<p>Are you sure she would get a full scholarship with FAFSA? If you have substantial savings I would not expect this to be the case, depending on your definition of substantial of course. If you are in your 50s I would expect any savings over $50-60k to affect the EFC at a rate of about 5.6%. There is a formula on FAFSA where assets are ignored, but often small business owners are not eligible for that because one of the possible requirements is that you are eligible to file a 1040A/EZ return (though eligibility for means tested benefits or a dislocated worker status can also work).</p>
<p>As far as profile is concerned, each school uses data their own way. If you have substantial assets they probably will affect you with profile schools. Also the treatment of business expenses losses may be treated differently by profile schools (ie some may be disallowed). If FA is an important issue, I would suggest not applying ED. You have no way of comparing offers from different schools so would be making the decision blindfolded. You might get a better offer elsewhere. Or you could turn down an ED offer because of insufficient aid, and then find it was your best offer. You have no way of knowing.</p>