I’ve noticed some Net Price Calculators vary greatly if we select 0 siblings or 1 sibling will also be in college. For example, Northwestern’s aid showed a reduced amount of $20,000 with no siblings in college in comparison to 1 sibling in college. I run the NPC both ways because I will have two kids in college only my son’s first year. I think I read at some point that some schools decide an approximate amount they will give for all 4 years at the financial aid offer for the first year, I am wondering how true that is? When my son completes the FAFSA for sophomore year and says he no longer has a sibling in college, will he lose the whole $20,000 or will they give him close to the amount they gave for first year? I’m trying to decide if it will be affordable for 4 years, not just look at the first year NPC, before I let him apply ED. Thanks for the help!
You need to check the policies at each college. Northeastern (in Boston) has a guarantee that your aid will not change for the full four years your kid is in college regardless of your changes in finances.
BUT most schools don’t have that promise.
At most colleges, your family contribution will double…or more…when a sibling graduates and you have only one college student. For schools using the Profile, each kiddo actually has 60% of the family contribution…not 50%.
You are smart to run this both ways because it’s very likely that need based aid will be significantly reduced when kid one is no longer in college.
But look at it this way…you also won’t be paying anything for the first kid to be IN college anymore so that money can be diverted to the second kid.
ETA…this is one good reason for your kiddo to look for merit aid awards. Those are not dependent on your financial need or number of students in college.
When you’re running the NPC with only 1 in college, are you also reducing household size by 1…since graduating child will be graduated and working and maybe living elsewhere.
My experience with schools that meet full need …is that the aid is significantly reduced once there is only one child in school.
My S said no to a school that gave him a large grant because they wouldn’t guarantee that he would receive it in future years when D was no longer in school. I absolutely understand their policy, but I did ask because some schools will do that (and because the admissions person acted as if it would happen … but I knew enough to want that in writing from the aid office!).