Financial Aid in Future Years

fstuart
Wed, 09 Jun 2010 22:54:41 +0000

I’m a financial aid director at a private university, so I can also answer your questions.

Colleges/Universities at private, selective institutions that use the CSS Profile DO take younger children into account in the EFC. The Cumulative Education Savings Allowance accounts for the fact that parents are still saving for other siblings coming up as well as the child that is entering the college/university. As the others have stated, the FAFSA does not do an adequate job in accounting for siblings.

The only way you can know if a school will adjust the financial aid package when more than one child is in college is to ask. I know that is obvious, but it’s true. You need ask specific questions about how is the “gift aid” affected if your demonstrated need increases in future years. Is there a threshold of increased need at which additional gift aid is awarded? Do institutional grants and scholarships stay at the same value each year, or are they adjusted based on tuition/costs of attendance?