<p>Though my college offers scholarships to cover 100% need, their EFC is about 3x higher than the FAFSA EFC. Why is that?</p>
<p>A lot of colleges, particularly the ones that tend to meet most need, use PROFILE or another calculatior in addition to FAFSA to define need. They can include things like home equity, non custodial parent income and any other situation that FAFSA might not include, in defining need. It’s the college’s money, so they can spend it any way they please, and many choose to dig deeper in the financial reserves and situation of a family to define what a family can afford. </p>
<p>All the FAFSA does is determine eligibility for PELL and Staffords, along with other federal programs, and other programs choosing to use just those numbers. By filing FAFSA, you have access to federal funds and sometimes states monies also tied into that EFC. Regardless of what your college calculates as need, you remain eligbile for those programs with the FAFSA EFC. It’s the school’s money that is tied to the school’s individual methodology. So you can have two "EFC"s , in a way, That to get PELL (if eligible) , Staffords and other program tying into the FAFSA, but to get school aid at a school like yours, they use their own definition of need. Their money, their rules. Remember the “Golden Rule”. (He who has the Gold,makes the Rules.)</p>
<p>Did you complete the CSS Profile or an additional form that the school required? Many private schools that meet 100% of need take into consideration things that the FAFSA doesn’t, such as investments, home equity, etc.</p>
<p>CSS Profile schools use other info to determine “family contribution”. CSS Profile uses home equity and other calculations to determine how much they expect you to pay. If you’re self employed/own a business, that can also affect your CSS school contribution.</p>
<p>FAFSA EFC does NOT really mean anything except to determine if you qualify for Pell Grants and other federal aid. It doesn’t really determine how much the family should pay. Also, FAFSA EFC means NOTHING to colleges except to determine federal aid. Colleges don’t have to do anything with that number but determine federal aid. </p>
<p>Also, CSS Profile schools often use non-custodial parent info. Do you have a NCP?</p>
<p>What school is this? What is the FAFSA EFC?</p>
<p>Did you use the Net Price Calculator on the school’s website? If not, do so now and see what it says.</p>
<p>My FAFSA EFC is 9090, and I’m expected to pay 17k to Amherst this year. Up to now, I’ve never really worried about money but my savings have finally run out. In previous years, my EFC was much lower. My dad is giving me 5k this year, which helps out a lot. Money is a touchy issue in my family, though, and I’ll probably have to take out a Stafford loan next year. I estimated my parents’ savings in the NPC, plugged in the numbers from the CSS profile, and got $6k.</p>
<p>Have you contacted Amherst and asked for a re-evaluation for aid.</p>
<p>Maybe your parents have more savings than you think? Are your parents self-employed/own a business or something like that?</p>
<p>If Amherst won’t adjust your aid then, yes, you’ll need to take out a Stafford loan. If you’re a soph, then you can borrow 6500. If you’re a junior, then you can borrow 7500. </p>
<p>Some of your EFC is going towards personal expenses, books, travel, and such, so you can minimize those costs. </p>
<p>BTW…If your FAFSA EFC is 9090, then your CSS Profile EFC is NOT about 3 times higher. It’s not even twice the amount. Two times higher would be $18k.</p>
<p>Thanks, mom2. I’m planning on giving them a call later to clarify the numbers are correct. And you are totally right. I had to look up the actual FAFSA EFC as I clearly did not remember the number!</p>
<p>Yes, talk to Amherst and find out what the differences are between your FAFSA EFC and what Amherst expects you and your family to pay. They can pinpoint the items, and perhaps help you come to some solution for this year, and perhaps it is something that can be addressed next year. There are some simple strategies that can translate into significant dollar amounts. When you find out what is causing the difference, share with us, and perhaps some of us can give you advice for next year. The items that usually cause the difference are home equity, non custodial parent financials, accounts that siblings might have (reportable for PROFILE but not for FAFSA). Or perhaps, you had a large amount sitting in one of your bank accounts pending payment the day you filled out PROFILE, or your parents might have.</p>
<p>Since Amherst is known to be very generous, and it doesn’t sound like the family has a high income with a FAFSA EFC below $10k…there are only a few possible explanations…</p>
<p>1) The family has a lot of equity (does Amherst look at equity?)</p>
<p>2) The family has a business and the assets aren’t counted by FAFSA, but are for CSS</p>
<p>3) The family has business deductions that Amherst is adding back in.</p>
<p>4) There’s a non custodial parent</p>
<p>5) There’s been a mistake. </p>
<p>6) The student had savings/assets that were being counted, but now are spent. </p>
<p>7) Amherst learned about some assets that weren’t counted in FAFSA…and maybe FAFSA EFC is also getting adjusted.</p>
<p>8) The family has a lot in retirement accts, and this school is considering those assets. </p>
<p>9) the family included another child as being in college, but that student is in grad school or something and has now been excluded in the household count and “children in college” count.</p>
<p>10) ??? Not sure what else there could be.</p>