FAFSA EFC number shock! [Expected Family Contribution]

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badProgrammer
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Re: FAFSA EFC number shock! [Expected Family Contribution]

Post by badProgrammer » Sat Jun 23, 2018 12:53 pm

livesoft wrote:
Sat Jun 23, 2018 12:39 pm
badProgrammer wrote:
Sat Jun 23, 2018 10:18 am
Bryan Caplan (George Mason economist) makes some great points about some of this in his Case Against Education - he looks at marginal utility and suggests that engineering is a really bad idea if you think there's any possibility of wanting to have a social life during those 3-4 years. He suggests that kids who will likely want or have a social life consider majoring in finance/econ instead, since the marginal difference in starting salary is relatively minor but the likelihood of finishing is much higher,
I have to laugh at the above paragraph which boils down to "Economist Professor says major in Economics." He'd be out of a job if he didn't attract students to major in Economics.

My daughter got an engineering degree. Believe me: She has had no problems ever with a social life. Indeed, she has too much of a social life. Of course, she would have a great social life if she had been an Econ major, too. OK, that's an anecdote. I admit it.
You're right, and I think Caplan calls his own bias in the podcast interview. :) That said, his regressions are available if you want to check his quantitative evidence.

Speaking of anecdotes, I was reflecting recently that at least three of our close female friends who were engineers switched to other things (teaching, business, marketing). Two of them basically said that working in an industrial plant sucks and they didn't want to live in the places where they'd have to live to do that work.

Back to randomguy's point...plans change.

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teen persuasion
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Re: FAFSA EFC number shock! [Expected Family Contribution]

Post by teen persuasion » Sat Jun 23, 2018 4:20 pm

    blevine wrote:
    Sat Jun 23, 2018 10:37 am
    Private schools where my kids applied and got merit, and there were a few, NONE asked for fafsa as a requirement for the merit.

    And of the public schools they applied, 3 gave merit, and only 1 of the 3 asked for fafsa.

    So my experience, fafsa was not necessary in most cases.
    My academic full scholarship stipulated that I apply for all need based aid I was eligible for, and the scholarship was reduced by that amount each year. It was a PITA, because TAP and PELL were estimated and subtracted, and never the correct figure, so every year I had to get my scholarship amount corrected before I could finalize my payments. So I definitely had to file a FAFSA.

    When DS4 was a HS senior, at least one school offered an automatic $250 scholarship if we filed a FAFSA before xx/xx/xxxx date.

    I'm not sure about the schools the other kids have attended/applied to - we were looking at both merit and need based aid, so we had no reason to avoid the FAFSA.

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    SurfCityBill
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    Re: FAFSA EFC number shock! [Expected Family Contribution]

    Post by SurfCityBill » Wed Jun 27, 2018 12:12 pm

    Many years ago in NY all my friends parents were filling out applications for TAP (Tuition Assistance Program). Don't know if it still exists. We weren't wealthy but comfortable. I told my dad that he needed to do it too. He just looked at me with a slight smile and shook his head. I thought he was crazy or just lazy about filling out paperwork.

    Now all these years later, I'm looking at the FAFSA and my EFC and I now understand where my dad was coming from.

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    queso
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    Re: FAFSA EFC number shock! [Expected Family Contribution]

    Post by queso » Wed Jun 27, 2018 12:13 pm

    SurfCityBill wrote:
    Wed Jun 27, 2018 12:12 pm
    Many years ago in NY all my friends parents were filling out applications for TAP (Tuition Assistance Program). Don't know if it still exists. We weren't wealthy but comfortable. I told my dad that he needed to do it too. He just looked at me with a slight smile and shook his head. I thought he was crazy or just lazy about filling out paperwork.

    Now all these years later, I'm looking at the FAFSA and my EFC and I now understand where my dad was coming from.
    When I was a boy of fourteen, my father was so ignorant I could hardly stand to have the old man around. But when I got to be twenty-one, I was astonished at how much he had learned in seven years.

    :)

    Jack FFR1846
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    Re: FAFSA EFC number shock! [Expected Family Contribution]

    Post by Jack FFR1846 » Wed Jun 27, 2018 12:30 pm

    Bryan Caplan (George Mason economist) makes some great points about some of this in his Case Against Education - he looks at marginal utility and suggests that engineering is a really bad idea if you think there's any possibility of wanting to have a social life during those 3-4 years. He suggests that kids who will likely want or have a social life consider majoring in finance/econ instead, since the marginal difference in starting salary is relatively minor but the likelihood of finishing is much higher.
    I guess that econ professor isn't good with numbers. $67.5k vs $48.5k isn't what I'd consider minor.

    https://www.aeaweb.org/resources/studen ... s/earnings
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    BozoBogle
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    Re: FAFSA EFC number shock! [Expected Family Contribution]

    Post by BozoBogle » Fri Dec 28, 2018 12:30 am

    queso wrote:
    Wed Jun 27, 2018 12:13 pm
    SurfCityBill wrote:
    Wed Jun 27, 2018 12:12 pm
    Many years ago in NY all my friends parents were filling out applications for TAP (Tuition Assistance Program). Don't know if it still exists. We weren't wealthy but comfortable. I told my dad that he needed to do it too. He just looked at me with a slight smile and shook his head. I thought he was crazy or just lazy about filling out paperwork.

    Now all these years later, I'm looking at the FAFSA and my EFC and I now understand where my dad was coming from.
    When I was a boy of fourteen, my father was so ignorant I could hardly stand to have the old man around. But when I got to be twenty-one, I was astonished at how much he had learned in seven years.

    :)
    This is perhaps the sweetest, yet wisest comment, I have every heard about the impetuous notions of youth. Bravo!

    NotWhoYouThink
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    Re: FAFSA EFC number shock! [Expected Family Contribution]

    Post by NotWhoYouThink » Fri Dec 28, 2018 11:24 am

    Mark Twain thought so.

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    GoldStar
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    Re: FAFSA EFC number shock! [Expected Family Contribution]

    Post by GoldStar » Fri Dec 28, 2018 11:37 am

    NotWhoYouThink wrote:
    Sat Jun 23, 2018 10:00 am
    coquette wrote:
    Sat Jun 23, 2018 8:55 am
    Many programs require a FAFSA just for normal operation to get any aid including merit based aid. I know the instinct is to avoid it but it can cause hiccups for your student in competition for merit based fellowships or even small awards.
    Many?? I've heard of one or two, maybe. So probably "a few." And since you know where you'll be applying and have access to the internet, you can check whether your program is one of the few and act accordingly.
    Zero of the colleges my kids applied to required it. Some said they did, but then when asked, said they really didn't (and just strongly recommended it in case we wanted an unsubsidized loan) and said they wouldn't use the data for merit-based aid. And, merit scholarships were received.

    Ask the colleges to whom you are applying.

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    chipperd
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    Re: FAFSA EFC number shock! [Expected Family Contribution]

    Post by chipperd » Fri Dec 28, 2018 4:12 pm

    Update:
    So this year, (12/2018) with child 1 a frosh and child #2 just committed ED/track, our EFC is down to $13,100. Go figure.
    Child #2 at full need small university in waltham, ma, will pay $16k. Child #1 at different small university in the same town will pay about $22k.

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