Parents often worry about the added financial burden of having two or more of their children in college at the same time. But did you know that there are actual financial benefits for having more than one child in college at the same time? Learn all about the Sibling Factor and how you can use it to your advantage at the College Coach Insider Blog at blog.getintocollege.com.
by Robyn Stewart, former financial aid officer at College of the Holy Cross
The Sibling Factor: How EFC and Financial Aid Packages Can Change
When I worked in a Financial Aid Office, there was something that I could count on without fail every year. Whenever a student’s sibling graduated from college, I would inevitably get THE CALL from parents wondering “where has our financial aid gone?”
Behold the Sibling Factor: the effect on financial aid awards when siblings enter or leave undergraduate study. Parents might be delighted at the effect of a second child entering college (packages may increase). They get panicked, however, when a sibling leaves undergraduate study, and aid amounts for remaining undergraduate children decrease. (The other most common reason for changes to financial aid eligibility is a significant change in family income.)