<p>Ok, aid packages are starting to roll in for families to consider. But are there any tips out there on how to estimate what the aid offered by the college will be, say 2,3,4 years out?</p>
<p>This is especially important for families that already have a child in college, with a second one getting ready to enroll. The aid package offered for the second child in year one will look drastically different compared to the following years when the first child will longer be in school.</p>
<p>I know the EFC basically gets split in half when two are in college at the same time. But I don't know how the specifics (grant vs loan breakdowns, etc.) will be altered when only one is college. How this pans out over the longer term can be a big factor for the second child choosing a school. </p>
<p>Any advice, or real-life practical examples? Thanks.</p>
<p>You need to review this CAREFULLY with each college. You need to be sure you understand if assistance automatically rolls over past the first year, what grades are necessary to maintain assistance and if the assistance will increase when tuition costs increase. Assistance may not increase if an additional child starts college. You need to review the policies at each college and ask all pertinent questions. You are not likely to get any written guarantees so you may end up needing to have faith in what the college tells you about meeting future needs.</p>
<p>Many colleges shift from grants to loans as the loan amount a student is elligible for increases. There are web sites that discuss the four year average debt which might be of use...sorry, I don't have a site handy. Two student in college should help your efc...when one graduates efc might go up.</p>
<p>Thanks for the thoughts...I just don't want to have "buyer's remorse" a couple years down the line because I underestimated the financial hit my family will take.</p>
<p>Makes a big difference in choosing public vs private.</p>
<p>I would suggest looking up your colleges on the Collegeboard's website. Click on the tab cost and financial aid where you can find the following information:</p>
<p>Full-time freshman enrollment:
Number who applied for need-based aid:
Number who were judged to have need:
Number who were offered aid:
Number who had full need met:
Average percent of need met:<br>
Average financial aid package:
Average need-based loan:
Average need-based scholarship or grant award:
Average non-need based aid:
Average indebtedness at graduation: </p>
<p>Financial Aid Distribution
Percent of total undergraduate aid awarded as:
Scholarships / grants:
Loans / jobs:</p>
<p>I always suggest that people EMAIL the financial aid departments with questions - then print out and save the response. I did this with all the colleges my DD applied to, because answers given orally over the phone are easy to misinterpret or forget, and you don't know the person giving the answer's "rank". If you get it in writing, you have PROOF of the anwer you were given, name, rank and serial number of the person answering your questions. Ask how the FA package will change in sucessive years... ask if they "cap" loans... total loan amount... etc.etc. etc. Get it all in writing!!!!! HTHs</p>