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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Maybe I missed someone else posting this, but it is about to get WORSE for donut hole families who have two kids close in age! Quietly how financial aid is calculated for people who have two kids in college has changed. Instead of factoring in having to pay tuition for multiple kids now financial aid is no calculating this.

By this it used to be that let's say you earn 150000 and the EFC says you can contribute 60,000. It used to be that if you had two kids then you paid 30K per kid. Or if you had three kids in college you were expected to contribute 20K per year. Now you are expected to contribute 60K no matter how many other college tuitions you are paying. So if you have two kids you would pay 120,000 which is ridiculous for a family making 150,000.[/quote]

You should consider that when you decide the number of kids you have.  Life is about choices.  Saving is a choice, the house and expenses you have are choices, and the number of kids you have are choices.[/quote]

Thanks for this. I’ll remember that when I have twins again, then discover when they start college together that the FAFSA EFC is $103K while our take-home pay less our mortgage is $101K.  Because that advice would so clearly help in our situation.  And before you say it, no, we don’t have a million dollar home and we don’t have millions in retirement. But we do have a fair amount of college savings and apparently we get penalized for that. [/quote]

How much is your mortgage?  Sounds like kids should go to a state school. [/quote]

PP here.  It's about $500K and PITI nets out to around $53K/yr.  We're paying for one kid at a good private college that offered some aid, but the reality is that we have a few hundred $K saved for college and this increased our EFC for both of them.  Maybe we shouldn't have saved so much?[/quote]

So, how is that a donut hole family.  You made life choices on a more personal expensive house and lifestyle.  [/quote]

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