Financial Aid = cost of attendance (COA) - expected family contribution (EFC)
COA is published by every school, it includes tuition + books + food + lodging. Even tuition is only $20K, the other cost could easily be 30K so let's say your cost of attendance is $50K.
EFC = parent's income x 47% (roughly for highest level of income) + parent's asset x 5.64% + student income x 50% + student asset x 20%.
1. Lower income might have percentages between 22% to 47% for EFC, I am just using the highest for simplicity.
2. For your EFC calculation, parent's income is after-tax,
In your case,
let's say your after tax income is $300K. Your asset is 1 mil, let's say student has no income or asset.
your EFC = 300K * 47% + 1000K * 5.64 = 134K + 56K = 190K.
If you have three kids, you have COA of 50K x 3 = 150K.
You will have no financial aid.
