<p>On various CC threads, families are noting that their FAFSA EFC's are significantly higher than the various EFC calculators suggest. The exact same numbers used in an EFC calculator and in the FAFSA seem to be 40% - 60% off. I can't believe that we all are screwing this up so badly and therefore wonder whether there is a new formula being used for the FAFSA. Can anyone give us some hints? Does this in turn affect the results that we can expect to see for the Profile? thanks!</p>
<p>The EFC calculators and colleges have more lattitude based on the sizes or their endowments and ofter use their own institutional methodology in determining your EFC where the FAFSA, is pretty more straight forward and uses a federal methodology.</p>
<p>Alos different schools calculate or don't factor different things in awarding financial aid and determining your EFC. Daughter got accepted to 7 schools last year, had 7 different EFCs and none was equal to the EFC on the FAFSA</p>
<p>Sybbie -- Were the EFC's from the colleges where your daughter was accepted lower than the FAFSA EFC? I think what is the shock for many of us is that our actual EFC's are drastically higher than what we thought. My family has no debt -- we own our house (which has doubled in value since it was purchased), own our cars and have a year's worth of savings (6 months salary for both parents, just like the financial gurus advise). I can't imagine that the Profile will treat us more kindly....</p>
<p>Williams, Bryn Mawr and Tufts were approximately 2,000 to 3,000 LOWER than the FAFSA EFC</p>
<p>Barnard, Amherst, Dartmouth, Mount Holyoke were HIGHER than the FAFSA EFC
(we did end up asking for a financial review at Dartmouth as it was Daughter's first choice and in the end they ended up meeting the aid package including EFC that Williams (her second choice) offered.</p>
<p>Te upside to the profile is that they do take into consideration your age and protect a percentage of your salary (looking toward retirement).</p>
<p>In my daughter's case, 2004-2005 EFC calcualted by TUFTS was 5 - 6 K higher than the FAFSA EFC.</p>
<p>The discrepancies in EFCs may have to do with the different methodologies used for calculation. I found the CSS calculators interesting on the Collegeboard website because they let you check both for Federal and Institutional methologogies. Among other things, they vary in whether or not your home is taken into consideration as an asset. There is another methodology called the Consensus Methodology, used by colleges and universities in the 568 President's Working Group Schools, including Yale, Brown, Pomona, Swarthmore and 24 others. For info about those, go to <a href="http://www.568group.org/methodology/%5B/url%5D">www.568group.org/methodology/</a>
But I have found that lots of calculations are pretty mysterious!</p>
<p>momofthree, there are different methodologies and formulae for each college, in addition to the differences between CSS Profile, FAFSA and the 568 Group. What we are trying to figure out is whether the formula used for FAFSA has changed drastically for 2005-2006 and if that is the reason why all of the FAFSA caluculators seem to be way off.</p>
<p>boxmaker:</p>
<p>You can check out the EFC Formula Worksheet & Table for 2005-2006 here:</p>
<p>Boxmaker, sorry, didn't attend to the question correctly. However, we did the FAFSA last night and found that our situation is the same as so many others, much higher EFC than anticipated.</p>
<p>happygolucky, thank you for the link. Unfortunately, it still doesn't tell us whether the formula has changed from previous years.</p>
<p>Sorry boxmaker, I meant to post both links so you could compare -- this is the link for the 2004-2005 formula:</p>
<p>I understand that the income protection increases with the number of people in your family, does any one understand why it DECREASES with more kids in college?</p>
<p>Table A3: Income Protection Allowance
Number in parents
household, including
student
(FAFSA/SAR #65)
Number of college students in household (FAFSA/SAR #66)
Note: For each additional family member, add $3,320.
For each additional college student (except parents), subtract $2,360.
1 2 3 4 5
2 . . . . . . . . . . $13,870 $11,490
3 . . . . . . . . . . 17,270 14,910 $12,530
4 . . . . . . . . . . 21,330 18,950 16,590 $14,220
5 . . . . . . . . . . 25,160 22,790 20,430 18,060 $15,700
6 . . . . . . . . . . 29,430 27,060 24,700 22,330 19,970</p>
<p>Note: For each additional family member, add $3,320.
For each additional college student (except parents), subtract $2,360.</p>
<p>Am I misreading this or is less money protected by having more kids in college? :(</p>