FAFSA does not consider primary home equity in its EFC calculation. Most (not all) Profile schools will consider primary home equity as an asset when an institutional EFC is calculated. And if you’ve already filled out the Profile, then you know that it is much more in depth than FAFSA.
For some families, adding Profile makes no difference. For others, it makes a huge difference.
It seems to me that allowing schools to decide for themselves what your EFC (not right term probably) is from your CSS Profile filing, it allows them to manipulate the data. So lets just say that the FAFSA says your EFC is $35K but according to the schools methodology your Profile EFC is $55k and they give you a 5K loan plus 5K work study to equal 100% of the $65K Cost to attend. Would they not be able to say they met 100% of need? You tell me how the family would view this? Do you think that is how the family sees it? I doubt it.
I hear and feel your pain. Same boat here. Just because our family makes a good income certainly doesn’t mean we were making this same salary for the past 18 years! It took a lot of time and hard work to get here. We were told our EFC will be 40K. That’s just not possible. I also consider our family “recession survivors.” We certainly couldn’t save aggressively and survive the recession which we felt the pain of for years and in many ways, still do. When Obamacare hit, our deductible went to 10K a year. We are also responsible for our own retirement (no pensions or government funded retirement) so we must save each and every month for that. Honestly, college (and many things) are designed for the rich and the poor. Those of us in the middle…out of luck. We can either commute to a state school or CC or take out so much in loans we will be behind the 8 ball after graduation. It sucks.
^That’s why people here always warn others that meeting 100% need is what the school determines as need and one should run the NPC.
For most families, the EFC is a shock.
When schools are giving out their own money for need-based aid, they can “manipulate the data” anyway they want, as long as every applicant is treated the same (i.e. the same rules are applied to everyone). As I’ve said before, FAFSA “EFC” is really a misnomer, because all that number really does is qualify a student for federal aid (or not). If the family doesn’t like it, the student can choose a different school. If the school yield starts going down (percentage of accepted students who enroll) or the school gets a reputation as giving terrible aid, market forces will probably prompt the school to reconsider how it does business.
Actually, some schools practice enrollment management…and the financial aid packages they create are not necessarily created equallly. There is preferential packaging done for students. This means that while full need might be met, some students will see more grant money while others will have more self help (loans and work study). Schools are perfectly within their rights to distribute their institutional need based aid…and merit aid for that matter…any way they choose to do so.
Re: EFC. Remember, there are plenty of lower cost options for college, and the fact is…MOST college students attend local, less costly colleges. Many commute. Many attend CC.
Those of us in the middle are certainly not out of luck. Plenty of options as mentioned by thumper1. Obamacare ate my 529… please.
@elizajanebh: with an ACT 32 and a 3.9, you still have quite a few excellent options that will provide merit aid.
Which universities (UAB, UA, UAH, Miss State) have you applied to so far?
I may have missed it, but did you say what you want to major in?
((big hugs)), it’s hard when one of the twins has a problem and the other pays for it. Here, literally. :s
For your sister, what about Goucher? Lesley? Simmons? Bay Path? Wheaton (MA)? Susquehanna? SUNY Geneseo? MCLA? UMaine-Farmington (with tuition reciprocity)? Not sure what her stats are, so these cover a wide-ish spectrum.
Yes, colleges can claim to “meet full need” however they define “need”. See this old thread for examples (not current, but you can get the idea): http://talk.collegeconfidential.com/financial-aid-scholarships/1675058-meet-full-need-schools-can-vary-significantly-in-their-net-prices.html
So it is best not to place too much importance on claims to “meet full need”. Instead, the college’s net price calculator is likely to give you a better idea of what its financial aid may be like for you.
Some meet need by including loans, others only grants. Some require a student contribution of $4k or so, some allow outside scholarships to meet that requirement. It really is up to the school.
When you look at the stats of ‘% of students with need met’ it is really deceiving because the schools can meet that need with loans.
@MYOS1634 I’ve applied to Alabama and UT Austin, majoring in bio… for no-merit, I’ve gotten into Baylor, Southwestern, and Umass amherst honors college. It really means a lot that you said that 
unfortunately, my sister is what you would call an average good student- she has over a 4.0 weighted gpa, but average-good test scores. She does almost no extra curriculars, either. She insists that it doesn’t matter how much we have to pay, she wants to go somewhere she’ll be happy… which is the only thing she is really capable of thinking of when it comes to college. When I try to talk to her or my parents about financial safeties, I get shut out, told that it’s none of my business. She’s applying to extreme reach schools, such as bard, Oberlin, vassar, and Reed because she doesn’t understand that she can’t get into them or afford them. She is applying to mount Holyoke, my mom’s alma mater and a crushing financial blow to this family. When she gets in, it’s extremely likely she will attend while my parents slowly accumulate debt. I am really at a loss here… I might not even be able to go to umass amherst because it costs too much.
Apply to MHC too :). On their part of the common app, they actually have a question about a sibling applying too, and may offer some sort of financial deal if the both of you get in.
Apply to more ‘merit’ universities.
Right now you only have Alabama as an affordable option. It’s a great university but you want to cover your bases, be able to compare financial packages.
(unless you meant UT Dallas? UT Austin admits very few oos students and doesn’t give merit. The strong stem school with merit is UT Dallas. For your stats I think you get a full ride at Texas State but I don’t know about deadlines.)
I’d recommend Truman State - strong academically, low cost, excellent scholarships.
Hendrix, Agnes Scott, Beloit would likely offer merit money but RUN THE NPC. Hendrix has a scholarship for your stats and has excellent academics.
What about Wheaton, MA?
Most importantly, don’t plan on community college : your act 32 and your GPA mean you can get full tuition scholarships* but if you attend community college you lose that money. You’ll save a little at first then pay way more when you must come up with total costs. Transfers typically get lousy aid. You’re better off taking a gap year than attending a community college.
Find ways to leverage your 32 act. Massachusetts doesn’t offer much in merit money but that’s not the case everywhere.
Did you already get accepted to Alabama? If so, you should also have your financial aid package.
I’m a bit confused…you think your sister will get accepted to MHC but NOT to Bard?
And really…a 4.0 weighted GPA with average good test scores means what??
But I’m digressing. I know younare disappointed that it seems your familynis not listening to you regarding YOUR college search. So…concentrate on your own search. You will grow where you are planted!
@MYOS1634 whoops yeah I did mean UT Dallas haha. But honestly I don’t know if I could go that far away
@elizajanebh why have you only applied to 5 schools after all this discussion about merit schools. Today is the 15th, pretty much your last chance for many schools. Are there any 4 year schools in commuting distance to you (MASS has so many colleges). Have you spoken to your parents about these numbers and how $20k over 4 years will only get you community college? Did you apply to Mount Holyoke? Their deadline is today…who knows they may get you a twin discount and your parents may be willing to pay for both of you to go there because of legacy.
@thumper1 MHC has a 55% acceptance rate and my mom is an Alumna, and bard has only a 32% acceptance rate. So yes I think she will get in. Her highest sat to my knowledge was a 1260.
how is all of this going to be funded…for both of you…for four years. I’m asking this regardless of where you choose to attend college?
@elizajanebh A long shot but what are the odds that your twin stays in school 4 years and graduates? is it likely that she goes a semester or 2 and decides not to/is unable to continue, thus freeing up finances for you down the line? NOT wishing bad karma on anyone in your family at.all. but is it possible that your parents have that in the back of their minds?
Can you work on the mount Holyoke application now? It’s due tonight and there’s a 'why us’essay which, with an alumna mother, should be easy.