According to FAFSA my EFC is $9000 (total income is ~$60,000). But on my financial aid award, my expected family contribution was $25,000. Why is there such a big gap between my EFC and actual FA?
I’m not sure what I should do. The appeal form asks about any changes, but nothing has changed–should I still fill one out? I’m not even sure what I would put on it.
We listed income minus fixed expenses [mortgage/insurance/utilities/etc] and asked where they thought the money was going to come from, since there was just not that much left over each month. For you, 25K [an extra 16K over FAFSA] seems like a lot to cover with loans. Just lay things out for them. What do you have to lose?
Fafsa EFC isn’t the college’s calculation. Did you run the NPC (Net Price Calculator?)
Dartmouth only uses the FAFSA to determine your eligibility for federal aid (PELL Grants, SEOG, FWS, perkins loans, etc). Dartmouth uses the CSS Profile, which takes a more in-depth look at your family’s financial picture to determine your eligibility for their own institutional aid.
There are things that are not included on the FAFSA, like equity in your primary home, but this is considered on the CSS Profile.
Dartmouth’s direct cost are $66,174 (tuition, room board, fees) they calculate the cost of attendance at $69,474.
Things that you may have overlooked?
Is this $60k income for a job?
Do your parents put monies into a tax deferred savings for retirement (401k/403B, etc)? Your contributions are added back in and considered income?
What are your parents assets (money in the bank, stock, 529s, etc) this will be calculated into your overall EFC
Are both of your parents married to each other and living together (if not, you will have had to also submit the CSS non custodial profile)
Are either or/both of your parents self employed or business owners?
Do you have a farm?
Do you have property outside of your primary home?
IS there any kind of rental income?
Sybbie’s questions are exactly right. If your family owns a vacation property, or even a share of one, colleges consider that to be available capital.