<p>I just want to start off and say i know the basics, what EFC, the FAFSA and PROFILE are, my confusion came up when i tried out Amherst's financial aid calculator and it gave me two drastically different numbers based on the FAFSA estimate and PROFILE estimate: ~13,500 for the FAFSA and ~6,000 for the PROFILE (I believe this discrepancy is entirely due to the $20,000 of healthcare insurance expenses my family has every year that the FAFSA doesn't ask about). It then gave me an estimated financial aid package that filled all of my need (as I know Amherst ALWAYS does and many schools do or do not based on endowment) based on the FAFSA estimate. Anyway, my question is, what does this discrepancy mean for my financial aid eligibility, I know my federal EFC is about $13,500, and i assume that's what is being promised to be met by all of these well-endowed schools I'm looking at, but how likely is it that that much lower PROFILE estimate will be ignored and unmet?</p>
<p>If the school requests the PROFILE, they will be more likely to meet that need. If they do not, then they will not even know that that need is there.</p>
<p>It depends on the school. Each school that uses the Profile has their own financial aid calculation formula that uses the Profile and/or FAFSA data. It’s totally up to the school. If you were using the Amherst online calculator…what it gives you would apply most closely to AMHERST. YMMV with other schools. </p>
<p>Remember, what you get on these calculator is only an estimate.</p>
<p>The way it works is that FAFSA sets the threshholds for federal and often local (state) aid. With an EFC under about $5k, you can get PELL grants. That eligibility can also put you in line for some other financial aid–could, but no guarantee. Also, this EFC gives you the guidelines as to how much of Stafford Loans can be subsidized. </p>
<p>When you are applying to a PROFILE college, the aid that the school itself gives you is based on its own EFC. Sometimes the number is higher, sometimes lower. For instance, FAFSA does not include sibling financial accounts, non custodial parents’ financials, primary home value whereas a PROFILE school could include all of these things. What usually happens is that a PROFILE school will start building the financial aid package around the federal/state entitlements, subsidizing them with their own funds. Some schools, and I don’t recall if Amherst is one of them, may be loan free, in which case you may not have Staffords included in your package with the school giving out grants for that gap. Most schools do use the federal loans and work study in their packages.</p>
<p>As Thumper says, don’t take the numbers from the online calculators as gospel as they are not complete. There may be a situation not covered in those estimates which is why I get jumpy when those who need fin aid want to go ED after using the on line estimators. There have been some nasty surprises in such situations.</p>
<p>Profile schools are NOT promising to meet your need based on FAFSA. They use their individual methodologies and your need is what they determine. Some have much higher EFCs based on Profile because of home equity and other things, others have lower EFCs using Profile but in the end your need will be determined by the individual school so using their calculators should tell you what you’ll get.</p>
<p>@Redroses, thanks, that’s exactly what i wanted to know and that’s actually fantastic news in my case.</p>