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outwest
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| Joined: | Sun Mar 4th, 2007 |
| Location: | CA |
| Posts: | 552 |
| Mana: |    |
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Posted: Mon Mar 10th, 2008 09:28 pm |
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How come there is such a range in efc between Profile and the Fafsa. Profile doesn't send you an efc, but you can get the number off of the FA calculators at places like college board. Profile's efc is always higher then fafsas efc. In our case, the difference is about 6K. I know the Profile takes into consideration the equity in your house and fafsa doesn't. The other thing I noticed was that the fafsa seems to take into account where you live (a major plus for CA residents) and the Profile doesn't. Does it? Is it because the Profile asks what college actually costs for a sibling and the fafsa just cuts your efc in half? Do all private colleges that use the Profile go off of those numbers and not the fafsa?
Last edited on Mon Mar 10th, 2008 09:30 pm by outwest
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leftcoast
Member
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Posted: Mon Mar 10th, 2008 10:54 pm |
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There are multiple factors that come into play -- you've listed just a few of them. There are some families who actually end up with lower Profile EFC's -- for example, the Profile will take into consideration private school tuition costs for siblings whereas the FAFSA won't -- but in most cases, the Profile takes more parental assets into consideration and will work against families.
Think of it this way:
The FAFSA is used to determine government entitlements, mostly for loans and work study. Only families with very limiited incomes qualify for Pell grants, and the maximum combined grant eligibility for Pell grants and ACG is only around $5K.
Profile is used by private colleges that are often using it to determine the amount of an institutional grant. With private tuitions being what they are, a family with a $6000 FAFSA EFC -- too high to qualify for Pell -- might qualify for $35K annually in college grant money. (Even the worst, skimpiest , most inadequate financial aid award my d. got from a private college included at least $8000 in grant money). The colleges don't want to give away all their money so easily -- hence they hunt for more in the way of family "resources". It's their money they are protecting. (I'd note that the FAFSA still governs for federal benefit eligibility, so it is very possible that a student who does not qualify for grants at their college because of high home equity or because the noncustodial parent makes a lot of money might still qualify for subsidized Stafford loans).
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jocelynDAD
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Posted: Mon Mar 10th, 2008 10:55 pm |
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Outwest:
In our experience, Profile measures differently than FAFSA. FAFSA was established by law over 20 years ago and is rather dated in application.
Profile can reach a lower or higher number than the EFC. Depends entirely on what data given. Age of parents, home value, retirement dollars are just some items that are considered by Profile somewhat differently than FAFSA.
FAFSA numbers are considered differently by each college. Currently we are receiving offers from colleges based on FAFSA and each offers different amounts and packages.
One Profile college is close to the FAFSA and another has (verbally) indicated that Profile reduces our EFC by over $4,000. i am waiting to see that in writing.  .
Frankly, I have been amazed over the years on how colleges come up with their offers of aid. We have never needed a full ride, but have always qualified for some aid. Never for any of our 7 children have we received a duplicate offer.
It truly is a puzzlement! 
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outwest
Member
| Joined: | Sun Mar 4th, 2007 |
| Location: | CA |
| Posts: | 552 |
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Posted: Sat Mar 29th, 2008 01:32 am |
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The financial aid packages are all in and the offers vary a lot. One is way, way off and one is over the top. They just use the fafsa and profile as a guide and then do whatever they want.
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leftcoast
Member
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Posted: Sat Mar 29th, 2008 04:33 am |
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Keep in mind that it is their money!
FAFSA is used to determine if you qualify for federal aid programs - but the maximum Pell grant is about $4300 -- if you add in the ACG, you are looking at roughly $5000 max in federal grant money, plus eligibility for subsidized loans (also capped at a fairly low level), and work-study. So yeah, the government can afford to be generous with its standards, especially given the overall social utility of getting citizens who are educated at public institutions and go on to fill important jobs like becoming teachers and nurses. So what if there's a little bit of wiggle room that mean that some slightly more well off kids qualify because their home equity or their divorced father's income wasn't counted? Overall, the money goes where it is needed.
When a college is charging students $50K to attend & live on campus, then that is a lot of grant money to pay out if the liberal FAFSA standards are used. So they set their own standards and policies -- hence the difference.
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DesperateDad
Member
| Joined: | Tue Mar 14th, 2006 |
| Location: | California USA |
| Posts: | 832 |
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Posted: Sat Mar 29th, 2008 02:59 pm |
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outwest:
One other option is to go back to the college that is way lower than others and ask if they missed anything while processing; for example, if you have any extra expenses, such as unreimbursed medical, or if you are supporting your parent.
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CarolynLawrence
Administrator
| Joined: | Sun Mar 5th, 2006 |
| Location: | USA |
| Posts: | 3216 |
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Posted: Sat Mar 29th, 2008 07:10 pm |
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Also keep in mind that financial aid leveraging is almost always the cause of huge differences between private school offers. In short, the more they want you and worry that you won't come, the more likely you are to get a better package, even if the institutional methodologies used are very similar.
DD is also correct: if you have NEW or additional information that was not reflected in the Profile, it never hurts to call and ask for a second review. But, ask questions first about what the school might be able to consider as "special circumstances" that they could use to justify increasing the grants.
Last edited on Sat Mar 29th, 2008 07:12 pm by CarolynLawrence
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