Normally when a second child starts college the EFC goes down and the school give more grant money to both. Is this true if the second child had a full-ride? I know it depends on the college, but I mean in general.
no.
why should, in essence, a college subsidize another college?
I know they shouldn’t, but when i filled out the FAFSA and the CSS PROFILE I didn’t know about the full-ride so entered a higher price. Will they call the other college and ask what we are paying? Should I call and make a correction?
YOU need to call them and make the correction. And congrats on the full ride!
Mine both go to FAFSA only schools. I was not asked how much either received in scholarships, just whether there was another child in school that wasn’t a service academy- I guess even FAFSA formulas consider that if your other child is actually being paid to go to school, there is no need to split the EFC. I answered 2 in college so the FAFSA EFC was cut in half. My second child has very close to a full ride but no one asked that.
I don’t agree that “the EFC goes down and the school give more grant money to both.” The EFC may not drop enough for either to receive need based aid, and some schools give very little beyond the federal/state need based aid.
You’ll have to check what the requirements are for CSS schools and updating them.
I asked Vanderbilt directly and they said all they care about is that two are in undergrad, it doesnt matter what type of college the sibling attends or how much they are paying, or not paying!
I have been in this situation at a FAFSA school. At our kids’ FAFSA only state school, the EFC was halved for both kids. They went to the same school so they knew about the full ride. It didn’t matter to them.
It doesn’t matter if you’re paying $65k or $0 at the other kid’s school. EFC is still multiplied by 0.5 or 0.6 or whatever formula they use.