<p>Our oldest is a college sophomore, our second child will be a college freshman this fall. When I run the numbers on the EFC estimator (collegeboard or finaid.org) for the second kid, I get a "Parental Contribution" calculated -- but I am not sure if this figure is what we are expected to pay per child (since this will be the second child we will have in college) or if the calculated figure is expected to be split between the two kids.</p>
<p>Can anyone clear this up for me?</p>
<p>Each child will have their own EFC. If they both attend schools that meet 100% of need for all students, you should end up paying roughly half of what you paid for child one for each. If they attend schools that don’t meet need, it will just depend on whether the schools choose to reduce tuition for your students.</p>
<p>If you put 2 kids in college in the estimator then it will have already divided the parent part of the EFC by the # of students. So that is the EFC for that one child.</p>
<p>^^^</p>
<p>Ah…so if after you input 2 kids, and the estimator says - for example, $12k - then you could expect to pay (at least) $12k for each kid - assuming that it’s a school that meets need with little to no loans.</p>
<p>However, if one or both kids goes to a school that doesn’t meet need without gaps or big loans, a parent could expect the family to have to come up with more money.</p>
<p>Is that right?</p>
<p>Whether a college meets need or not or whether they meet need with loans or not… none of this has to do with the EFC.</p>
<p>As swimcatsmom says, when you fill out the FAFSA it asks how many children are in college. If you answer “2” the EFC you get for whichever kid you’re doing the FAFSA for (you can only do one at a time) is the EFC for that student.</p>
<p>The EFC for the second student may be the same, but this could be affected by differences in the two students’ own income and assets.</p>
<p>It is true that schools that gap will leave the students and parents owing money beyond what the FAFSA EFC is calculated to be, but that doesn’t have any bearing on how the FAFSA calculates the EFC. The EFC is merely an indicator of any federal aid for which you may be eligible.</p>
<p>^^^</p>
<p>I probably wasn’t clear with my post. That’s what I meant.</p>
<p>OK I am REALLY confused now. I just completed the FAFSA for each kid - D will be a senior, S an incoming freshman. My D’s came out at $25,000, my son’s at $28,000 (because he has more savings). Does this mean we are expected to be able to pay a total of $53,000 annually to get both kids through college? Or a FAMILY total of somewhere between $25-28K? Our income has dropped by more than half in the last year since I lost my job last March. $53K is higher than last year’s EFC for my D alone, when I was gainfully employed AND only had one kid in college! So how could our total family EFC be higher this year, with loss of substantial income and an extra kid going to school. . . this just doesn’t make sense to me. Can anybody explain?</p>
<p>^^^</p>
<p>When you did each kid’s FAFSA, did you indicate that there are 2 in college (even tho one is a senior in hs)?</p>
<p>hilaron, if it is about 3x what you expected or about 33% of your gross wages, that is probably right. Yep, time for stiff drink…</p>
<p>
Each student’s EFC is their own EFC, any split of EFC between the number of students has already beeen done by the EFC. I sounds odd that it would be higher than last year given your circumstances. Are you sure you did not make some sort of error when you put your data in? I would suggest you go back and check all your data including income, assets, number in college etc.</p>
<p>Yes, I did indicate two kids in college next year, and the numbers are all correct. Even though our income is down significantly, the value of our investments is up somewhat compared to last year so that must account for the higher overall EFC. </p>
<p>So the lesson in all of this is - if you are counting on your investment portfolio to fund your retirement (as we are - my husband is self employed, as was I for much of my career) make sure it is mostly invested in IRA accounts, as those don’t count towards your EFC! But if the funds are in regular investment accounts it is all fair game. </p>
<p>Thanks for the clarifications, everybody. I’m off to have that stiff drink now. . .</p>
<p>hilaron…</p>
<p>bummer! make it a double!</p>
<p>OK, I’m about to get the FAFSA done. I will have 2 in college in the fall…so I do the parent portion, then S1 does his portion, then S1 does his portion? Can it be done in one sitting, login and go or do I and S1 do it, log out and than do I do the whole parent part again and S2 does his part?</p>
<p>Since I just did this. . . you have to complete the FAFSA for kid #1 (parent and student information) and submit it. After you click submit, it gives you an option to start a FAFSA for another child; click yes, and it will automatically copy over all the parental information into a new FAFSA for kid #2, and then you have to go into that one and fill in the student data for kid #2. Each kid must have their own FAFSA (and each one will also need their own PIN number to sign and submit it with).</p>
<p>Thanks hilaron, everyone has their pin so we’re good to go…as soon as I remember where I filed my pin LOL. I just couldn’t imagine that I’d literally have to fill out the parent info 2x, so hopefully it does automatic fill into the second version…</p>