Question: If my stepfather, who makes over $300,000 a year, goes through a foreclosure within the next year, will this affect our EFC? The EFC is over $30,000, so I won't get any financial aid, but my parents say they don't have the money to pay for my college now. I haven't been able to find any scholarships that I would be eligible for. I don't know if loans are my only option or not. Do you have any advice for me?
Given your stepfather's high income, it is highly unlikely that a foreclosure-in-progress will affect your Expected Family Contribution, unless the foreclosure is on a property from which he derives a large chunk of his income (e.g., if he owns a big apartment complex which produces significant income for him, and it's that complex which is now in foreclosure).