Federal Methodology (FM) - Federal Methodology (FM) is a formula established by Congress to determine EFC (Family Expected Contribution) and federal financial aid eligibility. The formula takes into consideration income, assets, expenses, family size and other factors to help evaluate a family's financial ability to pay for college. The Free Application for Federal Student Aid (FAFSA) is the online form used in reporting the information that determines EFC under the FM. All students applying for federal aid need to complete the FAFSA.
Institutional Methodology (IM) - Institutional Methodology (IM) is a need analysis system that nearly 400 colleges and scholarship programs use to award non-federal aid. These colleges believe that IM provides a more comprehensive view of a family's ability to pay than FM. These colleges use IM to distribute their need-based funds equitably to the most deserving students. IM was developed by financial aid practitioners and is based on up-to-date consumer research and tax policy. In addition to evaluating family assets, it also allows for a more generous treatment of medical/dental expenses and efforts to put money aside for education, emergencies, and other special circumstances. Because many students use IM to award their own money, the results and use of the formula can vary from college to college.
FAFSA - Every student applying for financial aid must complete the FAFSA on the web at FAFSA.org. FAFSA has an easily navigated website FAFSA.gov. A link to create an FSA ID can be found on this website. Students, parents, and borrowers of federal student loans are required to use an FSA ID, made up of a username and password, to access certain U.S. Department of Education websites. The FSA ID is used to confirm the student's identity when accessing financial aid information and electronically signing federal student aid documents.
CSS Profile - The CSS profile is a web-based financial aid application. Some colleges and universities require students to complete the CSS profile to receive their non-federal, institutional financial aid. Each year millions of dollars in private, institutional funds are awarded to thousands of students attending colleges that use the CSS profile. Students can sign in and complete their application at Cssprofile.org. Resources, guides, tutorials, live chat features, and a list of participating colleges are also available on the CSS profile homepage.