I will be a freshman in college next year. My parents are divorced so it was decided that my mother will be the sole provider for all of my expenses. My mother bought a home for $700,000 in 2007, but because of the market the homes around us have been dropping to $400,000 sometimes $300,000. However, i am worried that my mom makes too much for me to get financial aid...she makes $120,000 a year and pays around $40,000 in taxes. I tried a EFC calculator and it came out to $24,000. I thought my EFC would be much lower than that because even though she makes "a lot" of money she has a mortgage to pay with no equity. So, she basically really has no money....
Is that EFC pretty much what i'm expected to pay?
Sorry if it's a stupid question since i calculated my EFC, i just don't understand this whole financial aid or know how the EFC calculated. oh, she also doesn't want to take out anymore loans since she has a big loan on the home we live in (she bought this home because the high school i am attending is a good school) she also just got this job that pays her that much last year, so she really isn't that rich.
thankyou
Orignal From: Could i get any financial aid?
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