Location a factor for financial aid?

thumper1
Tue, 10 Aug 2010 14:49:48 +0000

which EFC is the one that counts? I think it is federal and institutional? One was 35k and one was around 22k



I haven’t read this whole thread so forgive me if I’m repeating info. The FAFSA EFC (federal) is used primarily to determine eligibility for federally funded need based aid. With an EFC of either of these numbers, the only federal funding you will get will be a Stafford loan.

The institutional methodology is where you would look if you are hoping to get money from the college itself in the form of need based grant money. The rub is that MANY schools do not meet full need. They schools calculate your family contribution but do not then guarantee to meet the need which is the difference between your cost of attendance and family contribution. The family contribution calculated by the different colleges for awarding THEIR institutional money can vary by thousands of dollars depending on the %age of need met and the formula the schools use…which vary.

Your SAT and GPA numbers are relevant for merit aid, not for need based aid which is based on the income and assets of your family.