<p>Hi, I am sure this is a fairly common situation, and am wondering if anyone here has any advice. </p>
<p>DS1 and DS2 will overlap for just 1 year, DS2's freshman year (14-15 so we have time yet). DS1 gets need-based aid from a very generous private. If DS2 is admitted to any schools where he'd be eligible for need-based aid, the package they give him for freshman year is going to be inflated compared to his normal package, because of the overlap. So, I'd want to ask the schools to also tell us what his package would look like in future years if our financial situation were the same but he had no sibling in school. (Or, more practically, what the freshman year package would have looked like if the sibling was not in school.) We'd obviously want/need the information before making a decision as to where he would attend. What's the best way to go about requesting this and getting the information in a timely fashion? Also, there's an additional scenario, which is if DS1 decides to attend grad school, which I know some schools take into account and others don't. So I would ideally want to ask them how they would handle that scenario as well. I don't want to be a PITA at a super-busy time of year though. Are there things I can/should ask in advance (like whether they consider a sibling in grad school the same as an undergrad sibling) at some non-busy time of year (which is when?) </p>
<p>My DH is self-employed, which makes the NPCs' accuracy a crapshoot. Also fwiw, our FAFSA EFC is higher than the Profile-based family contribution DS1's school computed for us.</p>
<p>Thanks in advance!</p>
<p>you can contact the financial aid office to ask for an early read. As for the read based on your situation and one child (since this is what the # will look like for 3 years). Then ask how much will it change if there is a sibling. They won’t commit to the amount, but at least you will know what the ball park looks like.</p>
<p>You should also ask how the school handles such cases especially if they do not guarnatee to meet full need. Also try to get a feel from internet boards as to how finanical aid is at that school.</p>
<p>A warning, I have seen huge dropoffs in packages when one of the students is no longer in school, sometimes not consistent with what the proportional costs are, so the methodolgy can really matter,</p>
<p>My friend had a daughter at local state school–no fin aid, low cost. D2 was accepted to Duke. The aid package for 2 in college was very, generous from Duke wheras there was no need at all on part of the low cost local college. The following year, D1 dropped out. D2’s package plummeted. The way Duke calculates need really made it benefiical to have two in college. I don’t remember whether they lost all or most aid, but it was drastic.</p>
<p>So you are wise to get an idea how this is going to work.</p>
<p>When (if ever) is a low-stress time of year for financial aid offices. </p>
<p>By early read, what exactly do you mean? Would I send them detailed information? I would want the “early read” to be more accurate than the NPC or there isn’t much point. I was thinking I would do something after submitting the financial aid applications in February or whenever, but of course that is super-busy time for them. So maybe I can find out a bit about generic policies in advance. </p>
<p>In the Duke case did the expected contribution more than double? I’ve heard that “most” schools end up making you pay about 60% of your “base” family contribution while you have another in school if the costs are comparable at both schools.</p>
<p>I don’t know if it is still being done and if Duke still does this, but what some schools did was assume a cost for the second student rather than taking the actual. Also the way it usually works is that your expected contribution at PROFILE schools is usually mulitiplied by 60%. You’ve gotten a 40% decrease on what you are expected to pay, and on top of that a small cost for a local public college, in the example I just gave you. Then with that student gone, your cost is no longer so reduced. GIven the cost of a school like DUke, it sure can make a huge difference as how it works. If your expected payment is the full $60K, for example, that second student for whom you are paying a few thousand since he is commuting to a local school that is very inexpensive will reduce the Duke payment to $36K, a $24K savings which can disappear when there is no second student. Worse yet, some schools will not give loans or self help to those whose need is above a certain point, so a package that is mostly or pure grant can then get loans and workstudy. Not to mention sophomore year costs tend to go up by about 5%, and often more since uppper class housing costs are usually higher because they tend to want apartments or suites rather than the standard freshman double. So, yeah, you can get hit every which way.</p>
<p>I’ll tell you what – if my kid “wants” more expensive housing sophomore year, he’d better earn enough to cover the difference, on top of his expected student contribution. I have my limits!</p>
<p>Yeah, easy to say, until it happens. There is usually a room lottery and/or kids kind of get together and work out living arrangements, and they are scared to death they won’t have anyone to live with, and the next thing you know, you realize the cost is a lot more. Then comes the junior year moving off campus which means security deposits, 12 month leases, request for YOUR credit report and signature, they need furniture, kitchen ware, internet service, electric and the danged place is usually some hole where they will have turf wars with the crack den across the street all in the interest of saving you money. I did not enter my senior son’s house that he and 5 others (including a hobo roommate–yeah, don’t ask) rented. Just looking at it gave me stomach cramps. ANd then he had to go back to clean the place to make sure they didn’t get sued because of the condition they left it. He was hoping that the wildfires that erupted in that area would burn the place down so they would maybe get their security deposit back. And you wonder if they don’t get scurvy or food poisoning when they are off that meal plan and are fixing their own food.</p>
<p>I just went through this. D1 is a senior at a very generous school, D2 is a freshman at a school that does not promise to meet need. I asked the question about considering grad school for older sibling at the regular info sessions and it does vary. D1 will probably be in grad school next fall (one of the kind that require parent $ info) I will let you know what happens with that. </p>
<p>In the spring of D2s senior year we had narrowed her choice down considerably and made an appointment with FA while visiting at the accepted students day. I had to push a little to get past the gatekeeper. The FA Officer ran the numbers for future expected aid, as I explained we could not commit until we had the entire picture. This was not a promised FA award but gave me a clear picture using our personal data (she pulled it up on the computer while we were there) of what to expect in the future when her older sister graduated.</p>
<p>Good luck. It will cost me considerably more with one in college than the 2!</p>
<p>cpt, yup, I know about the panic that they won’t have anyone to live with, or will end up on the street. My older DS has already signed a lease for Junior year (he’s a sophomore now, and I think he signed it in September!) and my credit/guarantee did not come into play. He did need to put down 3 MONTHS rent for a deposit, which luckily he had in the bank (savings from his summer job earmarked for 2nd semester books and student contribution – luckily he had not maxed out his federal loans this year and was able to increase them to cover 2nd semester). Realistically we have limits, and our kids understand this. Fortunately they have a little savings of their own before starting college, and can earn over the summers and/or by working during school for “extras” they want.</p>
<p>My son found idiot who was willing to “sublet” a 3 miillion dollar apartment to him in Manhattan over the summer. He intended to offset the sublet fee by subletting further to othrer roommates. The idiot figured she was getting apartment sitting AND making money on the deal. But she wanted ME to sign on the dotted line. I refused. And yes, I 'd just as soon he live in a crack den infested place than there where the liability to the premises were limited. </p>
<p>He managed to get around my signature somehow, but it was a tense situation and we didn’t speak for a while.</p>
<p>Just out of curiosity what is the monthly sublet fee on a 3 million $ apartment in manhattan?</p>