Financial Aid with Siblings in College?

Paying for College
1

<p>I am debating on graduating in three years in order to save my parents money.</p>

<p>But then I heard that I actually won't be saving them any money at all by graduating early.</p>

<p>I receive need-based financial aid from my school, and so does my older brother who is one year above me in college. Next year, my younger brother as well will be entering college, and will most likely receive some form of need-based aid, and the expected parental contribution should decrease accordingly. If I graduate in three years (next year), both my older brother and I would have graduated from college, and it would just be my younger brother attending. I heard that in this case, the money I save my parents from paying by graduating early would be spent on my younger brother's tuition since the financial aid he receives from his school will decrease. Hence no actual saving on my parents' part: just allocating money that would have been spent on one kid to the next.</p>

<p>Is this true??</p>

2

<p>That is generally true if ALL the schools meet need. Otherwise no.</p>

3

<p>I agree with Erin’s Dad.</p>

<p>Also I am assuming that your parent’s are paying something and/or you have some loans. I would say this would remain the same for year 4.</p>

<p>I would suggest that you run the numbers for you and your younger brother under each scenario. Realize these will be estimates, but it would give you a better idea for how the numbers could work out.</p>

4

<p>Are these CSS schools that meet 100% of need?</p>

<p>If so, they don’t split “family contribution” 50/50. Instead they split approx 60/60. So, even the year when only one is in school your parents would still pay less.</p>