<p>I have one going to college next Fall and a junior right behind her.</p>
<p>We learned a lot going throught the FA process this year, but have run into a question during our junior's search.</p>
<p>PRofile has resulted in financial aid offers to my oldest that are $20,000 less than if only FAFSA were used (about 50K vs. 70K). So far so good for us.</p>
<p>D2 is very interested in a private that is a FAFSA only.</p>
<p>Has anyone run into this problem and have suggestions on how to approach the FAFSA private next year? Otherwise she will need to restrict her search to Profile schools.</p>
<p>Thanks,</p>
<p>Dan</p>
<p>Dan, the main thing to realize about the Profile is that all colleges can use the financial information your provide differently. It’s great that your first daughter’s college treated your Profile information favorably, but it doesn’t mean a different school will treat it the same way. You may get offers back from various Profile schools that are wildly varied, even though those schools are all looking at the same Profile data.</p>
<p>Also, I’m not clear on what you’re saying. When you talk about 50K vs. 70K… since no college that I know of costs $70K, you’re still looking at being full-pay or near to it with an expected contribution of $50K. In which case, what difference does it make in practical reality?</p>
<p>
I’m confused. How are financial aid offers $20,000 *less *a good thing?</p>
<p>SCM, I think he must mean FAFSA generated an EFC of 70K, but that particular Profile school expected a 50K family contribution. But, yeah, on the first pass reading the post, I had the same impression.</p>
<p>Right, sorry not to be clear. FAFSA EFC was around 70 and several Profile schools have determined our family need at 50 for D1. We are hoping to find schools that will approximate the Profile treatment for D2.</p>
<p>What I’m not clear about is, say, your second daughter attends a FAFSA-only school and the FAFSA says your EFC is 70K. However, the most expensive schools in the country run 50K to 55K, so nowhere would you be paying more than that. College just doesn’t cost 70K anywhere.</p>
<p>The EFC that FAFSA can generate can go all the way to a max of 99K – but since no college costs that much, nobody will be paying that much. It’s just a calculation.</p>
<p>At 50K you are at or close to full-pay at the most expensive colleges in the country.</p>
<p>By the way, your FAFSA EFC will be cut in half when you have two in college. Well, for each it will be cut in half. That is to say, if your FAFSA EFC is 70K with one in college, it’ll be around 35K for each kid once they’re both in college.</p>
<p>Still that does not mean that if your second daughter attends a FAFSA-only school that you’ll only be expected to pay 35K for her. There is no promise that you’ll only pay what the FAFSA cranks out… again, it’s just a calculation to determine if you’re eligible for any federal financial aid. (You won’t be, with the exception of a federal student loan for $5500.)</p>
<p>If D1’s school is not giving you any aid, that does not mean that has calculated need at $50k. It may think your contribution is $70k, but since the school cost is $50k, that is what you’re expected to pay. </p>
<p>There is a Cornell mom who thought that since Cornell said she should pay $55k for one, that she would get a good discount when the second child went to Cornell…not so. She found out that Cornell really considers their family contribution to be MUCH higher, so with 2 going next year, she’ll be expected to pay over $80k for both (about $42 for each child). She is shocked. She thought that - at most - she’d have to pay about $30 each.</p>
<p>CSS Profile schools don’t split (real) family contribution 50/50…they split 60/60. </p>
<p>I’m not sure I’m explaining this clearly…but obviously, Cornell thinks that their “family contribution” for one child is “really” about $70k…so when that is split 60/60…that comes to $42k for each child when 2 are going.</p>
<p>But getting to your question about FAFSA only schools…they usually don’t meet need, so they may give you little to no aid…unless your child gets big merit. If your FAFSA EFC splits to $35k fro D2, I would be surprised to see any “free money” coming from that school…unless it’s merit money.</p>
<p>If you’re concerned, then encourage D2 to apply broadly along with her FAFSA favorite…and to apply to some schools that will give her merit for her stats.</p>
<p>The only time fafsa only schools were great for us was when I had 3 in college (one in grad school, 2 freshman) and the 3 schools counted them all. When I had 1 in college, the Profile schools were better. Back when my son was a freshman they asked a lot of questions, but also his school had a form and I was able to put down car loans, and different circumstances.</p>
<p>Even then, as stated above, different schools use what they want in their own way.</p>
<p>Thanks, mom2, we are inclined towards encouraging D2 towards the Profile schools, and the FAFSA school provides numerous merit grants with her being in the top quartile of students.</p>
<p>Rent2, D1 actually is receiving offers of small grants and work study. The thought process is D1 will need to pay 50-60% of the calculated family ability to pay (we are in the process of validating that with the schools now), while D2 would have a similar obligation, though for a higher amount at FAFSA schools. We are trying, as is everyone here, to best minimize those costs and maximize D2s choices within our means.</p>