<p>I had never thought about this before, but what you are saying makes sense. There can be a drastic difference between income per FAFSA and income per profile, at least in the case of self-employed or small-business owners. So in a case where many things are expensed against business revenue, you can be Pell-eligible by FAFSA but not eligible for much institutional aid. I’m just surprised the difference could be so huge that an outrageously expensive school like Emory thinks you need nothing but loans and the feds think you need a Pell Grant.</p>