<li>Does the EFC listed on 3 fafsa reports (3 kids in college) mean that you add all 3 together for your contribution? or is it a total family contribution listed on each??</li>
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<p>2.Will $250,000 equity in house substantially increase the EFC for the profile colleges?
FAFSA EFC = 10,000</p>
<p>3.If this is first year for our family to filie and oldest child will be 5th yr senior in fall, does she still get included in family for the next yr (2010-2011) if she is in graduate school?</p>
<p>Each of your kiddos will receive an EFC on the FAFSA. As an example…if child A has $10,000, child B has $10,000 and child C has $10,000…that would be the amount of your EFC for EACH child…but your overall total would be $30,000. However, that doesn’t mean that you will only be paying that amount for college expenses. A LOT depends on your students’ schools and their policies for awarding need based aid (in other words…what %age of need do they meet?). The aid for need based aid for each student at each school will be based on THEIR need. The total for your whole family has already been factored in based on the number of students IN college.</p>
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<p>It depends on the college. Different colleges have different policies regarding the use of home equity. Some count it and some don’t. Some cap the amount of home equity, but these caps vary wildly from school to school. Again…you need to check the school(s).</p>
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<p>Maybe. Some schools will continue to count the grad school student as a college student earning a degree (masters) and some will not. Again…this is school specific and you need to contact the school(s).</p>
<p>Also…you say this is the “first year you will be filing”. Does this mean you have never filed for financial aid in the past? If so, you need to check the school policy. Some schools do not award institutional aid in subsequent years to students who did not apply for it as freshmen. Check with the schools.</p>
<p>Thank you. We have not applied before. Have twins attending private colleges in the fall. Older sister has been attending a state school and our financial situation has changed.</p>
<p>Baseballbrown…you should apply for aid for all three kiddos. </p>
<p>Re: aid…state schools (in almost all cases) do NOT meet full need anyway. You should apply, but you might not see much financial aid from the state school. Your older daughter will be eligible to take a Stafford loan in her name even if she doesn’t receive any other aid.</p>
<p>I hope those twins are attending schools that meet full need. If not, you may find there is a “gap” between the cost of attendance minus your EFC…and what the school gives you for aid.</p>