FAFSA EFC with 2 kids in college

JayMcN
Thu, 05 Nov 2020 00:45:13 +0000

I understand that the EFC is calculated and then divided by the number of children in college. I am not sure that I am seeing that. Last year I had 1 in school, this year 2 in school and the EFC for each child this year is essentially the same as for 1 last year. I did earn more this year but is it enough for my total EFC to have almost doubled? Here is a quick summary - can anyone confirm i this seems plausible based on knowledge of EFC formulas?

Last year w 1 child - EFC $38K
Taxable Income - $150K / Investments $240K (essentially all 529 funds for 2 kids)

This year w 2 children - EFC $37K each ($74K total)
Taxable Income - $244K / Investments $240 (essentially all 529 funds for 2 kids)

So Extra $94K income results in extra $36K EFC?