*LC Posted February 4, 2013 Share Posted February 4, 2013 I am filling out the FASFA for my oldest, who is a senior in high school, and I have a down-the-road question for when I have more than one in college. I have always heard that a family's EFC will be divided by 2 if there are two kids. How are student assets handled? Do they "count against" each child equally? I understand that 529 plans for any child count as family assets for the family no matter which child is going to college.That got me to wondering about each student's assets. My oldest has a modest savings account, but she plans to co-op while in college. So, that account could have a decent amount of money when child #2 enters college while #1 is still in school. As I said, I am brand new to the FASfA, and I don't see how that is handled when there are two children. Any BTDT advice, so this doesn't drive me nuts for the next couple of years? Thanks Quote Link to comment Share on other sites More sharing options...
Nenya Posted February 4, 2013 Share Posted February 4, 2013 A separate FAFSA is filed for each child. A student's sibling's assets are not reported on his or her FAFSA, only on the sibling's FAFSA. Quote Link to comment Share on other sites More sharing options...
Lanny Posted February 15, 2013 Share Posted February 15, 2013 This doesn't answer your question (I believe the PP did answer), but possibly this will be helpful to you. The TaxACT software has help in it, to help one fill out the FAFSA form. GL Quote Link to comment Share on other sites More sharing options...
Kimm in WA Posted February 16, 2013 Share Posted February 16, 2013 One student's assets do no affect another's FAFSA. In Jan. I did the FAFSA for our 3 kiddos - oldest is 2nd year of college and next two are both seniors. Oldest has a higher EFC than the younger two since he had an engineering internship last summer and made some good $. HTH, Kimm Quote Link to comment Share on other sites More sharing options...
*LC Posted February 24, 2013 Author Share Posted February 24, 2013 One student's assets do no affect another's FAFSA. In Jan. I did the FAFSA for our 3 kiddos - oldest is 2nd year of college and next two are both seniors. Oldest has a higher EFC than the younger two since he had an engineering internship last summer and made some good $. HTH, Kimm Thanks everyone. Kimm, my kid is planning on co-oping and will have more assets than the next kid. I had always heard that when you have more than one, you take the EFC and basically divide by 2. So, I guess you do that with parent's EFC, but each child gets a their own EFC. Thanks again. Quote Link to comment Share on other sites More sharing options...
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