teachermom2834 Posted October 11, 2015 Share Posted October 11, 2015 So I have run a zillion net price calculators and have been playing with the EFC calculator on the College Board site (figuring both federal and institutional methodology efc). I am trying my best to be informed so I'm not completely hit out of left field when the FA numbers come in. I just ran the Fafsa 4Caster on the official DOE site. The EFC I get on the DOE site is drastically lower than any other calculator I have run. The 4Caster gives me a number just over half of the College Board and FinAid sites. It is the difference between "I think we can swing that" and "OH HECK NO!" I realize I will not know anything until things are final. Just wondering if anyone knows why the big difference or which is most accurate. I am suspecting the higher number is correct because I tend to be pessimistic by nature but part of me is hoping the official site has updated calculations for 2015 or something. Any insight? Anyone know why the big difference or which was more accurate in your situation? I know it is all just estimates but it is a very big difference. Quote Link to comment Share on other sites More sharing options...
Pegasus Posted October 11, 2015 Share Posted October 11, 2015 The FAFSA EFC is only used to determine if you are eligible for Federal aid (Pell Grant, subsidized student loans, Perkins loans). It is NOT an estimate of what your family can be expected to pay. Confusing, I know, because the acronym EFC makes it sound like it is what your family would be expected to contribute. Almost always, you will be expected to pay MORE than the FAFSA EFC. The calculators on the college websites may be fairly accurate if you have regular wage-earning jobs, but are often not up-do-date with the latest tuition fee increases. If these are the calculators that are giving you a higher amount, this is going to be more accurate for out-of-pocket costs than the FAFSA EFC. 1 Quote Link to comment Share on other sites More sharing options...
teachermom2834 Posted October 11, 2015 Author Share Posted October 11, 2015 The FAFSA EFC is only used to determine if you are eligible for Federal aid (Pell Grant, subsidized student loans, Perkins loans). It is NOT an estimate of what your family can be expected to pay. Confusing, I know, because the acronym EFC makes it sound like it is what your family would be expected to contribute. Almost always, you will be expected to pay MORE than the FAFSA EFC. The calculators on the college websites may be fairly accurate if you have regular wage-earning jobs, but are often not up-do-date with the latest tuition fee increases. If these are the calculators that are giving you a higher amount, this is going to be more accurate for out-of-pocket costs than the FAFSA EFC. I understand that is what the FAFSA EFC means and that we will most likely be expected to pay more. But, the calculators on the FAFSA site and on other sites that claim to be doing the same FAFSA estimation are very different. While I understand the limitations of what EFC means I think it is still a useful number to have an estimate of. I'm just confused as to why the calculators that claim to be computing the same thing (FAFSA EFC) are so different. Thanks! Quote Link to comment Share on other sites More sharing options...
JulieA97 Posted October 11, 2015 Share Posted October 11, 2015 Some collleges use a different methodology to calculate aid and you have to fill out additional paperwork and inclue things such as the value of your house. Those EFCs are usually much higher than the official FAFSA calculation. Many colleges use just the regular federal FAFSA EFC. It all depends on the school, which methodology they use and how they meet the need. Quote Link to comment Share on other sites More sharing options...
Pegasus Posted October 11, 2015 Share Posted October 11, 2015 I think it is still a useful number to have an estimate of. I'm just confused as to why the calculators that claim to be computing the same thing (FAFSA EFC) are so different. Thanks! Here's the official formula: http://ifap.ed.gov/efcformulaguide/attachments/090214EFCFormulaGuide1516.pdf Quote Link to comment Share on other sites More sharing options...
teachermom2834 Posted October 11, 2015 Author Share Posted October 11, 2015 Here's the official formula: http://ifap.ed.gov/efcformulaguide/attachments/090214EFCFormulaGuide1516.pdf Thanks. I should just do it myself instead of wanti g an online calculator! Quote Link to comment Share on other sites More sharing options...
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