Melissa Brock

Melissa Brock

Writer & Blogger

My name is Melissa and I’m a longtime admission professional, personal finance writer, editor  and parent of two (very!) busy kiddos. I couldn’t make it all happen without my husband, Steve.

I hatched my site because I’ve heard so many head-scratching questions from parents. I’ve journeyed in the footsteps of hundreds of families, trekked to dozens of college fairs and even weighed the (billions?) of college savings options for my own two kiddos.

Why Planning for Multiple Kids in College Can Be Exciting!

by | Jul 1, 2020 | Financial aid and scholarships | 0 comments

Two kids (or more) in college at the same time.

What are your immediate thoughts and feelings when you think about this? 

Do you feel excitement for the years ahead? Sad at the idea of being an empty nester? Do you feel a deep spike of fear when you consider how you’ll pay for it? Maybe you feel all of the above!

Hang in there — it’s normal to feel a rollercoaster of emotions.

I’ll always remember the unforgettable Andriuskevicius triplets. (That last name! Three times!) The three high schoolers came through the admission office looking so identical. It was so fun talking with them. Two of the kids ended up enrolling at the private college I worked for. One enrolled at a state university. 

Their parents got slightly nervous when the conversation turned to paying for college. “You know, we knew this was coming,” Mrs. Andriuskevicius said. “But when they say, ‘Enjoy it, they grow so fast,’ they really mean it,” she added.

She was a fun mom (she had to be, to raise triplets!) and asked how much it would cost immediately. She listened to the financial aid spiel and did some fast math. Mrs. Andriuskevicius totaled up a pretty accurate figure in her head about much it would cost for all three kids to go to college — after grants and scholarships.

According to College Board, the average published yearly tuition and fees (not including room, board, housing or supplies) are:

  • Two-year public colleges (in-district students): $3,440
  • Four-year public colleges (in-state students): $9,410
  • Four-year public colleges (out-of-state students): $23,890
  • Private four-year colleges: $32,410

Multiply these amounts by two (or three or four!) kids and you could be looking at quite a chunk of change, as Mrs. Andriuskevicius deduced in about one minute flat. (I was really impressed.)  

Hang on, there’s good news coming!

You're right if you think things will change with more than one student in college. It'll change how you pay for college!
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There’s Good News!

Did you know that it having two kids in college can work to your advantage?

“In my experience, the FAFSA’s expected family contribution (EFC) takes a significant drop when the second and third child enter college,” says Pam Rambo, former financial aid director in a community college, four-year college and a 5-city college access organization training counselors in financial aid. She now owns Rambo Research and Consulting. 

The EFC is based on household income and assets. It’s the minimum amount that a household is expected to contribute toward the cost of college.

The financial aid office at each college uses the EFC for each student to determine how much aid your student gets. “That is a simple subtraction problem in which they take the official cost of attendance (COA) for their school and subtract the EFC,” Rambo says. 

In other words, let’s say your student is attending a college that costs $30,000 per year and your child’s EFC is $15,000. The amount of need for your oldest child is $15,000. 

Now, that doesn’t mean that all financial aid offices try to meet the full $15,000. Each financial aid office uses a financial aid formula that they use to distribute aid. Some colleges try to meet 100 percent of need. Others might meet 50 percent to 80 percent of need.

Check for a Sibling Discount

Have your kids considered going to the same college?

Whenever I think about this topic, Michelle, Maye and Rachael all come to mind — three sisters who attended the college I worked for — all at the same time. Michelle was a senior, Maye was a junior and Rachael was a freshman! They always said their dad (jokingly) refused to move three girls to three separate colleges each fall. It worked out really well that they all went to the same college.

I Know What You’re Thinking: “There’s No Way My Kids Will Go to the Same School!”

You might think there’s no way your kids will go to the same school: “They’re like oil and water! There’s no way they’ll end up on the same campus!” But the reality is that older siblings do have an influence on younger siblings, according to a working paper released by the National Bureau of Economic Research.

In addition, a study by Joshua Goodman of Brandeis University, Michael Hurwitz of the College Board, Christine Mulhern of Harvard University and Jonathan Smith of Georgia State University found that when older siblings enroll at a target college, it “nearly quadruples” the probability that younger siblings will apply to that same school. In addition, 13 percent of younger siblings follow their older sibling to the target college only because their older sibling enrolled there. 

The benefit? Cost reductions. 

“If the children are entering the same college, I have seen very favorable treatment in terms of the financial aid package offered,” Rambo adds. She says there’s no fixed dollar amount for the reduction because the reduction depends on financial information from each family.

“I like to address the fear of parents of freshmen, sophomores and juniors with a plan to apply where their aid awards will be greatest in relation to the cost of the colleges. Looking at whether colleges collect even more data about a family by requiring the CSS Profile is another strategy,” she says.

The CSS Profile, short for the College Scholarship Service Profile, is an online application created and maintained by the College Board. It allows college students to apply for non-federal financial aid and requires a much more comprehensive overview than the FAFSA. Nearly 400 colleges and scholarship programs use it to award non-federal aid. Check with the admission office of the schools your chid is applying to to determine whether your child needs to fill out the CSS Profile.

Filing the FAFSA

Does it change the FAFSA with more than one student in college? Rambo says that in addition to other calculations, the FAFSA collects information on the number of minor children in the family who will also be attending an undergraduate program at the same time and figures that into the formula, which is used to calculate the EFC for each child headed to college.

A frequent surprise for families with two children in college: Each child has a different EFC number. “They ask, ‘How is this possible when we entered our same income information for both?’” Rambo says. 

The answer is simple: Student income and bank balances can make a difference.

How Many FAFSAs Do You Need to Complete for Multiple Kids?

This is a great (and common!) question. You’ll need to fill out FAFSA forms for each child but can transfer the information from one form to another so you don’t have to completely start from scratch each time you work on the FAFSA.

But wait! Before you file the FAFSA, you’ll need to get separate FSA IDs for each child. An FSA ID is a username and password combination that serves as your legal electronic signature throughout the financial aid process. You and each of your children will need your own FSA ID.

Your FSA ID is associated with your Social Security number and is equivalent to your legal signature. That’s why you must have a special FSA ID per person. You’ll use the same FSA ID to sign each of your children’s FAFSA forms.

Get Excited!

Don’t forget to do a few things methodically:

  • Look for lower-priced schools.
  • Put an emphasis on having your child help earn money throughout school.
  • Consider ways to earn more or make more money.
  • Consider federal loans over private loans. The Parent Loan for Undergraduate Students (PLUS loan) is an excellent option if you’re willing to take out a little bit more for college. for the freshman year and work with the college aid and scholarship offices to find additional funds for sophomore year and beyond. Learn how to apply for the Parent PLUS loan.
  • Remember that you don’t have to come up with the full amount yourself. Many colleges offer steep discounts!

“You might find that if you’re a high-income earner and your child has already been accepted at a high-dollar university which only awards need-based aid, you may not see much help with the first child who enrolls there. That will improve some when a second child goes to college,” Rambo says.

It Takes Planning

Every dollar you save is $1 less that you or your child will have to borrow. (Yep, I’ll bring out the “a penny saved…” adage. Those pennies really do add up, even after just a couple of years!) 

Most families end up covering just over 40% of college costs with a combination of savings and income, according to a national study by Ipsos and Sallie Mae. Your child will likely get scholarships, grants and loans as well.

What can you do as a parent? 

Don’t forget about how helpful meeting with a financial advisor can be. If you can, do it before your first child’s a senior so you can develop a comprehensive plan to determine what’s best for your family’s financial circumstances. In some cases, financial advisors can recommend how to reallocate your assets, which can be helpful before you file the FAFSA. (It can help you qualify for more aid.)

Also, don’t discount your earning power. Your earning power may be tremendous during the course of a 10-month period. Remember that you can always figure out how much your paycheck can cover and submit money (even if it’s just a little bit!) to help pay for college. 

You Can Do This!

I always admire the Andriuskevicius triplets’ parents because they handled having three kids in school all at once with such grace. They took a deep breath and handled the costs through a combination of grants, scholarships, cash and loans. All three kids made it through college (and incidentally, the “oldest” triplet ended up student teaching in my daughter’s first-grade classroom. A fun connection!

Thinking about putting more than one student in college at once can feel like plopping yourself into an icy stream. But it’s doable. Jigsaw the puzzle of all the options together. Consider how you can break it down, and remember, having more than one student in school can be a benefit, not a drawback.

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