If a family has two kids going to college at the same time do they get more money from the federal pell grant or more money in federal loans? If so how much more.
Not enough information to even guess at an answer about the Pell. It would all depend on family income and assets. The EFC per FAFSA would need to be below $5000 for each student to get a portion of the Pell Grant.
Loans I can easily answer…the amount of Direct Loan money (the federally funded loan money) that is guaranteed for each student will be $5500 for the freshman year each. You don’t get more Loan money because you have more kids in college.
So the amount of the money form the pell grant does not increase if you have more kids in college.
Amounts can change yearly. For the 2017–18 award year (July 1, 2017, to June 30, 2018), the maximum Federal Pell Grant award is $5,920. The amount you get, though, will depend on
your financial need,
your cost of attendance,
your status as a full-time or part-time student, and
your plans to attend school for a full academic year or less.
You may not receive Federal Pell Grant funds from more than one school at a time.
You would not get more than that top amount just because your sister is also in college at the same time.
The Pell grant is based off the EFC. Each child fills out his own FAFSA and gets his own EFC. Since most of the EFC is based on the parents’ income and assets, they should be similar unless one student has a lot more in assets or earnings than the other. My kids’ EFCs were within $40-50 or so.
But if the EFC is above ~$6000, neither will get any Pell grant. 2x $0 =$0. Each will get the Pell grant determined by his EFC.
Each will also qualify for loans individually. $5500 for freshmen, and $1000 more for a sophomore.
I know you look at it as a family financing college, but the colleges don’t look at it that way. One can’t ‘use’ the Pell or loans not used by the other.
Did your first student in college receive a Pell Grant?
The Pell is based on the EFC per FAFSA. What was that student’s EFC for 2016-2017?
@thumper1 My first student got 5,600 or around that, but when my other kid goes to college will the Pell Grant will they both get the same amount or will they receive more.
The Pell will be based on each ones fafsa efc. The full Pell is $6000 or so…so the award won’t be higher than that for either student.
But each one would get the Pell grant amount.