<p>Do some back of the envelope numbers now and figure out an average-case scenario. How much $ can you reasonably afford to pay each year for the boys’ college education? Compare that to basic financial aid packages for families of your income/assets bracket with two kids in college at the same time and see if the numbers make any sense.</p>
<p>I have no clue your financial situation, but with college costs going up 10 - 20% a year lately (32% for the UCs last year!) many families are finding that FA packages (loans plus grants/merit aid plus work study) still leaves a huge gap. The trick is to guestimate how much that gap might be and then plan from there.</p>
<p>Some families are finding out that 2 years of community college followed by transfer is an affordable route. Some families are having their students go to less-elite colleges that offer high merit aid. Etc. I don’t know if those scenarios are in your family’s future, but if your kids don’t get back on the high-GPA train immediately, merit aid will become impossible.</p>
<p>It is tough to parent realizing that the teens have little understanding of long-term consequences for short-term choices. Their 2.0 averages could sink merit aid chances, especially with all the kids who are managing to avoid those kinds of bombs in the middle of their HS careers. </p>
<p>You are not starting too early. You have a lot to explore. Make sure your kids are not only in partnership with the college process (grades and finances!) but get them at the helm as much as possible. My main advice beyond that is to not jeopardize your retirement savings or get over your head with PLUS loans in this process.</p>