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EFC
Financial Aid Case Studies
Low Income Families
Family Income of $32K and no Assets (John McDermott)
Medium Income Families
Family Income of $50K and no Assets (Olivia Vargas)
High Income Families
Family Income of $200K and $450K In Investments (Danielle Cassidy)
Family Income of $100K and $50K In Investments (Peter Higgins)
John McDermott
John lives with his parents and two brothers in an apartment in Tulsa, Oklahoma. His older brother is in college.
John is a good student.
His father earns $32,000 a year and has no investments. John has no money saved for college.
Based upon the completed FAFSA, his family's EFC is:
| Parents: | $818 |
| John: | $0 |
| Total EFC: | $818 |
John's parents are eligible for federal aid, and John is eligible for a Federal Pell Grant in the amount of $2,450. In addition, John and his parents can expect significant state and institutional aid in the form of grants. Due to his good academic standing, John may also be eligible for scholarships.
Olivia Vargas
Olivia lives with her parents in Los Angeles. Her father is 50 and her mother 49. She is an only child and will be the only member of her family in college.
Her father earns $50,000 a year; her mother is at home. They have no investments and live in an apartment, so have no home equity. Olivia has saved $400 for college.
Based upon the completed FAFSA, her family's EFC is:
| Parents: | $4,456 |
| Olivia: | $0 |
| Total EFC: | $4,456 |
While her parents will not be eligible for federal need-based aid, Olivia may be eligible for need-based aid at her college choices, including state aid, institutional grants, non-need-based merit scholarship money, and loans.
Danielle Cassady
Danielle lives with her parents in Paramus, NJ. Both her parents are 45 years old. Her two older brothers are already in college. Danielle is a good student with a GPA of 3.25.
Danielle's parents' income is $200,000 and they have $450,000 in investments. They also own their home. Danielle has saved $6,000 toward college expenses.
Based upon the completed FAFSA, her family's EFC is:
| Parents: | $25,739 |
| Danielle: | $2,100 |
| Total EFC: | $27,839 |
Although Danielle's family has a high income and significant assets, their EFC is lower because of the two older brothers in college. While her parents are not eligible for federal or state aid, Danielle may be eligible for merit-based institutional scholarships, and external scholarships.
Peter Higgins
Peter lives with his parents in Boston. His father and mother are both 42 years old. His older sister is in college and his mother is a part-time student.
His father earns $100,000 a year, and his parents have $50,000 in investments. They own their home. Peter has saved $1000 for college.
Based upon the completed FAFSA, his family's EFC is:
| Parents: | $9,032 |
| Peter: | $350 |
| Total EFC: | $9,382 |
While his parents are not eligible for need-based aid, Peter is likely to be eligible for institutional scholarships, loans, as well as external scholarships.