Steve Blank
Guest
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| Posted: Fri Apr 09, 2004 12:53 am
Post subject: Re: FinAid and Multiple Kids in college |
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Raky wrote:
| Quote: | I tried but could not find the exact answer to this question. So this post.
Say you have your EFC (assume same for FAFSA and CSS) is 50k.
If both the kids goto top pvt college, EFC for each will be 25k.
So the college will try to bridge the gap for 15k (assume 40k cost) for each.
But if kid A goes to a full ride school (pvt or public) and B goes to pvt college.
What the top pvt schools (Upenn, CMU etc) would consider the EFC to be for kid B.
TIA, raky
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There is no exact answer.
While the FAFSA assigns an EFC of about 50% of the one-student EFC to
each student, CSS suggests adjusting what would have been the
one-student parent contribution to 60% for their student, so
theoretically what would have been a one-student 50K FC on the
CSS/Profile becomes 30K when there is a second student.
But, each college is free to make any adjustment that they want and can,
if they wish, consider the actual cost of the other student's college
and even that students financial aid, when determining their student's
aid package. It's not a science and each college has their own policies.
Of course, the one-student FC with CSS may be higher than that of the
other student to begin with, because the CSS uses a different formula
than the FAFSA, and does include home equity as an asset.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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