IMPORTANT question!!!!!!!!

Paying for College
1

<p>I have a question about financial aid...</p>

<p>you know how a lot of financial aid is based on your parents' incomes? well what happens if your parents have relatively high/above average incomes, but you have two people going to college at the same time..</p>

<p>for example, my parents make more than 200k a year combined, but I have a twin brother and we're both planning to go to college, how does having two people going to college at the same time affect your financial aid status?</p>

<p>Thanks.</p>

2

<p>FAFSA and CSS Profile both ask if there will be others in the family attending college, and they take that into account when deciding on family contribution. What I have heard is that they figure the EFC, but only expect half of it to go to each child. (This will be my first time with two in college, so I can't speak from personal experience, other than one school we talked to said our EFC would go up next year when we only have one in college.)</p>

<p>Susan</p>

3

<p>I know there are other important factors like is your house paid off and do you own a vacation residence. I can't imagine you getting much with a $200,000 income.Your family's income is in the top 3%, I think.</p>

4

<p>yea we just bought a new house like 2 yeras ago so they payments still need to come in and we also bought 2 new cars within the last 2 years..</p>

<p>how much are these factors going to affect how much financial aid i get?</p>

5

<p>the fact that you do not own your own home will play a factor
i dont know about the cars though</p>

6

<p>the cars won't matter at all i dont think</p>

7

<p>ok thanks everyone</p>

8

<p>FAFSA doesn't factor in home. or does it? I can't remember. But I don't think it makes a difference in your final EFC.</p>

9

<p>Neither your home nor your cars is factored into FAFSA. So 2 families earning $100,000, but one with a $600.00 monthly mortgage payment, and the other with a $2000 mortgage are both going to be looked at the same way. One thing for sure, $$ that is in a student's bank account/stock/etc is expected to be contributed towards EFC at a far higher % than their parents %.</p>

10

<p>so it wouldn't be a bad idea to transfer ALL your savings to your parent's account or a place between your mattress.</p>