<p>My PROFILE EFC (as determined be a EA school) is $10k higher than my FAFSA EFC (as determined by my filed FAFSA). It's due to one thing - home equity.</p>
<p>My question is this. Would I get anywhere with the PROFILE school by letting them know what my FAFSA EFC is? Would that carry any weight or import with them? To date, I have found this financial aid office to be VERY difficult.</p>
<p>They have your FAFSA EFC. They know what it is. They also fully know how their methodology differs from FAFSA in determining home equity. Schools that use PROFILE often customize certain settings to their threshholds. That's why they don't just use FAFSA to determine what they feel is aid.
I have not seen much budging in this area from schools for the above reasons. They may reconsider if and when your student is ready to commit to the school, but the $10K is the sticking point. Even more convincing would be an offer from a comparable school, offering about $10k more. It never hurts to try, as you have an acceptance and an offer, and you won't lose those going for more money. One tip that I have heard that is often effective, is if you have some other issue that is marginal for the school to consider. If your student truly want to go there and can commit on the spot, but the money is the issue, it is going to be tough to argue something that is a direct calculation or directly addressed, but if you can come up with something more in the gray area that is not so black and white, it allows the financial aid/adcoms to save face and make the decision to gain a student right away.</p>
<p>my thought?
if they are very difficult- they aren't likely to be any better if you suggest to them they should disregard your home equity. I imagine that they do have your FAFSA EFC, as if they are on the list to send the FAFSA to, they can access it.</p>
<p>Since FAFSA doesn't count the equity of your residence, they are probably full aware that, that is what is likely causing the discrepancy ( although that is a large discrepancy)</p>
<p>Possibly, if you can illustrate why you couldn't access the amount, they might adjust the aid package, but don't count on it.</p>
<p>Actually they have told me that the whole home equity area is subject to "some discretion", but in my first go around with them they stuck me with it. When you say an offer from another school, what if the competing school was public and used the FAFSA? Is that OK, or are you saying another PROFILE school. </p>
<p>They got my PROFILE with an EA application, so they didn't have my FAFSA. I just filed it. I will certainly write a letter explaining why I can't access the home equity, and they actually encouraged me to do that. It was odd, because when I asked about the appeal process, they immediately said "No, please just write a letter with the aid app." They must hate the appeal process.</p>
<p>They do hate appeals, Dad4son. They get so many of them. That's why you need some hook to hang your hat when you write your letter. Keep in mind they will be getting many of those with the same complaint. Is there some wiggle room on what your home's worth? If the equity is a certain dollar amount, they are not going to care that you cannot access it. I know folks who are told to sell the danged house or property, if you can't borrow against it, and move into something cheaper, since that is where those who are qualifying for more aid are living. Why should you be allowed to sit on a pile of equity, when others in the same situation are not?</p>
<p>An offer from a competitive school should be from a like school, another private with similar statistics.</p>
<p>Dad,</p>
<p>Keep in mind that the FAFSA and the CSS profile look at your finanical situation differently and they are essentially used for 2 different reasons.</p>
<p>At minimum you file the FAFSA (at almost every school) to determine your eligibility for federal aid (Pell/ seog grants, stafford and perkins loans). Most public univeristies will just require the fafsa (the exception may be UVA, UNC- CH, Mich and a few others which may require their own forms)</p>
<p>The CSS profile is used at different colleges that distribute their own institutional aid (Many of these schools have much deeper pockets).</p>
<p>Many schools that use a federal methodology to determine EFC will require only the FAFSA. Schools that use an instutional methodology or a combination of the 2 will require the CSS profile or their own FA forms.</p>
<p>Differences between the IM and FM models are</p>
<p>IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.</p>
<p>IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.</p>
<p>FM defines income as the “adjusted gross income” on federal tax returns, plus various categories of untaxed income. IM includes in total income any paper depreciation, business, rental or capital losses which artificially reduce adjusted gross income.</p>
<p>FM does not assume a minimum student contribution to education; IM expects the student, as primary beneficiary of the education, to devote some time each year to earning money to pay for education.</p>
<p>FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.</p>
<p>FM and IM apply different percentages to adjust the parental contribution when multiple siblings are simultaneously enrolled in college, and IM considers only siblings enrolled in undergraduate programs.</p>
<p>The IM expected family share represents a best estimate of a family’s capacity (relative to other families) to absorb, over time, the costs of education. It is not an assessment of cash on hand, a value judgment about how much a family should be able to use current income, or a measure of liquidity. The final determinations of demonstrated need and awards rest with the University and are based upon a uniform and consistent treatment of family circumstances.</p>
<p>Except in the most extraordinary circumstances, Colleges classifies incoming students as dependent upon parents for institutional aid purposes, even though some students may meet the federal definition of “independence.”</p>
<p>Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.</p>
<p>For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.</p>
<p>Your COA (cost of attendance) is tuition, room board, books travel expenses and some misc. expenses associated with attending college.</p>