Big changes are coming, and it will cost some families lots of aid.
Q. For the first time, I will have two kids in college at the same time. I heard they are changing the way FAFSA looks at you when you have two kids.
Unfortunately, as you noted, there will also be another formula change that would reduce financial aid for middle- and upper-income families with more than one child in college at the same time, he said.is a number that colleges use to determine how much need-based financial aid they will offer, he said.allows the family to divide the EFC by the number of students attending college,” he said.
McCarthy offered this example of how things will change. Imagine a family has an EFC of $30,000 with two children attending college at the same time, and the annual cost of college of $30,000 for each child. With the current formula, the family would receive $30,000 in need-based financial aid but with the new formula, the family would receive nothing.
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