<p>Basically, FAFSA establishes your son's eligibility for federal and state money. It does not appear to me that you would be eligible for the Pell grant, given your info. Which means unless your state has some grant programs,your son would only be eligible for federal loans through FAFSA. Colleges that use FAFSA only do not tend to provide 100% of need. They tend to gap terribly despite what the EFC is, and may list some loan sources to fund that gap. </p>
<p>Profile tends to be more individualized. In addition to the government funds that FAFSA can provide, each college using PROFILE or its own financial aid app, uses its own funds to provide aid. THere is a lot of leeway on how they look at assets and situations, so it is not as easy to predict what you will get from such schools. Even schools that say they provide 100% of need, have different ways they define that need. Though 529 funds are considered parental assets, many such schools do eye that money in putting together the aid package. The same with qualified retirement funds. Schools may have different ways that they assess if someone at a particular age has sufficient funds for retirement and if some of that money is excess for that purpose. SOme of these schools evaluate things like the cars you own and the value of your home. They will also take into consideration that you are caring for your mother. Is she your dependent? Is she providing some form of support for you and your son? These all may be issues considered. Also heavy in consideration is how much the schools want your son. Preferential packaging is common among PROFILE schools. A student that is "first string" may get a financial aid package richer in scholarships and grants than someone who is lower on the list even if the latter may have more need. </p>
<p>Which schools are on your son's list? Certain schools have reputations in aid patterns. If you want to take a look at averages, look in the USNews &WR book or website, and the financial aid section of each college will break down percentages of students getting aid, how much in grants, and percentage of need met in a prior year. That can give you some idea what kind of package your son may get. Also keep in mind that if your son is in the upper range of the type of kid who goes to that school can affect his package.</p>