Having one child who is heading to college can be stressful, but having to help multiple children at the same time can feel like too much to manage.While I can’t save you from a forgotten application deadline or the “how to do your own laundry” lessons, hopefully, I can help make the financial aid part of the process run more smoothly with these tips: Note: Your FSA ID is associated with your Social Security number and is equivalent to your legal signature; therefore, each person can only have one FSA ID. Learn about the other options for filing your FAFSA. The FAFSA encourages students and their parents to import tax information from the IRS.If you are a parent, you will use the same FSA ID to sign each of your children’s FAFSA forms.Each student and one parent need an FSA ID and each of your children will need to fill out a FAFSA.Financial need: Please note that schools differ (sometimes greatly) in their ability to meet each student’s financial need.
(Read “What is the net worth of your parents’ investments? They each have 529 college savings plan accounts in their names.
This is a huge mistake, especially if you will have additional children entering college. Schools use the following formula to determine a student’s eligibility for need-based financial aid: Cost of attendance (COA) – Expected Family Contribution (EFC) = financial need Let’s break down this formula: Cost of attendance: This will vary by school, so if you have two children attending different schools with different costs, their financial need may be different, even if their EFC is the same.
Expected Family Contribution: The information you provide on the FAFSA form is used to calculate your child’s Expected Family Contribution (EFC).
It is a number used by your child’s school to calculate how much financial aid he or she is eligible to receive.
Since we recognize that a parent’s annual ability to pay doesn’t change as you have more children enroll in college, we divide the expected parent contribution portion by the number of children you expect to have in college.