My EFC was $9000, but my college expects me to pay $25,000. The school also promises to meet 100% of students’ need. Is this gap normal or should I contact the Financial Aid Office?
Was the $9,000 EFC from FAFSA? If so, the school, in distributing it’s own money, will calculate it’s own EFC separately from what FAFSA has calculated, and very often these school calculated EFCs are different than what FAFSA has calculated.
The EFC was from FAFSA, but the school’s FA Handbook states that they use the same formula as FAFSA to calculate EFC
What school is it? Does the school require the Profile form?
Dartmouth and yes
If Dartmouth simply used the FAFSA EFC, why would they need the Profile?
What did Dartmouth’s net price calculator say? Dartmouth probably determines its EFC its own way instead of just using the FAFSA method.
Also, note that the net price often includes a student contribution (work study and/or federal direct loan) in addition to parental contribution.
Using Dartmouth’s calculator my EFC was even lower $2800
Then it is time to ask Dartmouth.
From Dartmouth’s Financial Aid Handbook:
We may determine that due to certain circumstances not accounted for by the FAFSA, a family’s financial strength is different from that reflected by the Federal Methodology calculation. We use an Institutional Methodology and our professional judgment to determine eligibility for Dartmouth’s scholarship funds. To gain the additional information required to analyze each case, all first-time aid applicants must also file the CSS Profile…
So no, Dartmouth does not use the same formula as FAFSA to calculate EFC.
Reread the above. Federal Methodology is used for FEDERAL FUNDS(Pell, SEOG, loans, work study), not Dartmouth scholarships.
Is there a way to see how Dartmouth calculated need?
Do your parents own your primary residence? If so, how much equity is there in the property? The most recent information I can find says that Dartmouth considers home equity in the financial aid process, up to 1.2 X income. FAFSA completely ignores primary home equity.
Did you file CSS Profile?
Do your parents own a business? Or take business deductions?
Do your parents own a business? Are they self employed? Do they own rental properties?
Are your parents divorced?
Is there any chance there is a mistake on your Profile? Dartmouth most definitely uses the Profile to determine the awarding of institutional need based aid. I would start by checking your Profile to make sure everything was entered correctly.
As in the exact Institutional Methodology formula that Dartmouth uses to calculate institutional aid? I very strongly doubt it. But if you come across it, please post it here.
You say your income is about $60,000 a year. But what about your assets??
Sounds like you must have filled out CSS, but there is something listed there that D considers as a money source.
Home equity?
A family-owned business?
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As others have posted, Dartmouth is using information from the CSS Profile to calculate your award.
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If you have questions about the formula, the way to resolve them is to contact someone at the financial aid office and have them go over the numbers with you. There is always the possibility of a mistake somewhere. In my experience with other schools, the financial staff won’t provide you with the exact formula, but they will go over your situation and tell you in general terms what figures are contributing to an increase in their expected contribution amount over FAFSA EFC.
Dartmouth only uses the FAFSA to determine your eligibility for federal aid (PELL Grants, SEOG, FWS, perkins loans, etc). Dartmouth uses the CSS Profile, which takes a more in-depth look at your family’s financial picture to determine your eligibility for their own institutional aid.
There are things that are not included on the FAFSA, like equity in your primary home, but this is considered on the CSS Profile.
Dartmouth’s direct cost are $66,174 (tuition, room board, fees) they calculate the cost of attendance at $69,474.
Things that you may have overlooked?
Is this $60k income for a job?
Do your parents put monies into a tax deferred savings for retirement (401k/403B, etc)? Your contributions are added back in and considered income?
What are your parents assets (money in the bank, stock, 529s, etc) this will be calculated into your overall EFC
Are both of your parents married to each other and living together (if not, you will have had to also submit the CSS non custodial profile)
Are either or/both of your parents self employed or business owners?
Do you have a farm?
Do you have property outside of your primary home?
IS there any kind of rental income?