Maybe you are like the Brady Bunch. With six kids, the Brady Bunch was bound to have at least two, if not more, kids in college at the same time. I wonder how the parents in the Brady Bunch coped with having to pay for two kids in college, while at the same time still having to pay for the four younger siblings as well. The costs can really start to add up especially when you have to pay for more than one kid in college at the same time. Luckily for the Brady Bunch, I think the oldest children were only in high school, but they were bound to go off to college some day.
Or maybe you aren’t like the Brady Bunch and only have two kids, but they are close in age: like only a year or two apart. Or could you imagine having three or more kids all a year apart in age? Or maybe you have twins. They will definitely be going to college at the same time.
Families— whether big, like the Brady Bunch, or small— can end up with the same question if they have kids that are close in age: How will I be able to afford to pay for my children’s college costs at the same time?
Well parents, you can get some help if you have two kids in college at the same time. If you apply for financial aid and show that you have two kids in college at the same time, you can get a break. For example, say you have only one child attending college. Your household income is $150,000 and you have assets totaling $500,000. With just one child in college, the way that the formulas are constructed, it says that you can afford to spend $50,000 (hypothetically speaking). So with one child attending a $40,000 school, you wouldn’t get any financial assistance. BUT, if you have two kids in college at the same time, you would get $30,000 in financial aid versus getting $0 in financial aid.
So what should you do if your kids aren’t twins and don’t enter at the same time? If your kids are one, two, or three years apart, you might want to ask the oldest child to take a year off after high school so that your children can be in college at the same time (or so that you can at least have a few of their college years overlap).
If you have a question pertaining to college and paying for college, feel free to contact me at: firstname.lastname@example.org
By: Shanice Miller, Founder DebtFreeCollegeGrad.com