I just filled out the FAFSA form, and we have three in college. Previously, we never qualified for aid with the first two and their scholarships. The FAFSA form states that the EFC is 59K. Is that the EFC for just that kid (meaning, each of the three kids will have EFC of 59K)? Or, is that TOTAL, and I can split that number in three. So, the third child goes to a college that costs $40000, there is the potential for $20000 in aid? Will the colleges automatically split that number in three when they look at the FAFSA form when it shows that there are three in college at the same time? Thanks!
That is the EFC for only that kid as calculated based on the information you provided and is NOT divided by three.
The EFC is just for that child. Additional children will have a similar EFC (can be different due to individual child’s income and assets).
The EFC is a number used to award federal aid. Schools also use it in packaging aid, including loans and possibly scholarships and/or institutional grants. There is no guarantee your child’s aid package will total the Cost of Attendance less the EFC. Few schools meet need, and those that do typically require the CSS Profile form to more thoroughly understand the family’s finances (and are exceptionally difficult to get into).
What was your EFC when only one was in college.
What was each kid’s EFC when two were in college?
If your EFC for each of three kids is $59,000…that would indicate a very very high income and/or assets. Or a mistake somewhere on the FAFSA.
Like…did you do a retirement rollover in 2019??
Thanks. I make a good income and have some investments that are intended for retirement, but are not in retirement vehicles; thus, it counts towards the formula. I didn’t even look at the numbers at the first two FAFSAs as I knew it would not make a difference with the scholarships that my first two received. This year, since three were in college and the third one is looking at liberal arts schools, I I had thought that with one third of the EFC, she might qualify for a SMIDGE of aid. Apparently not! Thanks for the responses!