<p>Does anyone know the actual formula for calculating one's EFC using the IM? I understand there are calculators out there but am wondering if there is an actual mathematical formula used by schools and what it is.</p>
<p>Yes, there is a formula ... but I couldn't tell you what it is! Also, if a school uses IM, they can put their own stuff into the equation. So what works for one school doesn't always work for the next.</p>
<p>Yeah I'm starting to notice that. It's all very confusing! My family and I are just trying to determine the best way to maximize my eligibility for FA next year. It seems like putting excess cash into a retirement fund is a good method, though I'm not sure and since I can't figure the formula out...bleh.</p>
<p>What year are you? (this makes a different what strategies to follow.) Putting cash in retirement fund is no good unless you do it before January of your junior year. extra money contributed to retirement in the first snapshot year (january of your junior year to december of your senior year) is considered money that could have been spent on college - and is dunned. Money already in retirement accounts is not touched or considered by most schools, but money contributed is.</p>
<p>Just starting as a junior. Thanks for the heads up...guess that won't work.</p>