What is typical Fin aid?

[Tara with socks]

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My EFC equals 0. My parents is $16,000. (parent's is really 32,000 but is split between two in school so comes out at 16000) At my school you must submit parents info to get school money. My tuition and fees are $29000. Would you expect me to get any school grant money? Or is it typical to just get 100% loans?

 

[TMP-SMX]

Split between two? Never heard of that.

Anyway, you could get some grants/scholarships depending on the school but it depends on their cutoff. You may also be eligible for Perkins 5% loans.

 

[Tara with socks]

Yes, when my parents did the fafsa for my brother it came out 16000 because two were in college. If they had one in college it would have come out 32000. You can actually see this when you go to the college board wesite and put your numbers in their calculator.

 

[janV88]

It doesn't work that way. The EFC doesn't take into account siblings also enrolled in college. My brother is 1 yr ahead of me and when he was alone in college, the EFC was X. Then when we were both enrolled the EFC for EACH was still X. And yes I met with the financial aid advisers regarding this specific issue.

Is the $29k your total expected fees? Usually how it works is your school has a budget which includes tuition, fees, room and board, books, etc. The budget - efc - gov. loan = what you might expect from grants.

 

[Tara with socks]

If two siblings are in college at the same time the parents EFC is calculated and then split 50/50. In other words if your parents EFC is $30,000, the FAFSA will say each student's EFC is $15,000. Your parents are still paying the $30000, but to two different schools. Now most schools have their own methodology. They take your parents EFC and if there are two students in school at the same time they multiply the EFC by .6 for each kid. Each kid pays their school$18000. You can see how this is done on the "collegeboard.com" website. There is a financial aid calculator which mimics Fafsa.

 

[janV88]

So it is. I wonder if they changed the rules in the past few years. I swear I asked my financial aid department about this and they told me its not split.

 

[Cofo]

sorry, i clicked the wrong button