I hope no one minds that I'm late to the party. My youngest is set to graduate and head off to college this fall and I'm hoping someone has some insight into the whole FAFSA thing....
We never qualified before as we make too much with just one child in college but in '14-15 we will have two in college so we filled out the required FAFSAs for both sons and now I have questions. According to FAFSA, our estimated family contribution is $20K. Okay, the colleges for both sons together is $30K+$20K so I'm thinking we may get something. My youngest son received his financial aid letter today indicating that he would receive $5500 in "subsidized loan" - that doesn't sound free. It has to state "grant" or "scholarship" to be free or non-repayable right? We haven't heard from the older son's school yet, but I guess I'm not that hopeful now.
I don't understand. Do the schools know about each other and what our total college costs are? It's one thing to have an extra $2500 per month to send to one school but we can't pay double that.