<p>oldinnewjersey, We cross posted. Thank you for explaining it. So, as Chedva says, IM means "whatever they darn well please", but it is their institutional money.</p>
<p>Chedva has define IM. It is even more than just each college having its own rules. Financial aid officers at schools using IM have the discretion to value each app differently. So grad student at home may or may not be counted by IM depending on the school AND the circumstances. As Xiggi says, you can calculate your FAFSA EFC. Your need as defined by IM can be completely unpredictable.
Also, Xiggi, I have heard of cases where EFC has been changed by colleges. There is apparently some discretion permitted there, that I do not understand.</p>
<p>^^
The IM EFC generally differs from the Federal EFC because assests are considered by the school; whereas, they are not by the government.</p>
<p>Also, Xiggi, I have heard of cases where EFC has been changed by colleges. There is apparently some discretion permitted there, that I do not understand.</p>
<p>Ive had a college change the FAFSA EFC online- I only found out about it when I checked it.
There was apparently confusion about the right place for a living stipend paid to my daughter when she was volunteering during her gap year.
The college thought it should be placed under income- but I was told by several people with more experience that it was not- so they changed it back.
They also made have corrections ( at other times) . Some times even in our favor!
But yes depending on the school private schools can and do tweak your EFC- by considering * other* factors.</p>
<p>Whatever the other factors are- I am not sure- as it appears to be tied to admission criteria- more than financial details- just from a interested observers point of view anyway.</p>
<p>The reason I knew to ask each school about a grad student was this came up for us when DD1 was admitted to college. Her brother moved home, entered law school and we were providing room/board, books and some expenses. I mentioned this on the phone to the FA officer, who said the school counted him for FAFSA and they changed it from their end. I called FAFSA three times and talked to three different employees to be sure this was ok!<br>
(You can finish Catholic school but the Be Honest attitude is forever)</p>
<p>Emerald, since changing the EFC can at times change eligibility for govt funds, how can that be allowed? Does it change for all of the schools that got the FAFSA or is this done only for the one school? I really don't understand that part. I can see that schools can do what they please with their IM numbers but when it involves the govt, it makes no sense to me.</p>
<p>Any financial aid office has the option to chance figures based on additional information. Dad is laid off, major illness or death in family - FAFSA doesn't ask for current info, so the school can change it to reflect new information. The guidelines are pretty clear and the feds audit random schools to be sure it done correctly and with verification.<br>
If you examine FAFSA carefully you will see that you put down financial information from 2006, but are judged on what is expected to happen in 2007I have a student in school 2006, that is not considered for FAFSA 2007, but our income from 2006 is used for that EFC.</p>
<p>Ok, the actual income for 2006 is to be used for 2007. I get that. And if you anticipate a student in grad school for fall of 2007, he is put down there even if he is not a student right now or even accepted to grad school. </p>
<p>Can the EFC actually be changed for things like illness in the family, lay offs in January, since that is affecting 2007 income,not 2006 income already earned? How does that info get changed--by the college, by the govt agency? Where are such guidelines that tell you what events that are happening in 2007 that can adjust the FAFSA? This is not somethng I know much about, but I see a lot of questions about it. Though I knew that certain 2007 events were taken into account for the EFC (# of kids in the family, # of kids in college), I did not know that things that were not paid for or have affected the prior year income could be taken off the income; things like job layoffs, medical bills,.</p>
<p>CPT
Reed changed the FAFSA information- however- D wasn't eligible for Pell & she was already getting the maximum amount of Stafford subsidized loan.
I imagine that if when you are looking at schools, if one school updates the info, then other schools would see that?
I also don't remember if it was after she had accepted or not- its been almost 6 years.
They are pretty strict about EFC however- at least our experience was that they would meet EFC, but they wouldn't go beyond that, so the EFC number was very important.
Other schools, aren't such sticklers, and will allow you to explain expenses and make extra allowances for them, ( or go beyond at finding "available" money)
This was early in the year- when the aid package was being put together.
However- they also made adjustments later in the year.</p>
<p>For instance D began school in August of 2001.
Her dad works in an industry that was badly hit by the events of 9/11 and was laid off- while we knew he was going to be laid off, the aid package was not actually adjusted until that had occured.
As soon as it did, we sent the documentation to the school and they adjusted the package. ( using institutional aid)</p>