Hello we have a college sophmore and high school senior. Our EFC for just the one in college is 5439 and she qualifies for the subsidized and unsubsidized Federal Loans. Next year with 2 in college, I’m assuming our EFC would stay the same? or would it change? Trying to figure out if we’d qualify for a pell grant with 2 in college. Any experts that can weigh in? Thanks
The EFC should go down if all stays the same. You could run the net price calculator for the current college with 2 in college and see what it says about grants. Is your sophomore in a FAFSA only school? Schools that use their own FA forms in addition to FAFSA have a somewhat different caclulation.
But I would make sure to file taxes and FAFSA extra early next year so you can get the most aid you qualify for.
Your EFC will likely split…to about 2750 per kid. Yes, your children will get Pell Grants, but as you probably already know, those aren’t very much.
Oh good. I’ll take whatever they give us. I’ve been getting conflicting reports on what happens with 2 in college so I was unsure. I didn’t know if somehow it would go up because the calculation would expect that you had been saving for both children. I guess when the third one gets there it would split 3 ways if all stays the same.
And yes mommdc the sophomore’s school uses only the fafsa for aid.
If I"m reading the charts right it looks like to qualify for Pell Grants last year the highest EFC you could have was a 5199, we were so close.
^^
Yes, you were close, but it’s a sliding scare. Even if you had been a bit under that mark, you would have gotten a very small award. It’s not all or nothing.
Well I did the net price calculator on a couple of different university sites and putting 2 in college and it’s not coming up we’ll qualify for any grants, only the loans. And our efc is still coming up in the five thousands. Oh well
Some schools don’t give need aid, only merit aid. You need to search for schools they qualify for that will give need aid or enough merit for you to afford it.
We don’t qualify for Pell, but a state grant. So make sure to apply for all aid, you never know.