<p>I am debating between two schools, which are about equal financially, but it's not enough. I am currently appealing and my family would be happy with a grant of even a few thousand dollars. We are in the middle class range, and the FAFSA says our expected family contribution is about 45,000. I called the financial aid office of one of the schools to ask about appealing, and was told by a financial aid counselor that my expected family contribution according to the CSS said 75,000. I have been trying to find this value on my online CSS profile, but am unable to see any kind of report. Can someone point me in the right direction? Also, how is this large of a difference possible, if the information was the same for each site? Thank you!</p>
<p>Profile does not calculate an “EFC” figure. The school just tells you what they are willing to give you. At least the awards I’ve seen have been formulated that way.</p>
<p>FAFSA and Proflie can use completely different methodolgies and PROFILE numbers can differ among schools. A major difference is that FAFSA does not include the home equity in a principle residence, whereas PROFILE schools often do, but they can differ from school to school as to what the caps are if any. If you have your own business, PROFILE schools can look at the financials in many different ways. If you have a non custodial parent, FAFSA schools will not look at their assets and income; PROFILE usually will. Some PROFILE schools will include some sheltered assets like 401 K monies, money in siblings accounts.value of cars, and really anything a school feels like using. They are also free to give allowances that you won’t get off of your FAFSA EFC, such as tuition for private schools for younger kids, and consideration for certain situations where there is simply no budging the federal methodology. The individual schools can do what they want with their money, is what it comes down to, whereas with the FAFSA numbers, the laws are very much in place and determined by federal law.</p>
<p>So you have to request a conference with the financial aid officer to go over your information and find out how they got a number so much higher than your FAFSA EFC. From each school in question. though you filled out one CSS PROFILE, the two schools each could have pulled questions and numbers from it that the other school did not.</p>
<p>Thank you very much for the detailed answer! I’m the first college-bound child in our family, so this is all new territory for me and my parents.</p>
<p>One way you can see is to try the net price calculator for the colleges that use the CSS Profile. That will give you an estimate of what THAT school feels your family can pay…and what need based aid they might offer you.</p>
<p>It sounds like your schools have determined that your family contribution is in excess of the cost of attending. That being the case, they cannot offer you need based aid because you have no need.</p>
<p>If your FAFSA EFC is $45,000, your family income is between $150,000 and $200,000 a year…is that right? </p>
<p>If the school has computed a family contribution that is $30K higher…there could be many reasons…home equity (if it’s a Profile school), or if your family owns a business it is possible that business expenses were added back in as income.</p>
<p>You’re right about the income bracket, but I have tried using the net price calculator for the colleges and it estimates a lower family contribution than what the financial aid package actually is.
I asked about merit aid at one of these universities, but was told that it depends on a combination of merit and financial need. I am hoping that if I appeal, I may be granted some merit/need aid. Thank you for the input!</p>
<p>If you just need a few thousand dollars, you can take an unsubsidized Stafford loan of $5500. It’s unlikely you’ll be given a need based grant.</p>
<p>Unless these are different, loans still have to be paid back. At this point, I am hoping for merit-based aid. I guess it was unrealistic to expect need-based aid…</p>
<p>It’s also unrealistic to expect merit at this point in the process. What are the school? And yes, loans need to be paid back.</p>
<p>If either of your parents is self-employed or has a job where they take “business deductions” then that could also explain why the NPC wasn’t accurate.</p>
<p>BTW…with that income, you’re not “middle class”…you’re at least upper middle class.</p>
<p>Here is what I recommend you do and what I would do. Ask to go over your PROFILE application with a counselor at each of the schools, so you understand exactly how each school calculated your expected family contribution and why it is different from the FAFSA EFC. FInd out if there is wiggle room on those numbers at all. Maybe not for this year, but for future years. See if there is any money, merit/aid awards still availabe at each school and ask about next year as well. If there is something sitting there that makes a big difference in calculations, it may be something that can be rearranged for next year’s aid calcultations. </p>
<p>Take out a Stafford loan for the few thousand dollars difference. When you pick your school, get to know the financial aid people there and consult with them in the fall when they are not as busy about NEXT year’s awards. Truly, I don’t think you will get far with this year’s situation, but if you get to know the system of a particular school and those running it, your chances may go up if something crosses their paths that pertain to you. I was on financial aid when I went to colleges, as was my DH and you had better believe those officers knew both of us. We made sure that they did so that we were first on the list if anything came up that might pertain to us. It can make a difference.</p>
<p>I really have learned so much about the financial aid process this year. Thank you, everyone, for all the advice. We will meet with counselors at both schools, to inquire about changing my plan for future years. We suspect that the difference between the EFC values may be due to home equity, but will know for sure once we discuss with the counselors. Thanks!</p>
<p>If it is the home equity causing the issue, perhaps there are some outstanding bills that can be paid to lower that amount by using a home equity loan. Maybe use it to pay your tuition this year. Just taking out the loan and having the money sit there is not going to help you. Also messing with home equity can be dangerous. BUt if it is what is making the difference in financial aid and is an easy enough fix, then perhaps something should be done. But you have to know how the numbers were calculated, so you can address those issues and find out what difference you can make.</p>
<p>Do these schools even guarantee to meet financial need? Because if they don’t, even if you “correct” the situation, it is possible that you won’t get more in subsequent years, because, frankly the best packages go to the freshmen to lure them to the school.</p>
<p>One school promises to meet full demonstrated financial need, but the other does not. This is the school that told me our EFC is 75,000. My parents consulted with a financial specialist who also advised us to not mess around with home equity, so the next step is meeting with FA counselors just to gain an understanding of each schools’ process and see how likely it is that the plan may be modified for future years. Thanks</p>
<p>I can see from your other posts that you’re pre-med. You do not want to borrow for undergrad as a pre-med student since med school is so expensive.</p>
<p>What are your financial safeties.</p>