Hi. So I was recently accepted to Northeastern University and I looked at the financial aid package. It says my family contribution is $20,000 but when I filed the FAFSA, the EFC was $7,900. I filled out the CSS Profile but I used the same numbers. How could there be such a huge difference?
What other assets do you have that might not have been included on the Profile? Are you self employed?
I have no other assets besides the home I live in and am not self-employed.
Your primary home equity? Is that significant?
EFC means little to a school that doesn’t meet need. NEU doesn’t meet need. Most schools do not meet need because they don’t have a huge pile of money to give away.
Your FAFSA EFC is a federal number. The school doesn’t really care what the FEDS say your EFC is…why would it? The feds don’t control what schools give because the schools CAN’T often give.
This school is unaffordable. Move on…Where else did you apply?
Actually, mom2. Northeastern IS meeting full need this year for the first time.
@thumper1 I’m not sure what you mean by if it’s significant. @mom2collegekids So then they expect me to take out that much in loans? Sigh. I applied to some more affordable state schools but NEU was one of my top schools. Thanks for the help
Our EFC was 9K lower on all of the financial forms and the NPC as compared to my son’s FA award’s EFC.
Colleges do not have to meet 100% of need, some say they do, others do not.
Equity in a house matters for CSS Profile and not for FAFSA, so the CSS Profile EFC would be higher I expect.
You received a $25k merit award, which is likely most of the “free money” that you were given. This is rather typical for many schools that give large merit. They “give” what they can to high stats kids via merit (you had an ACT 34), and then they likely gave you a loan and maybe some work study.
I really wish that FAFSA made it quite clear to people that it is just a federal form and colleges ONLY need to use it to determine if you qualify for fed aid. You don’t qualify for fed grants…your EFC is too high. But even if you did, Fed grants are SMALL amounts, anyway.
FAFSA is just too misleading to people. They use the EFC jargon and people think, “oh, this is all I have to pay. The college will give me the rest.” uh no. Colleges don’t usually have the money, especially for modest income people. The feds can’t require schools to make up the difference.
This was announced in April 2014.
Sarbear…if NEU uses home equity in your fiancial aid calculation, that could add something to your family contribution. I don’t know the %age of home equity NEU uses, but that could add a significant amount to your family contribution.
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Actually, mom2. Northeastern IS meeting full need this year for the first time.
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If that is true, and NEU uses CSS profile, then their claim can be rather hollow. Unless this student’s home equity is making the difference (and that may be so), then NEU feels that it “met need” by assuming the family could borrow against their equity.
@sarbear how much home equity do you have?
Do they take the two EFC’s and meet in the middle or something?
Then they don’t even really care about the FAFSA then and just what the CSS Profile reports?
When my parents bought it, it was 240k and now it’s value is 215k. They still owe 170k.
@thumper1
Can you link that change?
I can only find this…
THE NORTHEASTERN PROMISE
In these uncertain economic times, we know families are concerned about financing a private college education. That is why at Northeastern, we have created the Northeastern Promise. Under the Northeastern Promise, we guarantee the following for the new Undergraduate Day students:
Northeastern University grant and scholarship funds are guaranteed not to be reduced (for up to eight in-class semesters).*
Northeastern University need-based grant funds will be increased annually at the same percentage rate as the increase in tuition.
If your family experiences a significant negative financial change we will reevaluate your financial aid package.
*Students must file the FAFSA each year and meet satisfactory academic progress standards to be eligible for Northeastern University Grant funds. Students must maintain the minimum cumulative GPA required to be eligible for any scholarship funds.
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Do they take the two EFC’s and meet in the middle or something?
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NO, not at all. CSS Profile is what they MOSTLY use. FAFSA would ONLY be used to see if you qualify for any fed aid. PERIOD>
If NEU does meet need, then that is how NEU has defined your need using CSs.
If NEU doesn’t meet need, then they have gapped you.
There you go. This initiative was announced in April…and was all over the news in New England. NEU now pledges to meet full need. They are doing this ahead of the schedule they had outlined.
To the OP…get out your Profile and check all the numbers. Make sure you didn’t enter something incorrectly.
@thumper1 okay. I guess I’ll do some comparisons and double check everything
Very few schools define need as FAFSA EFC. Only certain publics that are fafsa only. Superaid schools like the Ivys give a lot and may come in near there, maybe not depending if there is a noncustodial parent. Colleges like NEU calculate your need using CSS and aren’t super generous. Even though NEU is now meeting need, they define the need. Also they make a promise for families that are lower income, if you fall under that. Did you ever run the Net Price Calculator on NEU website? Run that and see if it is better than what you were awarded. Then you will have something to appeal.
So then I have a question. Does the CSS Profile expect that since you bought the house, you’d be willing to sell it to pay for college? And that’s why the EFC is increased?