Looking for some insight regarding costs when you jump from 1 kid to 2 as it relates to the EFC. We don’t qualify for aid with 1 kid in school. However, FAFSA says our EFC is far less then what it would cost for two kids. As an example, if my FAFSA EFC is currently 80k (which is more than the actual cost at one private school), will it stay at 80k when two kids are involved, therefore getting each school to lower the cost of attendance (via fin aid)? That sounds way to easy to qualify for aid but our income and assets will remain the same regardless of how many kids are in school (assets will actually reduce by cost of attendance).
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Your federal EFC will be about 1/2 for each kid. It can be a little different if one kid has more assets than the other. An EFC of $40k isn’t going to get you anywhere.
CSS schools calculate their own EFC, and usually with two in school I will be about 60% of the EFC that you saw with one in school. The other school may also be 60%.
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But… .keep in mind that many schools do not cover full need.
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watchnig as will be in similar situation next year. Does one have to do the FAFSA then for both kids? not doing so for current kid in school since we are not getting aide. If 2nd kid decides to go private, does it make sense since the EFC will be half (lets say 40K for that kid), and they are being looked at for the first time, that they might get something?
The FAFSA belongs to the student, so each student who wants money has to do his own. If only one student wants money, he can file a FAFSA and claim the sibling as a second college student.
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@sdl0625 Does your current child in college get any merit aid? We did not file FAFSA for our current child in college (sophomore), but we did for our 2nd who will be attending next fall. In our situation the 1st gets a partial merit scholarship and would not get additional aid.
There is a table (can do a google search) that gives some idea for multiple students. I also had found someone here on CC had a great spreadsheet you would plug in different information and get an estimate. Don’t recall who, it was awhile ago, but could try searching.
So each kid does a FAFSA claiming two students in college, lowering the overall federal EFC and then individual colleges will take that and do what they do? 100% need met will meet need and other schools will likely provide some aid in some form?
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Each does a FAFSA. The parent section is the same for each one, and in fact after you fill in one it will ask if you want to complete another for a sibling. Yes, there is a place where you fill in household information and put that there are 2 in college. FAFSA qualifies you for federal aid and loans.
SOME schools also use only the FAFSA to award institutional aid. They do not have to follow the EFC or can give tons based on it. Up to the school.
Many schools also require the CSS. That where most of the most generous schools (Ivies, Amherst, ND) get the information they use. I’d say most do consider multiple children in school, but in their own way.
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Thanks for clarifying
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Assuming we get some aid based on the actual schools involved, looks like we should have had twins :)]
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Just go run the NPC a couple times at a school you’re interested in, with both one and two kids, and it’ll tell you how their formula will see the two cases. Then take the results and call the school’s financial aid office and they can discuss the results with you. If your $80k EFC is above the cost of attendance you won’t get need-based aid, but an EFC at $50k might qualify you for work study or something. File twice and go ask each school, because if you don’t you can be assured you’ll get $0.
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@jcmom716 yes, older child gets merit,. WE are not filing FAFSA this year, but next year for 2nd child we will have to.
If you are applying to private colleges, be sure to apply to some schools that require the CSS profile and other schools that do not require the CSS profile. Institutional aid results will vary between these two groups based on the family’s mix of income and assets.
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We never qualify for aid but fill out the FAFSA. If you want access to the federal loans you have to fill it out. 2 kids in college allowed my kids to get some of their loan subsidized cvs all unsubsidized when only one in college.
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Good to know. Is it the group’s experience the individual college NPCs are fairly accurate? I realize certain schools will require CSS (S attends one now) but assuming I enter the info on a CSS school’s calculator (I would think that would be factored in) and run at 1 than 2 kids, there’s a substantial difference.
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looks like we should have had twins>>>
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If your EFC is literally 80k, I doubt it makes any real difference. How much difference are you getting on NPCs you run?
100% need met does NOT mean FAFSA EFC met – it means the college calculates need based on its own formula and meets that. If you own a home, that right there is an extra $ amount tacked onto EFC.
FAFSA EFC is ONLY to calculate eligibility for federal aid programs, although colleges are free to use it to calculate financial aid if they so choose. But most full-need colleges require CSS profile or other supplemental financial information.
True for many, but not all, schools that calculate their own EFC.
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I have two who started the same year. It’s not easier to pay two tuitions, two travel costs, buy two sets of books at the same time.
You may not get any free money. Your kids may qualify for some subsidized loans and work study.