So basically, the coach is not looking to recruit her for varsity, so don’t look for any Div I or Div II monies, if the school gives monies to recruited athletes.
I am going to say this in short… The person you spoke to is an idiot!! S/he as a financial aid officer, should have been able to give you an early read based on your financial situation, especially if you went with taxes, bank statements, etc. in hand. S/he should have also been able to explain to you how their school calculates need, if they meet 100% need, told you that merit money is given by admissions, tell you if they stack scholarships, how they handle outside scholarships … The fact that they told you to simply use the FAFSA4caster is not giving you any information.
The only thing that the FAFSA4caster is going to tell you is your eligibility for federal aid (Pell, SEOG,FWS, Subsidized and unsubsidized federal loans). If the school is a FAFSA only school there is a great chance that they are not going to meet 100% demonstrated need.
Federal Methodology is used to determine eligibility for all federal funds, such as Federal Pell Grants, Federal Academic Competitiveness Grants (ACG), Federal National Science and Mathematics Access to Retain Talent (SMART) Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Stafford loans, Federal Perkins loans, and Federal Work-Study.
Schools that distribute their own institutional funds use an Institutional Methodology and their professional judgment to determine eligibility for their school’s scholarship funds.
Two distinct formulas assess information reported in the aid application process. The traditional institutional methodology (IM), developed by the College Board and refined annually by economists and aid administrators, determines the expected family share of costs. IM is the dominant standard among selective national colleges. Most schools that use an institutional methodology to disburse their own funds use either the CSS profile or their own FA form.
The federal methodology (FM) through the filing of determines eligibility for federal aid. All schools require students who are U.S. citizens or permanent residents to at minimum file the FAFSA if they are requesting FA. The only thing the FAFSA does is determine one’s ability for federal aid.
Differences between the IM and FM models include:
IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.
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.
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.
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.
FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.
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.
The IM expected family share represents a best estimate of a family’s 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.
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.”
Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.
For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.
If the school meets 100% need using their own institutional funds, they are most likely going to ask for the CSS profile/non custodial profile or their own forms. As I stated previously, the CSS profile/their own institutional aid forms are going to take a much deeper look at your finances.
Your EFC from the FAFSA4caster will probably be the minimum that your family will be expected to contribute.
The information from the schools’s NPC is going to give you a better idea as to what the college is going to cost you after looking at your income and assets. SInce you have a pretty straight forward situation, intact family, no non-custodial parents, stepparents, no real estate other than your primary home , no one is self employed or owns a business, you should be pretty ok.
You should also look at the school’s common data set, section H financial aid.
As younghoss stated, ED is a honor bound system that states in exchange for an early decision, if accepted you will attend. You will withdraw all other applications and mot make any new applications. There is an expectation that you have done your due diligence as far as money is concerned; using the net price calculators, contacting the FA office for an early read, etc. As other have stated the ed application is signed by both the student and the counselor stating that they understand ed.
Like others on this thread has recommended, make sure that your D has a financial safety that she can apply to rolling admissions or some financial safeties that she can apply to non-binding early action, including a few schools where she may be a candidate for merit $$.