<p>Today was a very bittersweet day. On the bright side, I got into Middlebury College, and I'm absolutely thrilled. I've loved Middlebury ever since I first saw it, and I couldn't be more pleased than when I got the acceptance letter...until I got the financial aid notice: NOTHING. I don't understand how this can be, when the FAFSA report we received last month estimated our EFC to be in the ballpark of 21,000 per year, which should then leave about 25,000 to the college. How can Middlebury, with it's huge endowment and promise to meet 100% of need estimate our contribution to be more than 200% the FAFSA suggestion? Middlebury costs in about 46,000 per year, and I refuse to go into extreme debt to attend undergrad and if need be I will go elsewhere, but is there anything I can do about this situation? Can need-based aid be reconsidered, or is this just a lost cause?</p>
<p>Middlebury does not use FAFSA to determine EFC. They use Profile, which you probably submitted. The profile methodology is completely different, one of the main differences is that your parents' home equity counts as part of their assets. Fafsa methodology does not count the primary residence as an asset. There are many other differences as well.</p>
<p>You can contact the financial aid office and ask for them to reconsider the aid package.</p>
<p>Good Luck!</p>
<p>
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I don't understand how this can be, when the FAFSA report we received last month estimated our EFC to be in the ballpark of 21,000 per year, which should then leave about 25,000 to the college. How can Middlebury, with it's huge endowment and promise to meet 100% of need estimate our contribution to be more than 200% the FAFSA suggestion?
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<p>Because Middlebury uses both the FAFSA and the CSS profile to award institutional aid. So based on the information on your CSS profile in addition to your FAFSA, they decided that you have very little if any financial need.</p>
<p>Federal Methodology (determined by the FAFSA) is used to determine eligibility for all federal funds, such as Federal Pell Grants, Federal Academic Competitiveness Grants (ACG), Federal National Science and Mathematics Access to Retain Talent (SMART) Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Stafford loans, Federal Perkins loans, and Federal Work-Study.</p>
<p>Schools that distribute their own institutional funds use an Institutional Methodology and their professional judgment to determine eligibility for their school’s scholarship funds. </p>
<p>Two distinct formulas assess information reported in the aid application process. The traditional institutional methodology (IM), developed by the College Board and refined annually by economists and aid administrators, determines the expected family share of costs. IM is the dominant standard among selective national colleges. Most schools that use an institutional methodology to disburse their own funds use either the CSS profile or their own FA form.</p>
<p>The federal methodology (FM) through the filing of determines eligibility for federal aid. All schools require students who are U.S. citizens or permanent residents to at minimum file the FAFSA if they are requesting FA. The only thing the FAFSA does is determine one's ability for federal aid, (pell grants, seog, stafford and perkins loans).</p>
<p>Differences between the IM and FM models include:</p>
<p>IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.</p>
<p>IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.</p>
<p>FM defines income as the “adjusted gross income” on federal tax returns, plus various categories of untaxed income. IM includes in total income any paper depreciation, business, rental or capital losses which artificially reduce adjusted gross income.</p>
<p>FM does not assume a minimum student contribution to education; IM expects the student, as primary beneficiary of the education, to devote some time each year to earning money to pay for education.</p>
<p>FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.</p>
<p>FM and IM apply different percentages to adjust the parental contribution when multiple siblings are simultaneously enrolled in college, and IM considers only siblings enrolled in undergraduate programs.</p>
<p>The IM expected family share represents a best estimate of a family’s capacity (relative to other families) to absorb, over time, the costs of education. It is not an assessment of cash on hand, a value judgment about how much a family should be able to use current income, or a measure of liquidity. The final determinations of demonstrated need and awards rest with the University and are based upon a uniform and consistent treatment of family circumstances.</p>
<p>Except in the most extraordinary circumstances, Colleges classifies incoming students as dependent upon parents for institutional aid purposes, even though some students may meet the federal definition of “independence.”</p>
<p>Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.</p>
<p>For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.</p>
<p>All the above are correct. I will just emphasize again...for schools using the Profile...THEY determine how they will use the information provide. The SCHOOL then determines what your family can pay. The Profile includes lots of information that the FAFSA doesn't even touch...including, but not limited to non-custodial parent income and assets, and home equity (which many schools expect you to use to a some degree).</p>
<p>Are there any calculators out there that will give an 'EFC' based on the IM? I'd be interested to see some kind of estimate to compare to what schools are actually offering. I realize all schools have their own methodology, but is there a ballpark estimator?</p>
<p>FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid</p>
<p>make sure you put in accurate numbers and choose institutional methodology to find out what your approximate EFC is for schools using the Profile. Choose federal methodology to find out the EFC for FAFSA only schools.</p>
<p>FinAid</a>! Financial Aid, College Scholarships and Student Loans. Using the calculator, check "Institutional Methodology" or "IM". Remember, though, that this EFC is just a generalization; no school is required to stick to it, and the "institutional methodology" does vary from school to school. The calculator makes certain assumptions that may not apply to any particular school.</p>