<p>I am using the Collegeboard EFC calculator and got two different numbers for EFC based on the federal methodology (FM) and institutional methodology (IM). For the purposes of estimating how much a college would cost, which one should I look at?</p>
<p>FM is for schools that only use FAFSA to determine need
These schools are generally public institutions.
IM is for schools that use FAFSA and either PROFILE ( through COllegeBoard) or their own forms, or both.
<a href="https://profileonline.collegeboard.com/index.jsp%5B/url%5D">https://profileonline.collegeboard.com/index.jsp</a></p>
<p>For estimating how much a college would cost, you need to pick the college. You then use the EFC based on FM to find out how much in Pell grant/subsidized Stafford loan you are guaranteed. ALso if your state has some grants, look and see what your EFC will get you in that respect. That is all the FM is good for. The rest is up to the college as to how much more they will give to meet your need. If your state school has some guaranteed scholarships based on your academic situation, you can throw that in the mix.</p>
<p>Most private schools will cost you what they charge minus the government money you can get minus whatever these colleges feel like giving you. If they meet full need, the will use the EFC from the IM to define need. If they give merit awards that you can get, that may enter the equation. You are rarely guaranteed anything. Need can also be met by loans, not grants.</p>
<p>Oh okay, thanks.</p>