Do you have more than one child in college or more than one child applying to college? If so, you should find out if the colleges they are interested in or already attending have a sibling discount.
What Is a Sibling Discount?
A sibling discount is a discounted rate on tuition. It kicks in when two or more children from the same family attend the same college. (Sometimes these discounts apply to parents, too.) How do you find out if a college has this discount? Ask!
When talking with the college admissions office, ask about a sibling discount, a family scholarship or a tuition discount for family members. Schools use different terms to describe this discount. Basically, it’s a discount off tuition if more than one person in a family enrolls simultaneously.
Now Is The Time to Find Out
Right about now millions of high school seniors are applying to college to become part of the Class of 2021. Most early decision or early action deadlines are November 1. So if your child is applying under one of these classifications, the time is now to get those applications done.
If you have more than one child applying to college, now is also the time to find out if a college has a sibling discount. Some of these discounts are just a few thousand dollars. But as you know, that kind of money can add up. Some other discounts are much more generous.
You should also be working on the FAFSA, which stands for the Free Application for Federal Student Aid; in 2016 the FAFSA has changed to an early FAFSA, which opened on October 1. Previously, the FAFSA opened on January 1. This Parade article on changes to the FAFSA tells you everything you need to know, including how every student should fill out a FAFSA. If you don’t, you can’t get federal loans. Federal loans are not income dependent, meaning you can’t earn too much and therefore not qualify for these loans.
I did a TV segment in which I explain how a sibling discount works. Enjoy!
(Sorry that you’ll have to sit through 90 seconds of commercials!)