<p>Well, I finally completed my FAFSA (yippee!). I was pleasantly surprised to see that the EFC that CollegeBoard's Calculator gave me exactly matched what my EFC came out to be when I completed the FAFSA. Of course, I would have been much happier if my EFC turned out to be lower than it was because then I actually may have qualified for some federal aid, but then again, it is what it is ... and wouldn't everyone! </p>
<p>Anyway, I attend a college that uses the Institutional Methodology (IM), so I understand that the EFC that they use for institutional grants, etc. I know each college looks at things differently so there probably is no calculator that can give you an exact EFC for IM. </p>
<p>But, I was wondering if anyone had any experience with the IM EFC numbers provided by the CollegeBoard calculator. I guess I was surprised to see that the EFC that CollegeBoard calc'd using IM was lower than the FM number. I assumed it would probably be higher (especially considering it takes into account home equity). And, I am just trying to figure out if the number provided is even something that I should be hoping for ... heaven forbid, I may even qualify for something from my school! lol</p>
<p>We are interested in this, too. We noticed the same thing - the IM actually was a good deal less. It made us wonder if my son should last-minute apply to some privates, just in case, for financial reasons - which seems opposite of current logic for us. He is mainly interested in a certain state school, but we wonder if that will end up costing us more.I know it often happens that privates can be the same or less with aid, but when we first started this process, it was clear that privates would mainly be out of the question. But with the official FAFSA info - ????. The estimated FM EFC on that site was almost exactly the same as the actual EFC for us, as well.</p>
<p>I'm not sure I understand your allocation of assets response, fireflyscout. The same numbers went into the calculator to come up with the IM & FM EFC numbers, so I dont understand how the IM EFC could be lower if it takes into account home equity. I guess I was always under the impression that if your family has equity in their home, then the IM number would likely be higher. But, in my case, I didn't see this so I was wondering how accurate the calculators are at predicting the IM EFC.</p>
<p>It really depends on the school and the financial aid department. There is a lot of play in how colleges decide to dispense their own funds. They are far more limited in giving out government money which goes by FAFSA. Many standards in calculating each institutions own EFC are floating. They can depend on the needs of the school and the applicant pool and, of course, the funds the school has at the time. </p>
<p>I know a family who has two girls who went to the same private college. Their financial situation stayed pretty much the same, but there was a wide variance between what the two girls got in terms of financial aid. One was a top pick for the school, the other was borderline for admissions, and the aid reflected that. Financial aid from the colleges can incorporate merit within aid. </p>
<p>PROFILE can also take situations into account that just are not recognized by FAFSA. Other kids in private schools or programs is one example. That can bring down the institutional EFC. So would more generous cut offs for asset accumulated. Harvard gives grants far, far above what the Pell cut offs give. The thing is, each school can not only take its own consideration into account; each applicant can be considered individually and not necessarily consistently. THat's why there is often such a wide variance in financial aid packages offered even by like schools.</p>
<p>Thanks for taking the time to respond, Cpofthehouse. Your explanation of how each college may determines how to award their university aid differenty makes a lot of sense, especially if they factor merit into your aid package </p>
<p>In my situation, however, I am not a 1st year student. I am a current college student who is applying for renewal aid, and the college that I attend does not offer any merit money (although they do meet full need). Unfortunately (or fortunately, depending upon how you look at it), I did not qualify for any financial aid last year. But, based on my FAFSA EFC alone this year, it appears that I may qualify this year for university aid. Yet, knowing that my college uses the IM to determine their aid, I decided to run the calculator to get an idea of what this IM EFC may look like in comparison to the FM EFC. And ... it just didn't seem right to me that the number would be lower than the FM method which is why I was wondering if anyone in my same situation (no merit included) had any experience with how accurate the IM numbers provided may be. </p>
<p>Oh well --- thanks again everyone for your responses! I guess I'll just have to wait to see what they come back with for my renewal package. I have all my paperwork in early; now I just wait. :)</p>
<p>I can give you one example of why the two are different. The FM assumes a 6% tax rate for my state (California), while the EM uses a more realistic 9%.</p>
<p>If you use the College Board calculator and ask for a detailed breakdown and compare the two, you'll see where the rest of the difference comes from. I've been surprised by the changes this year. I was revising a presentation I gave last year and noticed that my old examples gave new results.</p>
<p>I (belatedly :-)) realize this isn't what you were asking about - you only need to know what your school will do. Who knows! Good luck.</p>