|By Twr (Twr) on Monday, October 11, 2004 - 10:07 am: Edit|
D1 is in 1st year of college1 costing $40K/year. Our EFC was calculated to be $33K by both FAFSA and college1, so D1 has a $7K finaid package, loan(3K)/work(2K)/grant(2K).
D2 potentially will be in 1st year of college2 costing $40K/year next fall.
My thought is:
D1+D2 = $80K
D1 loan+work = $5K
D2 loan+work = $5K
EFC = $33K
This would leave $37K.
If both schools guarantee to meet need 100% of need, wouldn't each come up with a grant for $18.5K?
A preliminary review by college2 showed an EFC for D2 of $21K which is way more than half the current $33K. I would have expected $16.5K.
Can anyone shed some light?.......Thanks
|By Sybbie719 (Sybbie719) on Monday, October 11, 2004 - 10:40 am: Edit|
At some schools your EFC will be divided by 2 since you have a second child coming.
But I remember when we visited Wesleyan, when some one raised the question and they said it could be something like a 60/ 40 split where each school will battle for the larger chunk of the pie (your payment)
Does your D2 school ask for a CSS profile? Maybe they will look at your situation differently now that you have 2 kids in college. It is not one cut & dry formula for all schools.
Next year D1's financial picture will change by the fact that D2 is also in college. If the need is filled with grants you should be OK. Just hope that they don't fill the need with more loans.
Report an offensive message on this page E-mail this page to a friend
|Posting is currently disabled in this topic. Contact your discussion moderator for more information.|
|Administrator's Control Panel -- Board Moderators Only|