Wondering how you’ll make ends meet while trying to send your kids to college? While more families are saving for college, most still aren’t able to save nearly enough. For many parents, having multiple children in college at the same time is an expensive reality, but Dr. Kat Cohen of Ivy Wise says families can cut costs by planning strategically.
#1 Some schools offer sibling discounts
Financial aid is determined by how much your household can afford. The more children a family has in college, the lower their Expected Family Contribution, or EFC. For example, if your family’s EFC is $20,000, that would be split in half for two children, and in thirds for three. One useful tool to calculate how much you’d be expected to pay is the Department of Education’s financial aid FAFSA4CASTER.
Cohen says that elite schools can be less generous as families have to fill out the CSS/Financial Aid Profile by the College Board, which is used in most Ivies. The formula doesn’t simply divided the EFC in halves or thirds. Instead, a family with two kids must pay 60% of their EFC for each child, so a total of 120%. For three kids, it would be 45% per child or 135% in total. The College Board also provides an EFC calculator that can help determine costs.
But some colleges offer family scholarships and sibling discounts for families with multiple children enrolled in school full-time. Some can offer 10% to 50% off the tuition bill, or provide a few thousand in university grants. For example at Johnson & Wales University, if two students are enrolled full time, they are each eligible for $2,000 in scholarships per academic year. And George Washington University used to offer a family grant that halved the tuition for the second child. So while you shouldn’t limit your search to these schools, it’s certainly worth exploring with your first child’s financial aid office.
Related: ‘It gets confusing fast’: FAFSA financial aid for students, explained
#2 Look locally first
The costly application process is often the biggest shocker to parents, says Cohen. She’s found that families who neglect to budget for campus visits can end up shelling out an extra $3,500 they weren’t expecting. Looking locally first is a smart way to get a sense of what to expect, and gives your child a basis to compare notes as you travel further out.
To save on those out-of-town visits, you can call the visitor center at the university and ask about negotiated discounts at local hotels. Some colleges can also offer prospective students and their families guest housing options right on campus. It might not be the most luxurious stay, possibly just one-step up from living in a dorm, but it’ll give you the best sense of what it’s really like to be a student there.