<p>JC mentioned in another thread, that you must be 24 to be considered financially independant. Others added that once you receive your first bachelor's degree, you can be considered independant. How does that translate to the parent EFC? Will we still be required to file a FAFSA for the graduate student if under 24? Also... our soon-to-be frehsman received need-based aid at a number of schools. We questioned one of the colleges, whether or not they would continue to receive that aid when the older sibling graduated from college, and were told no. Once the oldest graduates (from undergraduate we assumed), our EFC would change, and likewise the younger child's aid would change. Now I'm confused. Assuming income and investments stay the same, if the older sibling goes to graduate school, and if we are able to assist with any of the cost, does our EFC remain the same as when he was an undergraduate?</p>
<p>Is your younger son accepted at college for the fall? If so, you need to clarify this with the individual school. Each one is different. Here is what we've had happen.
this year DD1 is STILL WAITING for FA packages for grad school - if low enough she intends to go, and her sister DD2 is off to college as a freshman in the fall.
We called each school and each one said to count DD1 as a family member when doing the FAFSA and to count her as in-school while in grad school.
We later found out each school treats it differently with aid. The may count her for the FAFSA figures but not for institutional aid. So the FA package amounts do not match the EFC amount at any school and they varied wildly.
I would go - if possible - in person to speak to the highest level FA administrator you can meet with at the individual school and ask how they'll work it when the older one is in grad school.</p>
<p>Once your older son graduates he will be considered independent for financial aid purposes if he goes to grad school (however, should he attend med/law school while he will be independent on the FAFSA, these schools will still want to know your income and assets to determine his financial aid)</p>
<p>Right now if the EFC for your freshman is based on having 2 students in college, once S#1 goes to grad school, your EFC will go up as son #1 will no longer be part of the equation as many schools do not consider grad school in for financial aid purposes because , S#1 will be considered independent,
grad school is optional (as many people work while attending grad school)
and the amount of money he will be able to borrow will go up drastically.</p>
<p>there are some schools that will consider older son in grad school (although they don't have to) but since your school has been upfront in telling you that the EFC will go up once son#1 graduates, at least you have time to prepare according. Theoretically your EFC should not change dramatically as if was cut in half when you had 2 in college. It will probably be pretty close to what it was before son #2 went to college.</p>
<p>I have two kids in undergrad college- both schools are willing to count grad student sister as 1 of the students in college, yet grad student sister's school told us she only does the FAFSA not us...I know law & medicine & professional schools require parents, but perhaps grad work in humanities does not?</p>
<p>It also may depend on whether or not you claim the grad student as a dependent or not. Grad daughter is still waiting for her fin package, but the file shows as complete with only her fafsa & not ours!</p>
<p>I have 2 in undergrad and a third just starting grad. The 2 undergrad schools do not count the eldests grad school in the equation. The eldest also filed as an independent student as we told him we would not pay for any of his grad school. He is currently 23. His financial aid package consisted of a graduate scholarship and loans. We did have to complete FAFSA for one of his schools but not the others. One school told him he could submit his own FAFSA if he wanted to but it was not required to be considered for aid.</p>
<p>Not all professional schools consider parent finances for financial aid. #1 started law school when #2 was a HS senior. Law school considered him an independent and required nothing from us (he was 22 and fresh out of undergrad). Financial aid came primarily in the form of loans (Perkins, sub & unsub Stafford) along with one small merit award. #2's LAC would not consider the support we were providing #1 to reduce our EFC there. Gained on one end and lost on the other.</p>
<p>While schools may consider a Graduate Students parental income and assets for school funding, the FAFSA will not request, nor does it require parental information for students who have completed their bachelors degree and are now enrolling as a graduate student.</p>