Multiple Student Loans

Find out how the financial aid system helps when you have multiple children enrolled at the same time

When families have children close together in age, there are a number of ways in which they're hit with extra expenses through the years of child raising. But there's also some good news on that front when it comes to financial aid for post-secondary education. Under the established formulas for federal student financial aid, you can expect to get a break for having multiple college students in school at a time.

Why? Because the Expected Family Contribution, or EFC, derived from the FAFSA application form—that is, the dollar figure your family is expected to contribute to your child's education expenses—is split among your children. And if you have multiple dependent children attending post-secondary schooling at the same time, the EFC formula cuts you a break, potentially offering your family more aid than if you only had one student in school. In fact, a parent attending college may also positively affect your aid offer. Just remember to indicate on your FAFSA that you have multiple children in college. And you'd need a separate form to indicate a parent is also attending school.

In addition, some institutions offer tuition discounts in cases where multiple siblings are attending the same school. Some offer discounts when more than one sibling attends at a time, though others reserve discounts only for families with at least three children attending simultaneously. In some cases, those discounts might be for as little as $300 per student, but some schools also offer a 10% tuition discount. In other cases, they may offer pro-rated contribution schemes, which also amount to institutional discounts.

Learn more about affordable options for multiple student loans

Apply for student loans from the same lender for all of your children or household members who will be attending college. Learn about our affordable Citizens Bank Citizens Bank Student Loan™, a private student loan to help cover the financial gap. If you have more questions about applying for multiple student loans, students and parents can call a student loan specialist at 1-888-411-0266, and we'll help walk you through the process.

Additional student loan and college planning resources

Advantages of Cosigning a Student Loan
Planning for Your Child's Education
Investment in an Education
Using Loans to Pay for an Education
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