<p>So my dad and I were messing around with collegeboard's EFC estimator last night, and when we ran the calculator with just me in college, according to federal methodology, my EFC would have been about $38,000 and according to institutional methodology, my EFC would have been around $36,000. Then when we set up the calculator for when me and my sister would be in school, the federal methodology calculated my EFC as about $23,000 and the institutional methodology calculated my EFC as about $27,000...so my question is, if I choose to go to a private school that meets full need, then would my EFC be closer to that spat out by the institutional or federal methodology, or would it be whichever is the lowest (or highest) value between the two EFC's?</p>
<p>The EFC is calculated each year as you must apply each year. So the information that schools use will be what your situation is today, or, in reality, the previous year. Also different schools use different methods. For instance, some take into account home equity, others do not; some take into retirement savings, others only a portion. I have found that many college website give a good description of what they use to determine need. Of course, I have run into colleges that give very little detail. Contact the schools FA office if there website is not helpful.</p>
<p>If you go to a private school it will almost certainly use it's own methodology. It varies from school to school, so the CollegeBoard calculator is a sort of generic institutional methodolgy estimate.</p>
<p>In my experience (not vast) it was a pretty close number to what the school says they want from us. Something that will also vary by school, though, is how the rest of the package is structured between grants, loans, and work study.</p>
<p>Does anyone know when and how the financial aid packages are received? Do the colleges send them along with acceptances? Are the "packages" just that a package with a breakdown of how much we need to pay? </p>
<p>I apologize for sounding ignorant about this, but this is my first time around with this and I'm so confused.</p>
<p>Thanks</p>
<p>My first time too, but again, this is different from school to school. Some say that they provide the FA package along with acceptance materials. I assume some will be mailed, others on-line. If you have not sent in verification or supporting docs, this may be just an estimate and could change depending on the docs received. Some schools base their decisions on the CSS Profile/IDOC/FAFSA, others have their own forms to fill out. There are many deadlines that have already passed for priority considerations. This does not mean you are locked out, just that they may have as much to work with if you missed the deadlines.</p>
<p>The packages should include COA - EFC = need. The the breakdown of what they can do to meet your need. Merit Scholarships, Grants, Federal/State Aid, Work programs, etc. Also should have instructions on how to accept this aid. Work program you may need to access a list of jobs and apply and interview to fill. Should also give you an estimate of what is remaining so you can start finding loans to cover. Some schools actually ask that you use their preferred loan consultant to make this part of the deal less painless. Finally, I have read that some of these grants and aids may not be financed (paid in to your student account) until late summer or even after school begins. I am looking forward to getting through this, hopefully with my sanity and wallet not too decimated.</p>
<p>Thank you so much. It helped a lot. I just don't want to miss something important. There is so much information to know.</p>