"At Grinnell College, a quarter of our students come from middle-income families. To better understand their financial circumstances, we recently performed a simple analysis. The results confirmed what we have long believed: The Free Application for Federal Student Aid, the instrument that guides virtually all financial-aid decisions in America, has a fundamental problem," writes Russell Osgood, president of Grinnell College, in The Chronicle of Higher Education. "In a nutshell, the formula that the FAFSA uses unrealistically overstates what many middle-income families can be expected to pay toward a child's college education."