<p>FM: Federal Methodology
IM: Institutional Methodology</p>
<p>I am calculating for an estimated amount of aid I can receive via FAFSA but want to know if it's worth filing for because I think my parents make too much for me to be eligible for aid. I'm using the College Board's Financial Aid Calculator to find that out.</p>
<p>The FAFSA does not give you aid. The only thing the FAFSA does is qualify you for federal aid: pell grants, seog grants, federal work study, perkins loans and stafford loans.</p>
<p>maximum pell grant (with 0 EFC) = 5550</p>
<p>Min pell grant if eligible 500
Max stafford loan freshman year 5500 (3500 subsidized , 2000 unsubsidized)
Federal work study, SEOG grants and Perkins loans - varies by school.</p>
<p>The CSS profile or the schools own financial aid form will be used to determine how schools give out their own institutional aid. This also varies from school to school. Keep in mind the the vast majority of schools do not meet 100% of demonstrated need.</p>
<p>You need to use the FM calculator to estimate your FAFSA EFC. The one at the College Board website is usually accurate. If you want a better estimate, print out the full FAFSA formula at <a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/101310EFCFormulaGuide1112.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/101310EFCFormulaGuide1112.pdf</a> and work through it at home. This will let you see how specific factors affect your EFC.</p>
<p>Use the IM calculator to estimate your CSS Profile EFC.</p>
<p>^^While the IM estimates based on the Profile numbers, be aware that each school takes your Profile information and uses their own FA calculations. The amount (and composition) of the FA package you get from different Profile schools could be very similar or very different depending on their FA policies.</p>
<p>“Reason: OMIT THIS THEAD. I DON’T NEED HELP. thanks!”</p>
<p>OP changed mind, in small letters on his edit.</p>