Matryoshka Posted July 10, 2015 Share Posted July 10, 2015 So, from what I understand, if you have two kids in college at once, they split your EFC between them. Anyone know if it's 50/50, or how they figure it? For example, if by some miracle we manage to send one of them to a budget school that's less than half our EFC (our EFC will be very big, so lovely living in a HCL area where it looks like we're much better off than we are), will they just take what's leftover and make us pay more out of pocket for 2nd kid's college, or do they split it down the middle and actually allow us to save money by choosing a less-expensive school? Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted July 10, 2015 Share Posted July 10, 2015 Definitely NOT 50/50. It is sometimes 60% each meaning 120%. But sometimes, you will be gapped even more. But if one child doesn't use even 50% of your EFC, it does not mean that your other child is only responsible for "their portion." Say for example that 1 got a large scholarship covering almost all costs. The other sibling would then be the one paying full FAMILY EFC and maybe then some. THere is absolutely nothing saying that a school will actually meet your EFC other than in loans. 2 Quote Link to comment Share on other sites More sharing options...
creekland Posted July 10, 2015 Share Posted July 10, 2015 We've had two in college for some years now. I know the EFC is not split 50-50. It is more like 60-60, BUT I'm pretty sure each school figures their own out independently of the other. We've had to send in sibling verification forms to prove a sibling is in college, but that's all those do. Those are also due well after we got the financial award and not all schools require them anyway. They do not say on them how much is being paid. There is no "law" that says a school has to meet your EFC though, so no guarantee on savings, but it could happen if your second school is a "meets need" school. Quote Link to comment Share on other sites More sharing options...
Matryoshka Posted July 10, 2015 Author Share Posted July 10, 2015 Definitely NOT 50/50. It is sometimes 60% each meaning 120%. But sometimes, you will be gapped even more. But if one child doesn't use even 50% of your EFC, it does not mean that your other child is only responsible for "their portion." Say for example that 1 got a large scholarship covering almost all costs. The other sibling would then be the one paying full FAMILY EFC and maybe then some. THere is absolutely nothing saying that a school will actually meet your EFC other than in loans. :glare: Well, can't say I'm surprised, but I figured I could hope... but better to have that hope dashed now than later! Quote Link to comment Share on other sites More sharing options...
Matryoshka Posted July 10, 2015 Author Share Posted July 10, 2015 We've had two in college for some years now. I know the EFC is not split 50-50. It is more like 60-60, BUT I'm pretty sure each school figures their own out independently of the other. We've had to send in sibling verification forms to prove a sibling is in college, but that's all those do. Those are also due well after we got the financial award and not all schools require them anyway. They do not say on them how much is being paid. There is no "law" that says a school has to meet your EFC though, so no guarantee on savings, but it could happen if your second school is a "meets need" school. Well, considering that our EFC will already be ridiculous (sure we'd be rolling in it with the same salary in Oklahoma or Nebraska, but guess what, we don't live there), I think we'll have to go budget school and/or meets full need. We do have a 3rd kid to put through college later, and oh yeah, we'd rather not be living in a tent in our later years. We've told the kids if they expect us to take out parent loans, then they'll have to expect to have us move in with them when we're older (which none of us want)... 1 Quote Link to comment Share on other sites More sharing options...
teachermom2834 Posted July 10, 2015 Share Posted July 10, 2015 Is it the student contribution that makes it 60-60? The parent part is split but they expect each student to make their own contribution? Quote Link to comment Share on other sites More sharing options...
BlsdMama Posted July 10, 2015 Share Posted July 10, 2015 No help yet, but if you can wait a few years, I can let you know what happens with four in at the same time. ;) 3 Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted July 10, 2015 Share Posted July 10, 2015 Is it the student contribution that makes it 60-60? The parent part is split but they expect each student to make their own contribution? No. As it is, even at a 120%, that is an 80% savings over families whose children just happen to be further apart in age. 2 Quote Link to comment Share on other sites More sharing options...
Pawz4me Posted July 10, 2015 Share Posted July 10, 2015 I'm glad you asked this, 'cause DH and I have been wondering how it works with two in college at the same time. From what I'm reading here I think we may as well go ahead and assume we'll be paying full freight for both of them. 2 Quote Link to comment Share on other sites More sharing options...
Starr Posted July 10, 2015 Share Posted July 10, 2015 It is better than having only one in at a time. All you can do is apply to schools where it seems a good fit and see how the money falls. Try not to panic. Ds ended up with scholarships I wasn't expecting. Dd found a school that really wanted her and we renegotiated grants. We made some compromises along the way. It isn't perfect but it's working out. :grouphug: 1 Quote Link to comment Share on other sites More sharing options...
Miss Tick Posted July 10, 2015 Share Posted July 10, 2015 No. As it is, even at a 120%, that is an 80% savings over families whose children just happen to be further apart in age. I'm going to go "half-full" here and cling to 8's bolded. And eat a lot of rice and beans, I suppose. 4 Quote Link to comment Share on other sites More sharing options...
AngieW in Texas Posted July 10, 2015 Share Posted July 10, 2015 Does anybody know if the sibling in college still counts if that sibling is in grad school? My 19yo will be an undergrad for the first year that my 17yo is in college, but she will be in grad school for three years after that (33 month program). Also, will the student in grad school count as independent for FAFSA? I think my 19yo will count as independent for FAFSA once she starts grad school and then she won't count as a sibling in college for my 17yo. Quote Link to comment Share on other sites More sharing options...
creekland Posted July 10, 2015 Share Posted July 10, 2015 Well, considering that our EFC will already be ridiculous (sure we'd be rolling in it with the same salary in Oklahoma or Nebraska, but guess what, we don't live there), I think we'll have to go budget school and/or meets full need. We do have a 3rd kid to put through college later, and oh yeah, we'd rather not be living in a tent in our later years. We've told the kids if they expect us to take out parent loans, then they'll have to expect to have us move in with them when we're older (which none of us want)... Hmm, we haven't taken out any parent loans as of yet, but we've told our boys our retirement plan is to buy a Class B RV and drive it to each of their homes and park out front. When they get tired of us they can give us gas money to go to one of their siblings houses... Or... after med school... we've warned middle son that we'll be living in HIS basement, so pick a desirable (to us) location and buy accordingly. :lol: Is it the student contribution that makes it 60-60? The parent part is split but they expect each student to make their own contribution? No, the student contribution is extra. My guys have been able to get summer jobs to pay for their part. Does anybody know if the sibling in college still counts if that sibling is in grad school? My 19yo will be an undergrad for the first year that my 17yo is in college, but she will be in grad school for three years after that (33 month program). Also, will the student in grad school count as independent for FAFSA? I think my 19yo will count as independent for FAFSA once she starts grad school and then she won't count as a sibling in college for my 17yo. I just asked hubby (my EFC and CSS guru here) and he tells me it asks how many "college students" in the family. He hasn't looked, but totally expects that it's undergrad only - esp since many fields get grad school paid for. Quote Link to comment Share on other sites More sharing options...
AngieW in Texas Posted July 10, 2015 Share Posted July 10, 2015 Unfortunately, while my 19yo has a full tuition scholarship for undergrad, her major (speech pathology) does not generally offer support for grad students. She will be able to use whatever eligibility is left of her undergrad scholarship for grad school, but that is likely to be just one full semester. She will be able to take up to 4 grad courses as an undergrad. From the website: "The program has limited resources for supporting incoming students. Most students obtain financial assistance through the University's Office of Financial Aid. They offer need-based loans, grants, and work-study. Competitive scholarships are available which when awarded to non-resident students also allow them to pay resident tuition. All students are considered for these scholarships. " Quote Link to comment Share on other sites More sharing options...
katilac Posted July 11, 2015 Share Posted July 11, 2015 No help yet, but if you can wait a few years, I can let you know what happens with four in at the same time. ;) oh, my!! Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted July 12, 2015 Share Posted July 12, 2015 We've had to send in sibling verification forms to prove a sibling is in college, but that's all those do. Those are also due well after we got the financial award and not all schools require them anyway. They do not say on them how much is being paid.I asked my dh about this bc he takes care of this part. He thought, but was not sure bc he can't remember exactly, he had to list the institution being attended. He also thought some form, maybe the CSS, asked about the AOTC. If he is recalling correctly, those two questions tell them a lot. (You can't claim the AOTC if scholarship $$ is funding tuition.) Does anyone with more recent experience filling the forms out know? Dh hasn't done it in well over a yr and these are vague memories f doing this one time. He may be confusing taxes with the FA forms. He just can't remember what it was he filled out the school name on. Quote Link to comment Share on other sites More sharing options...
creekland Posted July 12, 2015 Share Posted July 12, 2015 I asked my dh about this bc he takes care of this part. He thought, but was not sure bc he can't remember exactly, he had to list the institution being attended. He also thought some form, maybe the CSS, asked about the AOTC. If he is recalling correctly, those two questions tell them a lot. (You can't claim the AOTC if scholarship $$ is funding tuition.) Does anyone with more recent experience filling the forms out know? Dh hasn't done it in well over a yr and these are vague memories f doing this one time. He may be confusing taxes with the FA forms. He just can't remember what it was he filled out the school name on. I'm drawing a blank this morning.. AOTC? Hubby does our financial forms too. I can ask him more details after church. Only our CSS school has asked for the sibling verification form and that definitely doesn't have financial data on it. It just assures attendance, but yes, they do know what school the sibling is at as the school issues the form. Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted July 12, 2015 Share Posted July 12, 2015 AOTC is American Opportunity Tax Credit. It is asked on NPC where the CSS is used (I don't know about FAFSA) The question is phrased: How much did your parents report in education tax credits? That question relates to this: http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers Question 5 explains that the credit is only for tuition and fees. Q5. What are qualified expenses for purposes of the education tax credits? A. In general, qualified expenses for the education tax credits include tuition and required fees for the enrollment or attendance at an eligible post-secondary educational institution. To be creditable, the expenses paid during a taxable year must relate to: (1) an academic period that begins in the same taxable year; or (2) an academic period that begins in the first three months of the following taxable year. See Publication 970, Tax Benefits for Education. The following expenses do not qualify: Room and board. Transportation. Insurance. Medical expenses. Student fees unless required as a condition of enrollment or attendance. Same expenses paid with tax-free educational assistance. Same expenses used for any other tax deduction, credit or educational benefit. Quote Link to comment Share on other sites More sharing options...
Teachin'Mine Posted July 12, 2015 Share Posted July 12, 2015 According to the IRS: "A. Unlike the other education tax credits, the American opportunity tax credit includes expenses for course-related books, supplies and equipment that are not necessarily paid to the educational institution. It also differs from the Hope scholarship credit because it allows the credit to be claimed for four years of post-secondary education instead of two." Here's the IRS link: http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers On edit, same link as above. The above posts lists what isn't covered, and this answer lists some allowable expenses. Adding a link with great information about AOTC and how to apply grants and scholarships regarding tuition and fees vs living expenses, including room and board. http://www.irs.gov/pub/irs-utl/Pell%20AOTC%204%20pager.pdf Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.