<p>I think my mom put down that my dad owns property (a condo that I'm estimating is worth 50k or so) that he doesn't actually own now. I just got my award letter back from tufts and I did the math. My CSS EFC is somewhere around $8,000. Now, my parents are divorced, and my FAFSA EFC was $503. I am sure that this jump cannot be correct because my dad is off and on unemployed, lives with his girlfriend, and whatnot. Should a jump this large happen? I'm so worried because this means my EFC at all my other schools will be this large as well, and so I'll have to pay 8k a year (my parents aren't paying anything). I know I can fix it for years 2-4, but is there a way to fix it for the first year? AFTER I enroll in say Cornell and accept that fin aid package?</p>
<p>Remember the FAFSA (federal methodology) and the CSS profile (institutional methodology) looks at 2 different sets of financials. The fafsa only looks at your eligiblity for federal aid (pell grants, loans) while schools that disburse their own insitutional funds will use the CSS profile or their own form. The FAFSA also takes into consideration their status on the day of filing. You may see a difference next year on the FAFSA because your mother will be filing as a divorced person. </p>
<p>Both schools in question take the CSS profile so they will still take the income/assets of both your parents regardless of their marital status. </p>
<p>You reapply for financial aid each year so your aid may change year over year depending on your family's financial situation.</p>
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think my mom put down that my dad owns property (a condo that I'm estimating is worth 50k or so) that he doesn't actually own now.
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<p>If the condo was sold the monies from the sale will be considered income and will affect your EFC on schools that use definitely the profile.</p>
<p>Is your father currently unemployed?</p>
<p>Difference between the FM and IM </p>
<p>A school that use the FAFSA long with the CSS profile / their own institutional forms does look at the income assets of both parents: custodial/non-custodial and even step parents. </p>
<p>Your EFC from a school that only uses the FAFSA will look very different from a school that uses the FAFSA and the CSS profile or their own instiutional aid form.</p>
<p>The information from the profile will account for your increase in EFC because your EFC may show that you have considerable income/assets/equity which shows up on the profile that you don't have to indicate on the FAFSA.</p>
<p>The FAFSA is requested by all schools and is mainly used by schools that calculate FA using the federal methodology. </p>
<p>The schools that require the CSS profile often distribute their own institutional funds and use an institutional/ concensus methodolody. The Profile is used to get a more complete picture of your financial situation.</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 familys 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>Your COA (cost of attendance) is tuition, room board, books travel expenses and some misc. expenses associated with attending college.</p>
<p>As a student, there are cumulative limit of $23,000 which you can borrow for an undergraduate education using stafford or perkins loans.</p>
<p>Thanks. Alright so my EFC for CSS is correct? I feel alright then about this because I'm getting all that I deserve. I guess now I'll just have to decide if my FAFSA-school offers are better enough to turn down my preferred schools.</p>
<p>I have a quick question. I got a 10k/yr scholarship from harvey mudd. Would that be subtracted from my grant to the school in fin aid? Or would they simply just add it to the grant. I really hope they just add it because I'd have almost a full ride if I get a package similair to what I got from tufts.</p>