Word: immed
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Experts at the College Board maintain a formula officially known as the Institutional Methodology, but commonly referred to as the IM, which is the basis for figuring out how much money a family can afford to put towards a college education...
...IM is used at nearly 400 colleges and universities, including Harvard. Director of Financial Aid James S. Miller calls the IM the "backbone" of need calculation at Harvard...
...looks like a change is in order. Created in the 1950s, the IM has been modified very little since its conception and the College Board now seeks to update...
...College Board hopes to unveil a new version of the IM by this July. It will then be up to the individual schools to start using the new formula to determine financial need...
...IM worked well for very low income families, but middle income and upper middle income were "really getting whacked pretty hard," said Stanley G. Hudson, an MIT dean and financial aid officer, who is on the advisory committee looking into the IM...