<p>In the fall of 2007 we will have two children in college - S w/be Jr. @ BU, and D will be Fresh. at some other Massachusetts school. Some details of our situation:
- S presently receives $10K/yr in merit award from BU's SMG. (yay!) Balance provided from family resources because of EFC.
- D's tuition, etc. likely will be same as S's based on schools she's eyeing (likely an all-women's college).<br>
- To the degree it matters, D is top 10 in class of 250 w/SATs of 2200, decent ECs.<br>
- D Not applying ED anywhere.<br>
- Both kids bearing 20% of their total after-merit costs. We've managed to pay 1st 2 yrs of S's expenses w/savings but circumstances have changed to prevent that on a go-forward.</p>
<p>I understand that our family EFC will change w/2 students. I also realize that a new CSS Profile is needed for (some of) our D's respective colleges and will have that done w/in the next couple of weeks.</p>
<p>Here's where we need some help or advice:</p>
<p>1) Should we re-file a Profile for our son? or is this only applicable to enterring freshman?</p>
<p>2) What is the potential value of re-filing Profile for son? How would information be used, and how should we capitalize on a re-filing?</p>
<p>3) Is there anywhere on the CSS website that allows you to "copy" data used for one sibling into the Profile used for another?</p>
<p>4) Since we likely will end up having to use a PLUS loan to fulfill financial need, does anyone have experience with how we do that w/two kids? Massachusetts has MEFA program which seems best offering in this regard. Do we construct a different loan for each child, or consolidate into one loan? Would seem preferable to consolidate, but, are there advantages either way?</p>
<p>5) Not clear on how the EFC change will affect the distribution of aid/financial requirements between the two kids. </p>
<p>6) If this kind of topic has been discussed elsewhere here @ CC, would appreciate a pointer to the thread(s)!</p>
<p>7) Has anyone got any sanity pills?</p>
<p>Thanks in advance for any thoughts that can be shared on the above questions.</p>
<p>DS is a senior at BU and his little sis is a freshman in college this year. DS also receives a $10K performance (music) award annually from BU. We DID file both the FAFSA and the Profile for this school year because our "financial situation changed". DS was awarded an additional $500 BU grant and his stafford loan is subsidized this year. We didn't expect a huge increase in aid as they already give DS money...but it was nice to get that additional $500 (we call that the "every penny counts" award). SO...yes...refile both documents for your son this year. If you have to do it for your DD, it really isn't a problem doing your son too...just need his 2006 tax info and asset info. But you will have to fill both the FAFSA and Profile out separately for each kiddo. There is no cut and paste option. However, for the older kiddo, you should already have both completed from when he was a freshman and you can do renewals which are much easier...well....the FAFSA renewal is much easier.</p>
<p>thumper1 is correct. you must file each kiddo separately. you will file following the schedule of the schools where your D is applying and on the renewal schedule for BU where your S attends. there is no need to refile for 2006-7. everything will be for 2007-8 when both kids are going to be in college. you will be asked about both kids in the application (but you can always make extra explanations.) theorethically, your EFC stays the same whether you have one kid in college or two... so, if for example you EFC is $20,000, then you must pay that amount to BU while your daughter is still in h.s. if your EFC remains the same, then you will pay $10,000 to BU next year and $10,000 to your D's college (and hopefully, both schools will make up the difference.) that's how it is supposed to work anyway!</p>
<p>i'm in the same boat as you. my son is a college sophomore this year and my daughter is a h.s. senior. so, i guess we will see if both colleges honor the EFC! good luck to all of us!</p>
<p>Sorry to disappoint you but you are totally WRONG! You need to get your facts straight, so you won't be in for a rude awakening when you get 2 EFC's! The EFC is calculated for EACH student. Consider a family with triplets and a $30,000 EFC. I have such a family at Northern IL U, and the EFC is slightly different for each student, but it's not 1 EFC divisible by 3! No one cheaps out with multiple students in college; the Federal EFC (FAFSA) = the EFC x # of students - bad deal; the Institutional EFC (CSS Profile) is less per student.</p>
<p>Reecy...bet it was kinda weird when you discovered EFC is different for each child, huh? I suppose if the formula considers individual earnings then it would be possible to have different EFC/child. Then that should prove interesting bc my S has been working in heavy construction and making decent $$; while my D has been doing the usual babysitting, violin tutoring, grocery store gigs. Can't wait to see the results!</p>
<p>Thumper1/Fairburn...thank you, both! I pretty much expected to see a subsidized Stafford vs. unsub -- if anything -- from BU, which is okay. </p>
<p>I REALLY was looking for that copy/paste option for the Profile, though...PAIN.</p>
<p>You may have an individual EFC for each student, but it takes into account the fact that you have the expense of another student in college - so the EFC is approx 1/2 plus 10% for each of the kids. Some schools, however, don't meet full financial need, and/or meet all the extra need with loan - so it doesn't mean that your extra expenses will all be covered!<br>
We aren't sure quite how it'll work out next year for us... but we figure it'll work out somehow!</p>
<p>First, rather harsh post. Second, only partially correct -- obviously, private schools can and will caclulate efc differently. But, schools participating in the 568 Plan will all use the same efc, and, thus, it is one number divided by two or three. </p>
<p>See page 58 -- there is indeed a significant fafsa benefit to having mutliple kids in college at the same time. There is also a IM benefit, but it is not as great.</p>
<p>ok, i forgot about the expected contribution from the student, but the total amount that the parents are expected to pay should be the same whether they have one child, or two... just think about it... it is not like your savings or earnings increase because a second child entered college! if anything, it is going the other way! anxiousmom is probably right with her calculation.</p>
<p>I'm posting this section from the collegeboard's website that bluebayou linked above. It's probably a small enough section that it does not break copyright rules!!!!
[quote]
As a direct result of the snapshot approach incorporated into
the need analysis system since its inception, Federal Methodology
calculates the amount a family can be expected to pay and then
divides that amount over the number of college students in the
family. The logic here is that need analysis determines the amount
the family can reasonably be expected to pay in a given year, and
therefore, asking them for more when multiple family members
are in college would be unreasonable. Many aid professionals also
believe that dividing the expected parental contribution by the
number in college makes the system easier to explain to families.
This practice, however, results in a serious horizontal inequity.
The spacing of a family’s children has a dramatic effect on the total
cost of educating those children. A family with twins going through
four years of college simultaneously will end up paying a total of
four parental contributions (PCs). A family with two children four
years apart will pay a total of eight PCs.
This outcome becomes even less reasonable if we think of
higher education as an investment to be paid for over time. Both
families will be financing education over a period of time much
longer than the college years, and the burden for the two should
be similar. If the family with twins paid for one child out of current
income and assets and borrowed to finance the twin, repaying the
loan over the four years after graduation would make its situation
similar to that of the family with children four years apart.
The College Board’s Institutional Methodology initially took
A Primer on Economics for Financial Aid Professionals
the same approach as FM to families with multiple college
students. However, the revision of IM in the 2000-01 academic
year somewhat reduced this favorable treatment. The formula now
assesses families with two children in college 60 percent of a PC
for each child. Families with three children in college at the same
time contribute 45 percent of a PC for each child, resulting in a total
parental contribution 35 percent higher than that expected from a
family with only one child in college
From a purely economic perspective, spacing of children should
not affect the long-term financial effort expected from families. In
practice, asking for two full PCs from families with two children
in college would likely cause considerable face validity problems.
The appropriate compromise is a subjective question, but
considerations of economic equity point in the direction of reducing
the benefit given to families with more than one child in college at a
time.
<p>Our EFC for one kiddo in college for 2005-06 was $42,000. Our EFC for 2006-07 was $22,000 per year PER CHILD. However, don't expect BU to meet your Cost of Attendance minus EFC. They do not. And in fact, as noted, many schools do NOT. Also, there is little "dividend" to the school to increase any "free money" (grants, scholarships) to students who are seniors...after all...it's not like they are going to transfer! We viewed our subsidized loan and $500 per year grant as a bonus...which truthfully we didn't expect at all. Now...the flip side is that DS is graduating in May (he better be graduating in May!!) and next year, DD's need based finaid will certainly be "adjusted". Remember, it works both ways!!</p>