If you have more than one child in the household who will be going to college or will be continuing their college education next year, this article is for you. Remember that students have to fill out the FAFSA every year they are in college to keep receiving aid, so it is very possible for families with children who are close in age to be applying to receive aid for several children at once. Here are four important things to know.
- Everyone needs their own FSA ID – This means each child who is applying will need one, and you as parents will need one (as a couple).
- Each child will have to fill out their own form – There is no provision for families to fill out one FAFSA for multiple children.
- You have to reveal all education savings for the family on each form – You don’t get to apply separate accounts to each child. If you have $30,000 saved up for your three children, they each report $30,000 in education savings (not $10,000 each, even if the money is in three separate accounts).
- Your children may receive more aid due to multiple applications coming from the same household – Therefore, be sure that they all apply each year that they are in school.
Get the Help You Need for College Planning
College Planning Source can help students and their families to plan a college experience. Give us a call today at 858.676.0700 to schedule a free college planning assessment, or you can make a request online.
