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Filing the FAFSA 149 APPENDICES ▶ Differences between Federal and Institutional Financial Aid Formulas The financial aid formula used by the FAFSA to calculate the student’s expected family contribution (EFC) is known as the Federal Need Analysis Methodology or Federal Methodology (FM). Some colleges use a different formula for awarding their own financial aid funds. This formula is known as an Institutional Methodology (IM). The CSS/Financial Aid PROFILE form is used by about 250 mostly-private colleges and a similar number of scholarship competitions to calculate an EFC under the institutional methodology. The PROFILE form gathers answers to many more questions than the FAFSA. Each college and university that uses the PROFILE form may modify the formula. The most common differences between FM and IM are summarized in this table: Financial Aid Formula Components FM IM (CSS/Financial Aid PROFILE) Net Worth of Family Home Ignored Capped, usually at 2-3 times income Simplified Needs Test Yes No Net Worth of Small Family Businesses Ignored Counted Minimum Student Contribution or Summer Work Expectation Paper Losses (Depreciation, capital losses, business/farm losses, NOL carry-forwards) No Counted Yes Ignored Non-Custodial Parent Income/Assets Ignored Counted Number of Children in College Equal split of parent contribution Smaller reduction in parent contribution Assets Owned by a Sibling Ignored Counted, if sibling is under age 19 and not yet in college Allowance for College Savings None Subtracted from assets Allowance for Emergency Reserve None Subtracted from assets Start of Application Season January 1 October 1 Adjustment for Regional Cost of Living Differences Assessment of Student Assets 20% 25% No Yes
Filing the FAFSA 150 FM and IM have different adjustments to the parental contribution when more than one child is enrolled in college at the same time. 40 The parent contribution is multiplied by the percentages listed in this table. Number in College FM IM (CSS/Financial Aid PROFILE) 1 100% 100% 2 50% 60% 3 33% 45% 4 25% 35%
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FILING THE FAFSA The Edvisors ® Gu
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About the Authors Mark Kantrowitz i
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Our co-workers at Edvisors deserve
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Student Marital Status 23 Driver’
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▶ Adjustments and Overrides 132
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Filing the FAFSA 2 Work-study progr
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Filing the FAFSA 4 Institutional St
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Filing the FAFSA 6 FAFSA Applicatio
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Filing the FAFSA 8 • Macintosh us
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Filing the FAFSA 10 • Records of
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Filing the FAFSA 12 The PIN works l
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Filing the FAFSA 14 FAFSA on the We
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Filing the FAFSA 16 Step 2 - FAFSA
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Filing the FAFSA 18 There are no ag
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Filing the FAFSA 20 Step 3 - COMPLE
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Filing the FAFSA 22 and universitie
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Filing the FAFSA 24 will not ask an
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Filing the FAFSA 26 • Other eligi
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Filing the FAFSA 28 • Male studen
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Filing the FAFSA 30 Grade Level If
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Filing the FAFSA 32 Parents’ Educ
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Filing the FAFSA 34 the list that i
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Filing the FAFSA 36 Federal School
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Filing the FAFSA 38 Transferring to
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Filing the FAFSA 40 Note that after
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▶ Section 3 - Dependency Status F
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Filing the FAFSA 44 Dependency Over
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Filing the FAFSA 46 marriage, the c
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Filing the FAFSA 48 The following t
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Filing the FAFSA 50 Whether the stu
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Filing the FAFSA 52 Because of the
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Filing the FAFSA 54 It is not uncom
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Filing the FAFSA 56 If the student
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Filing the FAFSA 58 This section as
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Filing the FAFSA 60 be an even numb
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Filing the FAFSA 62 support provide
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Filing the FAFSA 64 The most common
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Filing the FAFSA 66 student, in whi
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Filing the FAFSA 68 Parent Financia
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Filing the FAFSA 70 Parents’ Tax
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Filing the FAFSA 72 The IRS Data Re
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Filing the FAFSA 74 Then, the IRS D
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Filing the FAFSA 78 In some cases,
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Filing the FAFSA 80 • He or she w
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Filing the FAFSA 82 Although the nu
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Filing the FAFSA 84 Parents’ Unta
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Filing the FAFSA 86 The intention i
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Filing the FAFSA 88 • The student
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Filing the FAFSA 90 • Farm income
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Filing the FAFSA 92 card debt does
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Filing the FAFSA 94 a retirement pl
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Filing the FAFSA 96 Rental Properti
Page 107 and 108: Filing the FAFSA 98 Qualified tuiti
Page 109 and 110: Filing the FAFSA 100 Impact of Repo
Page 111 and 112: Filing the FAFSA 102 Section 5 also
Page 113 and 114: Filing the FAFSA 104 money from gov
Page 115 and 116: Filing the FAFSA 106 ▶ Section 6
Page 117 and 118: Filing the FAFSA 108 Need Help The
Page 119 and 120: Filing the FAFSA 110 If filing FAFS
Page 121 and 122: Filing the FAFSA 112 Web Certificat
Page 123 and 124: ▶ Section 7 - Confirmation Filing
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Page 127 and 128: Filing the FAFSA 118 If family circ
Page 129 and 130: Filing the FAFSA 120 INCREASING ELI
Page 131 and 132: Filing the FAFSA 122 business incom
Page 133 and 134: Filing the FAFSA 124 • Roll the c
Page 135 and 136: Filing the FAFSA 126 Avoid Trust Fu
Page 137 and 138: Filing the FAFSA 128 Divorce and Se
Page 139 and 140: Filing the FAFSA 130 CHANGES: CORRE
Page 141 and 142: Filing the FAFSA 132 ▶ Adjustment
Page 143 and 144: Filing the FAFSA 134 • exclusion
Page 145 and 146: Filing the FAFSA 136 • Financial
Page 147 and 148: Filing the FAFSA 138 Any data eleme
Page 149 and 150: Filing the FAFSA 140 ▶ Common Err
Page 151 and 152: Filing the FAFSA 142 • Applicants
Page 153 and 154: Filing the FAFSA 144 Errors Involvi
Page 155 and 156: Filing the FAFSA 146 Errors Involvi
Page 157: Filing the FAFSA 148 CONCLUSION Fil
Page 161 and 162: Filing the FAFSA 152 COA COD COTW C
Page 163 and 164: Filing the FAFSA 154 HEOA Higher Ed
Page 165 and 166: Filing the FAFSA 156 SIC SID SIMPLE
Page 167 and 168: Filing the FAFSA 158 1099-C IRS For
Page 169 and 170: Filing the FAFSA 160 Appeal A finan
Page 171 and 172: Filing the FAFSA 162 Clergy A membe
Page 173 and 174: Filing the FAFSA 164 Depreciation D
Page 175 and 176: Filing the FAFSA 166 Family Educati
Page 177 and 178: Filing the FAFSA 168 Gift Aid Gift
Page 179 and 180: Filing the FAFSA 170 Legal Dependen
Page 181 and 182: Filing the FAFSA 172 Orphan An orph
Page 183 and 184: Filing the FAFSA 174 PROFILE See CS
Page 185 and 186: Filing the FAFSA 176 Sticker Price
Page 187 and 188: Filing the FAFSA 178 Untaxed Income
Page 189 and 190: Filing the FAFSA 180 15 http://thom
Page 191 and 192: Filing the FAFSA 182 ▶ Quick Refe
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