Why does my sibling get more financial aid than me?

You attended different colleges, which have a different financial aid packaging philosophy. You attended different colleges, one of which gaps students with a different amount of unmet need. Your brother has a different amount of assets than you. Your brother has a different amount of income than you.

Do you get more financial aid if you have siblings?

The amount of federal aid a student is eligible to receive will no longer increase if that student has one or more siblings attending college at the same time.

Why is my FAFSA family contribution so high?

EFC is based on the parents' and student's income and assets. A high EFC is likely the result of high income or a high value of assets as reported on the FAFSA. Assets considered include bank account balances, capital gains and, sometimes, equity held in businesses and real estate.

Why is my EFC difference for siblings?

When a younger sibling enters college, the EFC for the eldest sibling is roughly cut in half to account for the additional family costs incurred. Both siblings will have approximately the same EFC since they both use the same parents' tax information, while their individual incomes and savings create slight variations.

Why do some people get more financial aid than others?

Affluent students get more school aid compared with students with financial need because colleges are actively pursuing them, experts say. Schools are offering non-need-based merit aid in order to attract students with wealth, especially if they're high-performing.

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What income gets the most financial aid?

How does FAFSA work with siblings?

The current FAFSA calculates an expected family contribution, or EFC, which determines students' eligibility for federal financial aid. If a household has multiple family members in college at the same time – indicated by a question on the FAFSA – that number would be divided between each of those enrolled.

Is FAFSA getting rid of the sibling discount?

The decision to eliminate the Sibling Discount comes amid FAFA changes and revisions by the Department of Education for the 2024-2025 academic year.

How do I lower my EFC on FAFSA?

Lowering your income in the base year can make a big impact on EFC calculations. Adjusted gross income can be assessed up to 47% and assets are assessed at only 5.64%, so lowering a parent's income in the base year can be eight times more effective in lowering a family's EFC as compared to minimizing parental assets.

What is the EFC for 100k income?

The basic theory is that the lower your EFC, the bigger your financial aid award. A family with an adjusted income of $50,000 and two dependents would expect to have an EFC of around $3,800 without considering any other financial assets. A family with income of $100,000, would have an EFC of approximately $20,000.

Is an EFC of 4000 good?

So, a lower EFC is more beneficial. For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000. Very wealthy families may receive an EFC that is greater than the cost of an expensive private university.

Is EFC of 6000 good?

The overall average EFC is about $10,000, with an average of about $6,000 for students at community colleges and $14,000 at 4-year colleges. Slightly more than half of students have an EFC of $2,500 or less. Slightly more than 10% have an EFC greater than $25,000.

Who determines how much financial aid you get?

The Student Aid Index (SAI) is an eligibility index number that your college's or career school's financial aid office uses to determine how much federal student aid you would receive if you attended the school. This number results from the information that you provide on your FAFSA^® form.

Does FAFSA have a sibling discount for 2024?

No benefit for having siblings in college: Previously, the FAFSA divided the EFC proportionally based on the number of household members in college. The elimination of this "sibling discount" will be the biggest change in aid eligibility for some students.

Do twins get more money from FAFSA?

Do twins get more financial aid? Twins typically do qualify for more financial aid! When submitting the FAFSA and CSS Profile, twins will often qualify for additional need-based aid to take into account the increased financial strain of sending two students to college at the same time.

Is college cheaper if your sibling goes there?

In general, the aid that colleges that offer sibling discounts varies from about $500 a year to fifty percent of the tuition.

What is the income limit for FAFSA 2024?

What Are the FAFSA Income Limits for 2024? Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

Is FAFSA per student or per family?

Each child will need to fill out a FAFSA form with parent information. You must report the value of your education savings accounts for all children combined. Having multiple children in college can affect your children's Expected Family Contribution (EFC).

Can two people in the same household get FAFSA?

FAFSA will no longer account for multiple college students in a family, but USC will – Annenberg Media.

Is FAFSA first come first serve?

Each October, the FAFSA is available for the next school year. It is best to fill it out as early as you can because some aid is first come, first served. When you complete the FAFSA, you'll need to provide personal and tax information.

Is FAFSA changing for 2024?

More Financial Aid is Now Available for Single Parents

The 2024-2025 FAFSA includes even more aid for single parents, including expanded eligibility for the maximum Pell Grant funds and a larger increase in Income Protection Allowance (IPA).

What disqualifies you from FAFSA?

For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school.

Will I get financial aid if my parents make over $200 K?

But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.

What is the maximum FAFSA amount for 2023?

The maximum Pell Grant award was $7,395 for the 2023-24 aid year.