<p>I just ran into this article (which includes a link for Forbes SmartSearch...to help determine personalized college affordability...haven't tried it yet), and just the article, and the color coded chart indicating what income levels qualify for financial aid seemed very helpful!</p>
<p>I'd love it if some of you who are experienced in the FA world would look at it to see if you find the information here to be accurate.</p>
<p>These articles all neglect to say ONE very important thing. The VAST vast majority of colleges do NOT meet full need for all students. Your FAFSA EFC should be viewed as the MINIMUM you will be paying. </p>
<p>In addition, assets, ARE assessed above an asset protection allowance for the parents. It is foolhardy to ignore them. </p>
<p>And those schools using the Profile scrutinize your financials MUCH more in depth than the FAFSA only schools.</p>
<p>These articles can be a guide, I guess. But families should run THEIR financials through the net Price Calculators on the college websites. That will give each family a better guestimate based on their actual financial situation AND the college’s policy for awarding need based aid.</p>
<p>Wow - a formula that doesn’t take into account family/student assets or self-employment income! So, in a nutshell, what you’re going to get is an estimate that may be accurate . . . unless it isn’t.</p>
<p>And, in exchange, Forbes gets your email address.</p>
<p>Why wouldn’t you just go direct to the source and run the net price calculators for the schools your student might be interested in? Self-employment income will still skew the results, but if that’s not an issue, you’ll get a much more accurate prediction.</p>
<p>I realize that the simplicity of using the Forbes tool makes it attractive, as do the color-coded results. Unfortunately, the simplicity gives you a predictable result: Garbage In --> Garbage Out.</p>
<p>Hm… 105k income, family of three, getting aid at an average instate public? 180k at an average private? I really don’t think so… </p>
<p>Other things the article does not address:</p>
<p>Other other ways that home equity can be addressed- as a multiplier of your Income, some schools may even thing all of your equity is available</p>
<p>what about the way the other 3k schools assess your financial need (definitely is not a one size fits all approach)</p>
<p>Schools that use their own financial aid forms - Princeton</p>
<p>Schools that also use the Non-custodial Profile</p>
<p>How step parents play into the situation</p>
<p>Preferential packaging </p>
<p>Schools that offer merit in need</p>
<p>How school can use a subsidized/unsubsidized loan as a mechanism of meeting need</p>
<p>Student contribution through summer earnings (the very deep pocketed schools will require one).</p>
<p>Situations that can and will skew your ability for need based aid: rental properties, summer homes, job losses, professional judgement situations</p>
<p>Way too many variables to use as a “one-stop shopping” tool</p>
<p>My feeling is, this one-stop shopping tool would be much worse than the chancing threads. Look at the description (disclaimer) in STEP 2. Basically it said it is not accurate.</p>