For the 2014-2015 school year, my EFC was about $8K. My brother will be starting college in August 2015. I just submitted our FAFSAs for the 2015-2016 school year.
My EFC is $7,169 and my brother’s EFC is $6,782. That’s $13,951 in total. Last year my EFC was $8,000.
I thought the EFC is split in half once another person in the household becomes a student. Anyone know what the problem is? If the figures above are our true EFCs, my brother is going to be in financial trouble.
There are a number of factors that could cause a larger EFC from year to year. Did your parents’ income go up? Did you review the figures you submitted for accuracy? Did you both indicate “2 in college” on each application?
The parental contribution to EFC is halved, not the whole EFC. The student contribution to EFC is individual. But yes, double check all the entries on both FAFSAs. Look for errors or amounts that legitimately went up from last year.
Did you have any income last year? How about your own asset?