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Did you fill out FASFA for child #1, EFC over so will not qualify for need based aid ?

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If am 1st child off to college, EFC over so won't qualify for need based aid should we do the FASFA? From what I see doing so would make us eligible for some low interest loans. Would it be better to fill FASFA when family has child #2 going off in 2 years - then will have 2 in college and assets/savings will be less due to paying full tuition for child #1 for over 2 years? Thoughts?

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