For Americans seeking financial aid at US universities, there is a significant and important change pending, in how families’ expected financial contributions are calculated using the FAFSA government aid form. After 45 years, the government announced plans to change the calculation (effective in January 2022) such that families with multiple children in college at the same time, would not have their contributions for each child decreased accordingly.

For example, say a family’s Estimated Financial Contribution, or “EFC”, based on their financial information reported, is calculated at $30,000 for a given year for their child. All things considered, if their financial situation does not change in the following year, then they could expect to be contributing about that much again that year. If they have a second child also in university that next year, they could (based on the current formula), expect to divide that between the two children, paying roughly $15,000 to each child’s college. What the proposed change in FAFSA policy would mean is that, instead of dividing this total contribution between the two children’s colleges, the calculation of their total contributions for that year could as much as double – in this case, $30,000 for each child, or $60,000 for that year.

This would make an already very expensive (or impossible to afford) higher ed system, even less affordable for these families. Now, it has been announced that this pending change will wait, at least until the 2024-25 year. In the meantime, there are petitions circulating to raise awareness of this issue and attempt to prevent this change from taking place. Read more and Sign Here: https://tinyurl.com/4ks4zrba , to be a part of these efforts.