Hello CC, I’m worried about the FAFSA and its EFC implications. Let me explain:
I applied (and was accepted) to Princeton SCEA, and included in my acceptance was a financial aid package of ~58k. My EFC for Princeton was $3100. Fast forward to today, when I finally get around to doing my FAFSA (I know, slacking…).Using the same information, my FAFSA EFC turned out to be $13k. So what happens now? Does Princeton lower my financial aid award? Or does the FAFSA really not matter in that respect? Thanks!
Pick up the phone tomorrow, and call Princeton. Their aid package calculations may have nothing whatsoever to do with the FAFSA.
Princeton uses their own financial aid application form as the primary means for collecting financial data to determine need based aid eligibility. In addition, they have very generous need based financial aid.
We’re the figures you submitted on the Princeton financial aid form the same as on your completed FAFSA? Or was there an increase in your income?
@thumper1 No, the figures were exactly the same, that’s why I don’t understand the rather severe difference.
Princeton does not use the FAFSA EFC. It computes its own family contribution based on the info provided on the Princeton financial aid application form. And Princeton has very generous aid…more generous than what the FAFSA might indicate.
If you are concerned, contact the Princeton financial aid office and ask them.
The good news is that this is an early action acceptance. You don’t have to make a matriculation decision right now…and you can compare your Princeton offer to any others you might receive.
First of all, you are not slacking doing the FAFSA right now. In fact, it’s early for a final acurate FAFSA since a lot of the final tax forms have not been released, If indeed, you did give Princeton’s forms and the FAFSA app the exact same info, there is no cause for concern. Run your numbers quickly through Princeton’s NPC and see if it comes out the same, just as a fast check that it is all in synch. Does the Princeton package include assumptions of PELL, federal work study and other federal aid like SEOG?
When your parent’s tax forms are filed and verified, any variance may be adjusted.
But only the Princeton fin aid office can answer specifics. If the package included federal awards, that is something to ask the aid officer if you are still going to get those amounts. You cannot get federal aid until you pay the EFC. But Princeton can eschew that aid and replace with funds of their own.That is the main concern I see here.
Do you have outside scholarships being applied to your FA package at Princeton? That would lower your family contribution. Also because they pad the student budget with books, travel and personal expenses (about $3800) but do NOT bill you directly for them the family contribution is lower. You will still need to budget some money for those things. Congrats on your early admission.
@Dragonflygarden Currently have no outside scholarships, although I’m confident I will get around 20k, between my mother’s employer’s scholarship program and local high school awards.
A year or over 4 years? You will max out the benefit to you at about $5K per year in outside scholarships. Anything above that just reduces Princeton’s grant aid.
@Dragonflygarden It’s over 4, not per year, so about 5k/year