<p>Yes you are right, each school has its won forumla for determining need.</p>
<p>Some of the things that can affect ones financial aid is home equity. FOr example, Princeton does not factor in the equity in ones primary home. Some schools cap home equity at 1.5 to 2X annual income while others consider home equity an asset (even in this economy).</p>
<p>Carmen, I am suprised about BU, because they have a grid giving the approximate idea of one’s prospects for financial aid at Boston University</p>
<p>[Boston</a> University - Office of Financial Assistance - Applying for Financial Aid](<a href=“http://www.bu.edu/finaid/apply/incoming_probability.html]Boston”>http://www.bu.edu/finaid/apply/incoming_probability.html)</p>
<p>Since all you received was loans, the school determined that you had no financial need for need based aid, while it could have been a very competitive pool for merit $$.</p>