This discussion was created from comments split from: Financial aid for multiple children in college?.
I think the OP’s question is a good one. And I’m not really understanding the answers. If our FAFSA EFC is $90K, then we won’t be getting any (need-based) aid for our first child for school. Two years later, assuming all other things the same (income, savings), wouldn’t we get some need-based aid when our daughter heads to college if they are both at private universities and the total cost is over $90K?
Quick example, S19 goes to a school that costs $65K. No need based aid so we pay full price. In two years, D21 heads off and also chooses school that costs $65K. Wouldn’t our family get need based aid from each school at that point assuming that EFC is divided in half and each school considers $45K as the available EFC for each student? It’s kind of important to know this, as this is would be a huge savings for the two years that they overlap.
This seems like a pretty important question to ask when we look at schools for S19…how will a change in EFC affect our being eligible for a FA package? We wouldn’t take loans but, obviously, if the package is grants, that would be terrific.
@homerdog if the school meets full financial need then they will calculate a new EFC with 2 in school. Figure it will be about 60% of your EFC for one… most schools won’t only use the FAFSA EFC- they will calculate one for you based on the FAFSA and css profile. So… If a school is $65,000 … your EFC… As calculated by the school… it may be $54,000… You will get about $10,000 in aid In the form of loans, grants and/or work study. You will pay your $54,000 EFC. Some schools that meet full need ( very few) will use your FAFSA EFC even though they also ask for the profile. Those schools will calculate your EFC as $45,000 with 2 in school. You can call the schools and ask if they do this.
If our FAFSA EFC is $90K,<<<<<<<<<<
If your FAFSA EFC was 90k, I wouldn’t count on any FA even with 2.
^ It depends on the school.
I would recommend trying different scenarios on the net price calculator.
There is “super aid” at HYP, and there is financial aid everywhere else.
As @twogirls stated, your the only thing your FAFSA EFC (which may be split in half depending on the assets of both kids) will do is determine your eligibility for federal aid (PELL/SEOG/FWS). Most FAFSA only schools do not meet 100% demonstrated need.
Most schools that meet full need will use the FAFSA to determine eligibility for federal aid (PELL is an entitlement that must be given if student is eligible). They will use the profile or their own institutional aid forms to determine your eligibility for their own institutional aid.
Your CSS profile will be somewhere around 60% per kid (again this may change depending on the student assets). Schools that meet 100% demonstrated need will also require a student contribution from summer earnings. IF your Profile EFC is 54k per student just based on parents income/assets it may increase to 56-58k once you factor in student contributions to summer earnings.
@Sybylla I understand…that’s why I was asking. Not dying to spend that much even if we have it. I think that’s something that not everyone understands. Just because a family has done well, it doesn’t mean that they want to spend so much on college. In fact, if a family with good income has substantial savings, it means that they’ve lived below their means on purpose and not necessarily to use that savings on college. We are chasing merit with our S19 but it would be good to know what the ramifications are with two kids in school. It would be another way of helping us plan how much we want to spend on college.
@homerdog I would use the NPC, as suggested above, to get a sense of what different schools may cost.
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For all.
There are some colleges where having an additional student IN college will net you more need based aid. These are the schools that meet full need for all.
@homerdog if your family contribution with ONE in college is $90,000…then at those schools that meet full need that use the Profile…with two, each would have a family contribution of about 60% of that amount…so $54,000 each…or so. If the school packages the federal loans…that will add another $5500-$7500 depending on the year the student is in college. So…for a freshman…that’s $54,000 at 60% of EFC, plus $5500. $59500…plus almost ALL schools,require a student contribution…let’s say $2000 which is actually on the low side. Now you are up yo $61,500.
If the colleges do not guarantee to meet full need for all …you might not get a dime of additional need based aid. If the school does meet full need for all, it would all depend on the cost of attendance.
To the OP. What can your parents pay for each of you annually? That question is far more important than your actual EFC.
@thumper1 What if we wanted S19 to take that $5500 loan even freshman year? If our EFC is larger than total cost, let’s just say $65K for argument’s sake, can’t S19 get that $5500 loan as part of our $65k? We’re thinking it might not be a bad thing for him to have some skin in the game. I thought every family would be offered the $5500 federal student loan regardless of the parent’s financial situation.
I just did Grinnell’s NPC and our contribution is the full cost ($63) but they offered “self help” from S19 with $3300 loan and $2000 summer work. That brought our contribution (parent’s) to $57,900. So the loan did go towards our total expected price.
OP, sorry to hijack your post. 
^ Yes you can take out the unsubsidized $5500 loan regardless of whether you qualify for FA. Also… if you qualify for FA once your younger child enters school, that loan may be subsidized if the school meets full need ( again- depends on the school).
Here’s an example of two kids in college (from my own family): D1 started college in 2009. Her financial aid package stayed consistent throughout college, except for loans replacing some of the grant aid in later years. I’ll say for this example that our family contribution, not including her loans, was around $11,000 each year for D1.
D2 started college in 2011. First year, when she and sis were both in college, our family contribution for D2 was approximately $1,500. Second year, when she and sis were both in college, our family contribution for D2 was approximately $4,500. Third year, after D1 had graduated, our family contribution for D2 was approximately $8,500. Fourth year, again when D2 was the only one in college, our family contribution for D2 would have been approximately $11,000, but the college very kindly allowed her to stack a merit award she received from the college onto her need-based aid, so we paid only about $1,000.
So, for us, having two in college didn’t affect D1’s FA package but it did affect D2’s.
@homerdog a $90,000 EFC means your family income is in the over $300,000 a year range…and/you have significant assets.
TBH, I’m not sure you will see subsidized loans at all. At any college. Even with three in college at the same time.
To all…some colleges DO ask the net cost the parents are paying for OTHER enrolled college kids. Others do not. YMMV depending on the college.
But apply and see.
The OP to this thread does have some SUNY and maybe CUNY schools on her potential application list. So,she is casting a broad net…which is good.
If the EFC is higher than COA, then you will pay full price, minus any merit.
If the EFC goes down below COA and the school meets full need, then they might offer an institutional grant, but they would still expect a student contribution as well.
I think that’s something that not everyone understands. Just because a family has done well, it doesn’t mean that they want to spend so much on college.
I think most people understand that no one really “wants” to spend that much. However, you are fortunate to have the choice.
My D went to a school that meets need, and her grant aid increased tremendously when S started school. However, every school has its own policies. Some will increase aid with a 2nd in school, while others will not. The only way to know is to talk to an financial aid officer at the school (not someone in admissions … :)) ).
If you don’t want to spend your extra assets on a more expensive college, then don’t do it. Nobody will force you too. It’s your choice. But please don’t expect more need-based aid to come your way for the reason that even though you could pay a larger portion of the bill, you are choosing not to.
Sorry to pile on, but no one HAS to go to a 65k/year school. If you don’t want to spend that much, don’t. No one is forcing you to send your children to a private uni.
" I think that’s something that not everyone understands"
Yeah, I think they do LOL.
^^This! If you’ve lived below your means to build up savings which you don’t want to “spend all in one place” so to speak, then don’t send your kids to $60k per year schools. Look for merit aid or just lower-tuition schools…excellent educations to be had for much less than $60k/year.