<p>OK, sorry but I know this is a stupid question but I need to make sure I understand this and I'm hoping someone will help.</p>
<p>Financial Aid 101 - I have a daughter who is a junior in college. We did the FAFSA form before her freshman year, and we were not eligible for any financial assistance and subsequently forgot about it. Now...I have a son who will be attending college in the fall. This is where the stupid questions come into play:</p>
<p>I assume each child does a FAFSA form, right? And each form will calculate an EFC, right? And my daughter sends this form to her school, and my son sends his to the schools he's applying to. As far as we, the parents are concerned, we have to add both EFC's to come up with what we (as parents) are expected to contribute for college education. I assume the FAFSA form for each child takes into account there are 2 children in the family attending college before calculating EFC? </p>
<p>I'm just trying to understand the basics so when I research the rest, I have a basic understanding.</p>
<p>Thanks in advance for any assitance you can provide.</p>
<p>On the FAFSA your kids will put the number of family members that are in college. The EFC is calculated using both parent and student income and assets. The part of the EFC generated by the parent information will be divided equally between the number of students in college. The part of the EFC generated by the individual student's information would remain the same.</p>
<p>Say, for instance, the parent part of the total EFC is 20,000 and student A's income/assets generates a student portion of 1600 while student B's income/assets generates a student portion of 500. For student A the EFC would be 11,600 (20,000/2 +1600) while for student B the EFC would be 10,500 (20,000/2 + 500).</p>
<p>Thanks! So basically, the FAFSA automatically calculates the fact that I have 2 in college and applies half of my EFC to child 1 and half to child 2? So basically what I said is correct...I take the two EFC's and add them together to determine what FAFSA thinks I can afford to pay?</p>
<p>Thanks again.</p>
<p>Yes...the FAFSA calculation takes into consideration that you have two kiddos in college at the same time and deals with the EFC accordingly. It may not be 1/2 and 1/2 as the kids might have different income and assets from one another.</p>