<p>I've been plugging numbers into some price calculators again. This time I've been focusing on how things will change when I have 2 kids in school. When my first (rising junior at the moment) goes it appears we will get zero need-based aid from most schools. But when I check off that a second child is in college (which will be the case for two years) the grant aid jumps to about 20K. My question is this - does it not matter whether the second child is in private or state school? Or whether she receives any aid herself? The calculators don't ask for these specifics - is the same true when you actually apply for aid?</p>
<p>It can make a big difference to no difference having a second child in college. For those schools that do not guarantee to meet financial aid, it could make no difference at all. For those schoold that do guarantee to meet financial aid, the way it usually works is that the school (these are nearly all PROFLIE schools) will take 60% of what the parent’s contributionis calculated to be with the one chld and add that student’s required contribution to it. In other words, if the parent’s portion of the expected contribuiton is, say $60K, it is reduced to $36K. Most such schools also expect a student to be contributing something from summer work or loans and that will stay the stame But that represents a very big break from what the the contribution would have and had been in prior years without that second child in college.What the second child’s costs at college are and what scholarships and aid s/he gets do not usually come into the picture, though at some schools, issues like commuting vs boarding, community college vs a 4 year school, tech school vs an academic college may come into play. There is no one size fits rule on this, other than the generality I am giving for those schools that guarantee to meet full need.</p>
<p>The FAFSA EFC, the parent’s part of it is cut in half. But unless income is borderline to very low, it isn’t going to do a whole lot in terms of federal aid other than alllow some of the DIrect loans to students be on a subsidized basis and open up work study jobs. </p>
<p>So parental contribution part of each student is cut in half or by 69% or whatever the formula is for ain individual school. But the catch is that most school, the vast majority of school do not guarantee to meet the need by formula, so you could get nothing more. </p>
<p>A friend of our had twin daughters. One went to Duke. One went to the local state schoo as a commuter. Duke meet full need, so the with two in college, the family got a nice aid package. The parental EFC (the state schoolused FAFSA) still exceeded the COA of commuting to said school, so the second DD got no aid. Even had there been some need, there is no guarantee that the school would have thrown in any mone as that school did not guarantee to meet need and usually did not. Maybe some subsidy of the Direct loan if the student were to take it. </p>
<p>The following year, the commuter twin decided not to go back to school. Duke did not give the financial aid package as, the parents contribution by formula exceeded the full cost of Duke without the second student cutting the amount by 60%.</p>
<p>Had both twins been going to a school like Duke, where the it is guaranteed that need by their formula will be met, each twin would have gotten the parental contribution reduced by 60%. If both students were going to schools that did not guarantee to meet need, it is entirely possible that they get nothing other than subsidies to the Direct loans which are federally guaranteed. So what the other student gets is not of issue to each school; all that matters is whether that school will meet their need by formula.</p>
<p>
Those calculators are just estimation. However, parents’ contribution will divide by two in FAFSA, regardless your second child in private or state school.</p>
<p>Keep in mind that if your second child goes to a school that doesn’t give great aid, then you’ll be gapped even when the EFC splits.</p>
<p>It is worth while to find out what the policies are for financial aid for a second chlld in college when you have the offers on the table. You also want to know with the second child what the policies are for fin aid when that first child leaves Some families have been gob smacked when their older child graduates from college, and the second one’s aid evaporates because it was all need based. I saw that in one case where the first student was on pretty much a full merit ride, The second one was not, but got financial aid, because his college did not care how much the first one was costing or not costing, just that there were two in college, so the parental contribution/EFC was reduced drastically. Very sweet. But when the older one graduated, the financial aid was not continued for the second student, other than some subsidized loans and WS. The grants were all taken away. Two separate college involved here.</p>
<p>Schools that use the profile do ask for information about the costs related to siblings in college. I believe there are 4 questions…</p>
<ul>
<li>How much are the educational fees (FM-125)</li>
<li>Cost of room and board (FM-126)</li>
<li>Amount of scholarships, grants and other aid (FM-130)</li>
<li>How much did your parents pay (FM-135)</li>
</ul>
<p>How they use this information probably varies, but I am sure some take it into account when determining need. I have not seen any NPC that asks these questions however.</p>
<p>Thanks for all the replies. Soxfan - I’m not familiar with “the profile”. Can you explain? Are there types/categories of schools that use it and others that don’t?</p>
<p>Thanks</p>
<p>Here is the list of colleges using the Profile: <a href=“CSS Profile – CSS Profile | College Board”>CSS Profile – CSS Profile | College Board;
<p>Schools that give the best aid usually use CSS Profile. </p>
<p>schools that usually don’t give great need based aid, just use FAFSA.</p>
<p>At many public colleges it may not change your situation much at all. Our state flagship seems to package grants in only when the EFC is under $13K/year, even with a Cost of Attendance in excess of $26K. If your COA was $30K for one kid, and then you had two kids attending this university, I would not be surprised to see both of them with no university grants at all; and maybe given some work study money.</p>
<p>Interesting. Schools that my son is potentially interested in are on the list for using the profile. Its strange to me that price calculators don’t ask for the details of expenses for the 2nd child. Could that mean that the school doesn’t pay attention to that part of the profile when it does its aid calculations?
As we work with my son to develop his list of schools that are financially as well as academically possible it would be good to have an idea of what it will all cost in years 3 and 4 when his sister will also be in school… would it be useful to send an email to a financial aid department or two? Or will they not want to be bothered by us since my son is only a rising junior at this point?</p>
<p>I would imagine they would just recommend you play with the Net Price Calculator on the web site. You can add a sibling or not. It can’t hurt to call if you feel that isn’t helpful (depending on how accurate the NPC is).</p>
<p>Don’t just do the NPCs on the schools that Child #1 would consider…also do the NPCs on the types of schools Child #2 might consider. </p>
<p>Last year we had a dad who was quite upset because he had used the NPC for Child #1’s expected expense. Then he used the same NPC to determine how much he’d had to pay with 2 in school…using the same NPC. However, Child #2 was never going to attend a school that gave the nice aid that Child #1’s school did, so he found out (too late) that although he got a 40% break for the first child, he got NO break at the second child’s school.</p>
<p>Also, keep in mind that CSS schools that meet need don’t do a 50/50 split…they do a 60/60 split.</p>