<p>Here's my friend's scenario. He'll be applying to Swarthmore, Amherst, mostly liberal arts colleges with good aid. He qualifies for about 10k in aid according to the Collegeboard EFC calculator (which he hears is pretty reliable). What his aunt said today was that since he has twin brothers in the grade below him, he shouldn't bother applying for financial aid until the second year of college because his younger brothers being in college will significantly lower his EFC. Does this make any sense whatsoever?</p>
<p>Why would he not want the 10K for the first year? Am I missing something?</p>
<p>He will apply for financial aid and fill out the FAFSA each year in college. It doesn’t make sense to wait until your second year in college; it wouldn’t make any difference. It’s not like he gets one EFC the first time he applies to college; since he fills out the form every year and if there are any changes in the number of people in college that will be reflected in the new EFC calculated for each year.</p>
<p>He should take the ten thousand dollars. If his EFC changes next year, then his aid will change to reflect it, just as if it had been that number all along.</p>
<p>It sounds like your aunt is confused about how FA works. As Gardna says, each year they have to apply and fill out the FAFSA and (for many private schools) the Profile and each year they will get a new EFC based on income, number of children in college, etc.</p>
<p>While the CB Institutional calculator is OK, for privates that use the Profile, your aunt should go to the college websites to see if they have their own FA calculators. Although the same financial information goes to all schools, the FA policies and calculations used to determine need vary from school to school. For instance, here is the calculator for Amherst:</p>
<p><a href=“https://www.amherst.edu/offices/financialaid/calculator[/url]”>https://www.amherst.edu/offices/financialaid/calculator</a></p>
<p>He should also check the schools’ policies. Some schools will NOT award institutional aid in subsequent years if the student doesn’t APPLY for it as an incoming freshman.</p>
<p>^^While this is true, I don’t think there’s any reason for the OPs aunt not to apply for FA fr year. </p>
<p>She has somehow been lead to believe that the fr year EFC stays the same for all 4 years. Based on this misinformation, she reasons that since he will be the only child in college fr year and there will be 3 during his soph year, that a substantially lower EFC soph year and onward will make up for the 10k lost in not applying for FA as a fr. The truth is that EFC changes every year and there’s absolutely no reason for her to forgo applying for and receiving FA during her son’s fr year.</p>
<p>Oh I agree…the OP SHOULD apply for aid for the freshman year. I agree there is some “family confusion” about financial aid…the need to apply annually for need based aid. </p>
<p>I was just saying that IF they decide NOT to apply for freshman year, they MIGHT be in a situation where institutional aid will NOT be awarded…another reason TO apply as a freshman.</p>
<p>ok thank you everyone, yes she thought that their EFC would stay the same, thank you for clearing this up!</p>
<p>Tell them to just write you a check for half–finders fee.</p>