The cost of pursuing a college degree has been on the rise year after year. For parents with multiple children in the same age range, the idea of sending two or more kids to college and paying the rising cost of tuition is terrifying. While financial aid, student grants, student loans, and scholarships are all financial vehicles that can help parents and students pay for educational expenses, financially savvy individuals look for discounts, and many schools do offer sibling discounts off of tuition. Read this guide to tuition discounts to siblings, and cut the cost of tuition.
Lowering the Total Cost of College By Attending Schools Offering Family Discounts
The cost of a college education is more than you might actually think at first glance. While the cost of tuition ranges dramatically, the average net cost for tuition at a public university is reported to be $15,000 per year. In addition to tuition, parents and students will have to face other expenses to attend college, and for parents with more than one child attending college at the same time, these expenses can add up quickly. From textbooks and meal plans to transportation and rent, paying for college can really dry out the bank. Luckily, there are several universities and colleges that will offer sibling discounts when siblings are simultaneously enrolled at the same institution.
How Much Can Parents or Students Save With These Discounts?
You are probably happy to hear that there are nice institutions that do understand the increased burden parents take on with multiple college-aged children, and you might be wondering how much you can save by choosing a school that offers these discounts. The family discounts offered at both public and private institutions can range dramatically. From flat rate discounts to a percentage off the second child's fees, you will need to discuss the cost with admissions as you are comparing potential schools. Here are some of the common discounts that are currently offered while siblings are enrolled simultaneously:
* George Washington University offers 50% off of younger sibling's
* Johnson and Wales University offers $2000 off annually for each sibling
* Otterbein University offers $1000 off of annual tuition for each sibling
* St. Anselm College offers a $6000 grant for 2 children and $12,000 for 3 children
* Randolph College and Sterling College in Kansas both offer discounts for twins and triplets
Many times, parents are not even aware that colleges offer these sibling discounts and family discounts. If you want to lower the educational expenses you take on when your children graduate high school, make sure that you find a list of schools that help reduce the burden. Once you have a list of potential schools for your college-bound kids to attend, you can see which schools offer the best discounts and grants on an annual basis. Speak with financial aid, ask how to apply for these discounts, and be sure to consider the cost of tuition when only one of your children is still in school.
See also: Can Spouses Consolidate Student Loans?