<p>How do you know which methodology to use?</p>
<p>federal is FAFSA
institutional usually means PROFILE
PROFILE is usually more inclusive of "available" income, so IM will give a higher EFC
if your school requires both, then you will get a better idea with IM</p>
<p>That's great. THank you. My daughter's top school requires both. Does one have the option of always filing both or do some schools not accept the Profile?</p>
<p>Zoos...some schools require both, others just the FAFSA, check each school, once your child applies.
Some also have their own, Columbia wants the FAFSA, CSS profile and thier own form.</p>
<p>I've actually had a number of clients where the IM turned out lower than the FM.</p>
<p>It always pays off to run estimates on both methods. Very often it will lead you to target particular schools.</p>
<p>If the IM is better (which it seems it might be for us), it would be best to look at which schools are listed on the CSS site and skew that way? I know I sound like the village idiot, but I have no one else to ask.</p>
<p>No, you do not sound like an idiot.</p>
<p>Yes, if your IM is better than the FM, you'll definitely want to include several IM schools. And make sure they are generous schools. Don't waste your time on loser schools that provide no money.</p>
<p>Many schools have FAFSA, their own form and NO profile. They will use FM for federal funds and IM for their own funds. Also to add to all this mess each school will have their own methodology as of how to treat noncustodial parent income, rental properties, assets for self employed people or high cost of living in certain areas, etc.
If you looking to compare fin aid offers, make sure your child applied to many schools and most of them have history of being generous with fin aid.</p>