I'm a parent of a class of 2015 student. I'm running the numbers and basically, if she doesn't get substantial merit aid, we are screwed. Our EFC, while I understand it's a calculation, if we paid that amount each year, we'd need to never have a car payment, possibly sell our home and get something smaller and cheaper, reduce our savings to a level that is extremely scary considering all of the unknowns of middle age and the economy. And all for one of our three children to attend one year of college. It's depressing.
Our child is on the border of being eligible for significant merit aid. Current ACT (1X, taking again in Sept) of 27, GPA 3.98, salutatorian candidate in a school with rigorous criteria for salutatorians and valedictorians, several AP courses, NHS, band and color guard extraordinaire. Aside from eating beans and rice indefinitely, taking all other children out of their activities, and liquidating reasonable assets that we've worked our rears off for, what do parents do? I feel like we're being penalized for working hard, saving money, and raising good kids! We're now beginning to think, which schools, even if subpar, might provide the most merit aid and provide the right degree programs (engineering)? My spouse is an engineer, and has strong opinions about engineering schools. But debt to this degree scares me. It's just not the same world it was when we graduated 20-25 years ago. Can anyone out their calm my worries?
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