TapToTalk on Oct 26, 2017 21:26:12 GMT -5
Yep. Every cent is going toward tuition. Sold my house and my car and downgraded both That's what you're expected to do to pay for an undergrad degree these days. Yes, the EFC is what they expect the family to pay. They do expect you to take out a mortgage or sell your house.... (I'm a proponent of in state tuition at state schools for undergrad.) |
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mare
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Post by mare on Oct 26, 2017 21:33:08 GMT -5
Yep. Every cent is going toward tuition. Sold my house and my car and downgraded both That's what you're expected to do to pay for an undergrad degree these days. Yes, the EFC is what they expect the family to pay. They do expect you to take out a mortgage or sell your house.... (I'm a proponent of in state tuition at state schools for undergrad.) That's still about 10 to 12K a year. We could swing one but two kids will be stretching it. I have to pick my favorite! Lol. We do have some saved but not enough probably. Damn college is outrageous. Sent from my SAMSUNG-SM-G930A using Tapatalk |
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Post by justthinking on Oct 26, 2017 21:46:45 GMT -5
In state tuition while living at home is $2500 per semester for the first two years for my dd who is commuting with me each day. It's not as fun as campus life, but when she was able to pay cash for her first semester ($300 after scholarships), a sock away a bunch towards those dorm expenses for years 3 & 4, she became a big fan.
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stl
Full Member
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Post by stl on Oct 26, 2017 22:19:38 GMT -5
DS got lucky he earned an academic scholarship that covers full tuition at a state school, he just has to pay the fees. He lived on campus last year but is living at home and commuting this year.
DD will likely get some academic scholarships as well, probably more than DS because her grades and ACT score are higher than his was.
We flat out told both kids we will not be taking out any parent loans for college. Thank goodness for the scholarships.
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Post by Kael on Oct 30, 2017 11:15:42 GMT -5
The school DD will be attending next fall made us fill out the FAFSA in order to get merit based scholarships even though we knew we'd not get any financial based scholarships. That was cruel and unusual punishment.
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Post by maurinsky on Oct 30, 2017 12:06:38 GMT -5
It stands for Expected Family Contribution, but really means Every Fucking Cent
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Post by erin on Oct 30, 2017 12:09:46 GMT -5
Is the EFC an annual number? Or is it a total number? Like one big deductible for the entire degree (4-5 years).
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