<p>What a great website. I don't yet have any kids in college, but my kids ages are 17,15,13,11. So I will have multiple kids in college at the same time.</p>
<p>My concern is that when my first goes to school and presumably gets financial aid based upon just 1 child in college. However, when my 1st child hits her junior year then her brother will also be in college. And obviously that same domino chain is going to happen a few more times. What incentive does the first college have to give more aid based upon my finances changing? Is there a way any information about which colleges are more charitable than others. </p>
<p>I would hate for my oldest to pick a school that would not be as charitable in the out years.</p>
<p>All other things being equal (ie your children have relatively the same $$s saved in their own names), your total EFC as calculated by FAFSA will be divided by the number of kids in college. So if your EFC is $20,000 for child #1, then when child #2 is in college your EFC for each child will be $10,000. If your children are going to FAFSA-only schools, their aid may be adjusted accordingly. However, there aren’t any FAFSA-only schools that meet 100% of need (at least, not that we’ve been able to identify on CC) so expect there to be a gap in each child’s financial aid package.</p>
<p>You can always ask child #1’s school how they handle a drop of 50% in the child’s EFC in year 3. You might get a variety of answers, but at least you’ll be prepared.</p>
<p>You also need to understand that the only specific thing EFC does is calculate your eligibility for federal grants and subsidized loans. Colleges are not obligated – and most institutions (other than the tippy top ones) are not able to meet full need without extensive use of loans.</p>
<p>So it is entirely possible:
Child 1 goes to school, EFC is $24K, child goes to a private school costing $52K, and after subtracting gift aid and merit aid your family has to come up with $32K a year either in cash from current income or savings or loans. (Aside from Stanford and a few of the Ivy’s, this is a pretty common result at many of the private schools with an EFC in the mid-20’s from what I’ve seen.)</p>
<p>Child 2 starts school while child 1 is still in school at the private. Your EFC is now $12K for each child. Private school for Child #1 ups financial aid so that now you pay $18K a year out-of-pocket for Child #1. Child #2 goes to an in-state public with a cost of attendance of $28K a year. School gives a $5000 merit scholarship, $1500 in grant aid, $1500 in work-study, and you’re responsible for coming up with $20K a year for Child #2, meaning that your family needs to come up with $38K a year in cash from income or savings, loans, and student earnings to pay for both kids. Could probably drop that number by a couple thousand by being economical on travel, books, and personal expenses.</p>
<p>Your kids will be eligible for subsidized Stafford loans and unsubsidized Stafford loans, but your family will still likely have a pretty big chunk to deal with under this scenario.</p>
<p>I have 3 kids with 2 years between each. They are all done with school now. All 3 attended private schools. Son #1 was intially awarded a 4 year merit scholarship, an unsub. Stafford loan, and work study. When Son #2 started school 2 years later, #1’s aid only changed by moving from an unsub. Stafford to a sub. Stafford loan. All other things stayed the same. Son #2 was awarded a 4 year merit scholarship, a need grant, sub. Stafford and work study. His package stayed pretty much the same through his 4 years in school. When Son #3 started, #1 had graduated. Son #3 was offered a 4 year merit scholarship, need based grant, sub. Stafford and work study. Two years later when #2 graduated, #3’s package was reduced to the merit aid and unsub. Stafford. He graduates next month so we are done!!!</p>
<p>Basically, we found that our EFC was divided in half between the 2 schools whenever we had 2 in college. That wasn’t quite true with #1’s school as I expected to get some grant money from them when #2 started which never materialized, but we managed nonetheless. Each year when we got packages from the respective schools they stated they were based on us having 2 enrolled in college and that it that changed, we needed to inform them.</p>
<p>It all depends the school as to how your financial aid will be adjusted…or not. Your EFC will be divided among your two college students but your financial aid may not change much if at all. </p>
<p>When my daughter enrolled in college (second child) her brother was a senior. They increased his merit scholarship by $250. His EFC halfed from $44k to $22K on a school that cost almost $50K.</p>
<p>When older son finished college, little sis’s EFC doubled…and her grant went UP. </p>
<p>Neither went to a school that met full need.</p>
<p>It’s important to realize that for most schools, EFC is not the minimum you’ll be expected to pay. Also, most FA packages have loans in them and many also have gaps. </p>
<p>While “need” is considered, most schools can’t meet need. They just don’t have the money. Schools aren’t charities; they often give their limited funds to students who make them look good. It’s called “preferential packaging.” Students who have the best stats are sometimes given better FA packages. So, at the same school, you can have 2 kids with the same “need,” but one will have high stats and get a better FA package.</p>
<p>So, the answer to your question about getting the most help…that will largely depend on your children’s stats (GPA and test scores). The better the stats, the more likely that a school with money will accept your child and give him/her a good FA package.</p>
<p>Actually your EFC IS the minimum you’ll be expected to pay. At many, if not most schools you will be paying MORE than your EFC.</p>
<p>Thumper is right… I worded that awkwardly… I should have said that don’t look at an EFC and think, wow, this is all I’m expected to pay.</p>
<p>Most people have to pay more than their EFC.</p>
<p>EFC is a FEDERAL number. Schools are under no obligation to do ANYTHING with that number except to determine what federal aid you qualify for. It is not a number that schools have to meet with aid. Many schools have no choice but to put loans or gaps in their FA packages.</p>
<p>The term EFC should be changed. It’s very misleading. It wrongly suggests that schools charge a sliding scale based on an EFC. </p>
<p>Financial aid comes in many forms…grants, loans, work-study, etc. It often is not “free money”.</p>