foxyeconomist wrote:musicfor18 wrote:foxyeconomist wrote:My EFC was $50k! Considering I made $0 last year and my parents made almost $50k, so I'm not sure where they think the money is coming from. Oh well.
What was your EFC as listed on your SAR?
$0. My parents do live in San Francisco, so their house is worth quite a bit. They have $1m in investments - that unfortunately is not in a retirement account, but that's what the money is for. I have not received financial assistance from my parents for 6 years - I'm 28. Asking them for $50k annually would be asking them for more than what they earn per year. Actually it would be more since tuition is not tax deductible. So they would have to take money out of their retirement savings instead of contributing to it. Grrr.
I'm in a similar situation and had the same concerns. It turns out the "EFC" that USC posts is simply the number difference between the estimated total cost of attendance (like $70k) minus your scholarships+stafford loans. That number can be made up with Grad PLUS loans, and isn't what your parents have to contribute for you. You can still borrow up to the cost of attendance, and even beyond that with personal loans.