Question concerning Financial Aid

<p>So I was accepted to Columbia College ED (HURRAH!) and my estimated FA assistance package is 18k per semester (so 36k for freshman year). But when I filled out my FAFSA recently, my EFC is around 8k...</p>

<p>When I received my package information, the informational sheet said that estimated cost of attendance is 57k a year. </p>

<p>So according to Columbia's tentative package, I should expect to pay around 21k for freshman year (since 57k-36k) but my EFC is 8k... Should I expect my FA package to increase?</p>

<p>(I also have a twin who's going to college as well, but does it matter? Our EFCs are almost identical)</p>

<p>Thanks!</p>

<p>fafsa uses what they call “federal methodology” which does not take the same amount of information into consideration as columbia does. </p>

<p>columbia’s assessment is the “institutional methodology” which does take into consideration assets that the federal method does not. so it is possible that columbia is less generous because the federal methodology frankly is less robust.</p>

<p>a few things to consider:

  1. columbia’s estimate is not final. you will receive a final fa award in march.
  2. in reality your family’s total EFC for both you guys according to the federal method (FM) is 16k, that means your family could afford total 16k, and what the FM does is split it in half for each kid (after it asks number of kids in college).
  3. supposing you do not have extraordinary assets, it is possible that when columbia made its calculation that they did not take into consideration you have a twin going to college next year. the jump from 16-21 is clearer than 8-21, i am sure. so this could explain the large differentiation, but usually the reason why fafsa is different has to do with assets.</p>

<p>so what happens now - columbia will take your official taxes, the css profile and fafsa, replug in the numbers and it might change the estimate. it is possible that your family does have significant assets and thus this accounts for columbia’s efc of 21. and your answer wont change, but it is also possible that columbia’s estimate came because it did not have sufficient information and thus your actual award could be more generous.</p>

<p>my suggestion is to call up columbia and just ask for them to help you understand your current estimate, explain the fafsa efc and just say you are confused and interested how this might impact your award. if you don’t go in demanding money (which some folks do and is just poor form) they tend to be very helpful. it is possible they may defer you to wait until after april 1 when you get your package, but it never hurts to ask.</p>

<p>Cool, that was a helpful answer. </p>

<p>Are there any current students who can tell me whether or not the estimated FA package is basically the final package? Or is it likely to change?</p>

<p>the estimate is based on predictions that you make of what your parents earned in FY 2009 and your previous years taxes FY 2008. let’s assume your parents make a lot more in FY 2009 then you predicted and you earned in FY 2008 you would receive less in FA, and vice versa. or if you accrued more assets or lost more assets. but in general since your estimate is in the 11th month of FY 2009 it is pretty good estimator of your families income. </p>

<p>columbia doesn’t make the stuff up, it is all based on real numbers so the numbers have to change, or new information has to come into the picture for things to change. they will take the fafsa you submit and the official taxes and go back and crunch the numbers. unless significantly new information comes your fa will be about the same it may shift a bit, but stay in the general trajectory. </p>

<p>it is for this reason that speaking with the fa people and learning where this stuff comes from is best. there is room for appeals as in submitting new information or explaining circumstances.</p>