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4. Who Gets Financial Aid? > A Different EFC

A Different EFC

Up to now, I’ve shared characteristics of the federal EFC formula, but there is another methodology that a far smaller number of families need to know about. An additional EFC will be calculated for families that complete the CSS/Financial Aid PROFILE, which is the financial aid application that 249 mostly private schools use in addition to the FAFSA.

The EFC that the PROFILE generates can be different because the application asks more questions and calculates aid differently. The PROFILE, for instance, takes into consideration the number of children in a household rather than how many are in college simultaneously. Most schools that use the PROFILE also want to know about a family’s home equity and the finances of the noncustodial parent in cases of divorce. It also inquires about family businesses. The PROFILE often produces a higher EFC.


  

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