<p>I've been trying to plan out what to do with respect to college expenses (S1 is a junior this year) so I used the College Board Financial Aid Calculator using both the FM and IM methodology.</p>
<p>To my surprise, the Family Contribution using FM (which does not include home equity) was 43% higher than the Parent+Student contribution using IM (which includes home equity).</p>
<p>S1 is very interested in a school that uses the CSS/Profile, that also meets 100% of need and does not give merit aid. My understanding is that this form is used in addition to FAFSA. </p>
<p>Also, I assume that IM would give a ball-park figure for CSS/Profile and FM gives a ball-park figure for FAFSA.</p>
<p>If we are expected to pay according to FM, I don't think it will be possible under any scenario. If we are expected to pay under IM, it is would be a stretch, but possibly doable.</p>
<p>What should I realistically plan on? I realize that these are just estimates, especially given that different institutions are slightly different with their IMs. But given the disparity, how likely is it that such a school, which uses CSS/Profile, would go by the IM and not by FM.</p>
<p>Well…remember that the IM really USED by each school varies. If they require the Profile, there are supplemental questions and not all are asked by all schools. PLUS you have the added issue that the schools all use very different formulas to compute institutional aid awards. Schools use home equity in varying amounts. Some schools (the very well endowed) have different financial aid “thresholds” for income than other less endowed schools (and getting accepted is a huge challenge with 90% of students NOT getting accepted who apply). Folks here have noted that IM awards even from similar schools can vary by THOUSANDS of dollars. Really…for those schools, it’s my understanding is that the ONLY thing they use the FM for is awarding of FEDERAL funds. Beyond that…they use the Profile. Unless you are low income, you would only qualify for loans using the FM. IM is used by the schools to award THEIR money and they can do that any way they choose!</p>
<p>Some schools have finaid estimators on their websites. You might want to see if that is the case for any of the colleges your child is interested in.</p>
<p>Given what you’ve said, that it would be a stretch if the school uses the FAFSA number, you might want to work with your child to come up with some financial safety schools – either state schools or privates where your child’s test scores put him above the 75%ile for that school. Stronger applicants are more likely to receive merit scholarships. Also, check the posts above on this forum that talk about schools that give a lot of merit aid. It might be a good idea to add a few of these to your child’s list. Also – if you know money is going to be an issue, do not have the child apply Early Decision. It’s hard waiting for the RD responses, but if you need to compare aid packages, you’ll need to wait. Also – be realistic with the child now, before the application process – so he realizes that there are many good schools out there were he could be happy and get a good education. It’s heart-breaking to read the posts from kids who have their hearts set on a particular place and the money doesn’t come through.</p>