<p>When applying for aid for the oldest child and many more to follow how do the colleges give credit for the future applicants? The formulas don't seem to factor in future tuition requirements when applying for the oldest.</p>
<p>They don’t ask about it in because it’s not considered in FA calculations.</p>
<p>When you have 2 or more kids in college at the same time, it is a factor that affects FA, but the fact that a younger sibling will go to college in the future is not.</p>
<p>I understand what you’re saying to yourself about now. I my kids are 4 years apart, so there’s no overlap in FA. Very poor planning on my part :(. That’s the way FA works, some rules are advantageous to some people but not to others, kind of like taxes.</p>
<p>As Entomom says…colleges are not going to factor that at some future point in the younger kids will go to college. After all, there’s no proof that those younger kids will ever go to college (at least on your dime). They may go into the military, or seek some career path that doesn’t require college. </p>
<p>Since it sounds like you have several children, you may benefit by having multiples in college at the same time. HOWEVER, that will depend on the schools. Since most schools don’t meet need, then you may not see any benefit for having more than one in college at a time. :(</p>
<p>The formulas do take into account the number of people in your household, but that is basically it unless two or more are in college. Look at your own family budget and determine what you can afford to pay. Maybe it is a lot, maybe it isn’t. Whatever your figure is, give that number to your child and make finding the rest of the money for college that child’s responsibility. Provided there is at least one place on your child’s list that your child likes, will almost certainly be admitted to, and that your family can pay for without any aid other than federally determined (FAFSA) aid, you are good to go. All the rest is gravy.</p>
<p>Thanks, but even if I allocate a portion of my college fund to the oldest child and try to save the rest for the younger children, the financial aid formulas don’t seem to work that way. Let say I have $150k saved. When my oldest child applies that college will look to all of that. Then the next couple years when 3 others apply it will be gone. So the oldest may get zero aid when applying the first year but then not be able to finish without aid since now all the money is gone. I have heard that colleges may not consider a student for aid if they did not qualify for aid the first year. Is this scenario possible or am I missing something?</p>
<p>Let say I have $150k saved. When my oldest child applies that college will look to all of that. Then the next couple years when 3 others apply it will be gone</p>
<p>First of all, if YOU the parent has $150k saved, the calculation first exempts about $50k for married parents. Then the remaining $100k would be assessed at about 5.6%. So, the calculation doesn’t say…hmmm…$150k…they can pay $35k per year for this child.</p>
<p>That said, if you want the best aid, then be sure to either apply to schools that meet need or give large merit scholarships.</p>
<p>For instance, regardless of your savings (you could have zero savings), but if your kids apply to schools that don’t meet need, then the schools may expect you to pay all/nearly all costs no matter what your EFC is.</p>
<p>Saving for college vs. not saving is still the best strategy. If it is a 529 like education account, it will have the least impact on your FAFSA EFC, since it is assessed as parental assets. Spending it all on your first child will not likely improve the aid for others enough compared to the advantage of assets left over for the other kids. The biggest impact on your EFC is current income unless you have massive assets, but would you quit your job for a 0 EFC?</p>
<p>Try this…Use the NPCs on a few different schools…</p>
<p>A “meets need” school like Cornell or WashU (not HYPS…those give super aid)</p>
<p>Your flagship public</p>
<p>An OOS public (not UVA or UNC)</p>
<p>A couple of privates like Boston University, Fordham, Gonzaga, etc.</p>
<p>See what possible aid your child will get. </p>
<p>Keep in mind that at some school, if your child’s stats (test scores) are very high for the school, your child might get a preferential pkg.</p>
<p>My point is that you (the parent) allocate what you can afford. Then use that as a financial baseline while your children build their lists. Run the Net Price Calculator at each college website, investigate the possibility of merit-based aid, and then cut the impossible-without-winning-PowerBall from your child’s list. Nowhere is it written that Child1 must attend College X if doing so will wipe out your savings. If you learn that the only truly affordable option is your local community college, or a commuting distance 4-year college/university, that is OK. It really is! Many of us have kids doing that because it is what we can afford.</p>
<p>cptofthehouse has written extensively about the long-term effects of sending the first child to the expensive dream school. Please don’t let that happen to your family.</p>
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<p>There are a few schools that won’t consider you for FA in later years if you did not APPLY as a fr for FA; whether you receive FA or not doesn’t matter. There is only one school that I know of that doesn’t give FA in subsequent years if you don’t QUALIFY the first year, and this is for transfer applicants only.</p>
<p>Happymom is right.</p>
<p>Set an amount that you’ll spend each year for each child no matter what the “school” says you should pay. If you think you can spend $10k per year per child, then that means when you have 2 in college at the same time, you’ll be able to pay $20k that year.</p>
<p>Then tell your kids what YOUR limit is. Tell them that you won’t take out loans or co-sign loans. Tell them that they have to apply to 2-3 financial safety schools (schools that you’re certain will only cost that much after assured scholarships or whatever). Then, they can apply to a few other schools as a “let’s see what happens.” But, always knowing what your budget is.</p>
<p>When you have several kids to put thru school and money isn’t endless, then you don’t want to get into a situation of borrowing/co-signing or spending everything so that Chid #1 gets to go where he/she wants. When that happens, then Child #2 and so forth often are severely limited because the parents are still paying off Child #1’s costs. Don’t fall for the idea that your child “has worked so hard” so he should be able to go where he wants.</p>
<p>By giving your kids budget limits…and telling them well in advance…it gives them time for the family to find schools that may give them merit scholarships or or need-based aid that would be needed to be affordable.</p>