We just filled out the FAFSA. We have a son and daughter that will be in college next year and their EFC are different for each by a few hundred dollars. Are the EFC suppose to be the same for both children? Not sure if we did something incorrect. The only difference is my son had some $ in his savings/checking. Thanks in advance.
No.
That’s probably why.
That “only difference” is THE difference.
Think about it…why do you think FAFSA asks about the income/assets of students?
In the FAFSA formula the EFC based on parent income and assets will be halved for two students in college. Then the student income or assets might add to that.
So if one child has more savings in the bank than the other, that would result in different individual FAFSA EFCs.