I was just wondering how much financial aid is given to families with multiple kids in college. In my freshman year me and my 2 siblings (one is my twin) will all be in college at the same time. My older sibling will be a senior and is possibly going on to grad school.
This has probably changed, but my family’s EFC was estimated to be about $50,000 when my sister applied to college three years ago. How will this change with 3 kids in college? Is it divided by 3?
I would think that the EFC has even decreased since then because my dad is a contractor and doesn’t have the same income every year. However, my family has a considerable amount in assets.
If my sister goes on to grad school, will colleges take that into consideration as another kid in college?
The total EFC per fafsa will be split amongst those who will be undergrads at the same time. So if your sisters EFC alone was $50,000, then for three of you, it will be in the 18,000 per kid range...or so.
Remember, for 2018-2019, the 2016 income will be used…so if that has changed, that WILL affect the EFC.
Your assets will be counted as of the day of filing the FAFSA…so they will continue to count.
When your oldest sister becomes a grad student, she won't be counted by most colleges as a student in college on YOUR FAFSA, because she will be an independent student for financial aid herself. However, you need to check your colleges...because some will consider this IF your sister continues to be supported by your parents. YMMV.
BUT…having a lower EFC does NOT guarantee you will receive more financial aid. If all of you go to colleges that guarantee to meet full need for all…your aid will change. BUT at MOST colleges…it just won’t.
Also, the more generous colleges use the Profile. Those schools don’t do an even split of family contribution. The %age is higher of the family contribution for each student. For example…when two of you are in college…each will be 60% of that $50,000.
Most schools do not meet full financial need. If you and your siblings attend these schools, you will not get financial aid. You may qualify for merit, depending on the school. At these schools it won’t matter if your EFC is $50,000… or $17,000. You won’t get aid based on your FAFSA EFC. Now… is it possible that a school that does not meet need ( most fall into this category) will throw you a small grant? Yes… but for the most part you will either get merit aid or be full pay at these schools.
Some schools meet full need:
Most use the FAFSA and css profile, and will calculate your EFC based on these 2 forms. Do not assume they will only use your FAFSA EFC.... But a few may.
If your EFC with one in school is $50,000..... your EFC with 3 in school will be less. Each school will calculate it differently... Assume it will be around 60% per student ( it could be more or less depending on the school). This means that each of you will pay $30,000 ( approx) a year for school if the school meets full need. That means $90,000 a year total for 3 undergraduate students.
If a school is $65,000 and your EFC is $30,000..... and .... if the school meets full need.... they will create a package for you to make up the difference. This package will consist of loans, grants, and work study if you apply. A few ( very few) schools have a no loans policy. You will have to pay your EFC.
Most schools will not count grad school, but a few may.
You need to use the net price calculators to get an approximate cost. It may not be accurate for your family due to your father's employment.
Each school that meets full need will have their own way of calculating need.
In my opinion, Princeton, Georgetown, and Boston College are reaches for someone with a 32 ACT score. But apply and see.
Financially, all meet full need…BUT they calculate it very differently, and will likely have different family net costs. Since your dad is a self employed contractor, I will guess that BC will be the least generous. Princeton would be the most generous. Georgetown…someplace in the middle.
All three use the Profile…which delves much more deeply into your finances than the fafsa does.
But…first hurdle…getting accepted. None of these is a slam dunk.
It looks like you are instate for NY. Is that correct?
I agree that these schools are academic reaches with a 32 ACT ( especially if you are from NY where so many applicants come from) but apply and see what happens… and have some likely schools on your list.
@thumper1 If you’d read my other threads you would’ve seen that my SAT score is above average for Georgetown and Boston College, and that I’ve only taken the ACT once and am definitely retaking it because I had a bad testing day. Princeton is a reach for people who have 36 ACT/1600 SAT. There is no definite score that will get you in there.
While the scores are definitely important, all of these colleges look at your application “holistically”… so the scores aren’t everything.
@twogirls@sybbie719 Do colleges see the price of attending the siblings’ school, including scholarships? Or do they just see the ticket price?
My sister’s college tuition is $40,000 + $10,000 for room and board, but she lives at home and has a good scholarship so my family only pays about $8,000.
My twin’s first choice is $25,000 per year. Right now he doesn’t want to dorm. I don’t know what kind of scholarship he’ll receive, if any.
You have a problem. Schools like this use CSS profile or their own form and will evaluate your dad’s income and assets at a higher level. They will “add back in” his deductions.
To be safe, please include at LEAST THREE schools for each twin that will give ASSURED HIGH merit for stats…HUGE merit. Those can be your safeties. YOU REALLY NEED to do this otherwise next spring could come and you and twin may find that you have NO affordable schools…and then you’d have to go to a CC or take a gap year.
How much will your dad pay EACH year for EACH student?
Yes, the CSS profile and the school will take into account how much your parents are actually paying for your siblings to attend college when it comes to disbursing their institutional aid.
Right now, your EFC is 50k. Your parents are actually spending 8k for your sister to attend college (so their EFC is not 50k, but 8k). this means your EFC is going to be a minimum $25k.
While your twin’s first choice is $25k, how much are the tuition and fees (sounds like her first choice may be a SUNY school).
Realistically you need to have a chat with your parents to find how much they are willing to pay/borrow for you to attend school. If they are paying a total of less than 20K for your sisters to attend college, it may be hard sell to pay 30/40k for you to attend college (all things being equitable).
@sybbie719 My twin is a boy haha. His first choice is St. Francis but this could change. My parents are asking him to consider a CUNY (he does not work very hard in school and they don’t want to waste any money).
I understand my parents wanting all things to be equitable, but we’ve all attended private schools. I have a full scholarship but they paid in full for my siblings ( ~9k a year for my sister and ~15K a year for my brother). Because of this they are willing to pay a bit more for my college.
that means that there are business expenses that he is able to write off on his taxes. some of those expenses will be added back in as income for financial aid purposes possibly raising your EFC especially at private schools
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“your dad owns his own business and as a contractor, he takes huge deductions and many will get added back in.” What does that mean?
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Let’s say that your dad takes in $400k per year from contracts. But he has to subtract material costs, and maybe vehicle costs, maybe cell phones, gasoline, maybe some depreciation on some tools, etc, and various other costs…and then it may look like he only earns $180k.
CSS Profile schools are going to look over all those deductions and add some of them back in…like depreciation, cell phones, and probably some vehicle, gas and insurance deductions…and some maybe some other deductions not mentioned here.
So, suddenly a CSS school may say, "according to our review, your income isn’t $180k, it’s $260k…so you don’t qualify for much/any aid.
The css schools some time even add back stuffs you don’t know if there are rent incomes or business incomes.
D went to a COA ~65K top school and it suppose meets full needs. We had an efc $34,000 but had to full pay because I am in real estate and there are a lot of legit write offs not reported on 1040 tax return, but they added all back and because of that we have to full pay. I am not sure the money we put into SEP or Defined Benefit was added back or not(Note: it is not the standard IRA).
