My parents made about 65,000 this year. How much financial aid will I get. What would our EFC be?

Question

My parents are the rich rich type, but they do make quite a bit of money because of the new business my dad started, but all the money goes right back into the business. I'm scared of how I will pay for college, and I can't find out how to determine my EFC. There's 5 people in my family. Does anyone know how to determine the EFC then? Say if i go to Stanford with a 50,000 cost of attendance, will I get no financial aid?

Answer 1

You might get some, but it probably won't be much.  My parents were poorer than that and I was only going to recieve a few thousand.

Answer 2

5000

Answer 3

You would probably get quite a bit at Stanford which has excellent financial aid. $65,000 is considered low income there. Your only issue may be if they value the business above what the income from it is, which is very possible. Stanford uses a more inclusive methodology than FAFSA, and businesses can be viewed as assets with value beyond just income thrown off. Stanford will also look at other assets such as your home if you own one that FAFSA doesn't consider. But unless your family has unusual assets for their income, you should get a boat load of aid at any private college that meets 100% of need such as Stanford.

For a pretty good idea, try the calculator on Princeton's financial aid web site, it's a good one and their policies are similar to Stanford's.

Answer 4

Not to be mean but 65K is not "rich".....but anyways go to the financial aid website and answer the questions....but to get financial aid you got to be really poor. Your parents are okay, not rich, not poor.