Only a couple of the schools D is applying to are asking for the CSS. So, if a school claims to meet 100% of need, how do they determine that need? If our EFC is approaching the COA (say it’s $10K less), then the school would offer $10K in aid? And no more?
And what happens if our income goes up, which it will, due to a career change in 2020? So in subsequent years, say our EFC = COA, the school then offers no money? (I’m assuming she will not qualify for merit aid at this particular school.)
I hope you completed the Profile and submitted it where needed already.
Schools that use the CSS Profile award their need based aid based on the financials on the Profile. The FAFSA EFC really isn’t relevant in terms of the school institutional need based aid. And if your EFC per Fafsa is more than $6000, your kid wouldn’t qualify for a Pell Grant. But anyone completing the FAFSA can take the Direct Loan.
So….for those Profile Schools….they will compute your financial need based on the info on your profile, which is more in depth than the FAFSA. Some of these schools that meet full need for all award need based aid to families with higher incomes. This varies by college.
Did you run the net price calculators for these colleges? Are you divorced parents? Do you own a business or are you self employed? Do you own real estate in addition to your primary residence? If NO to all of these questions, the net price calculator on the college sites should give you a decent estimate of your net costs….and aid to attend.
You apply for need based aid annually at most colleges. So yes, if your income increases, it’s very possible your aid will decrease.
Thank you, this is helpful. The NPC shows us paying less than our EFC, which is good, but still a wee bit more than we’re comfortable with. I suppose we’d consider paying it if D were madly in love with the school, but that does not seem to be the case.