Great news! But now how do we pay for it?

[drizzit]

This was one of the few times having twins worked out for me financially

I like the idea of just paying the same for each. I did that for my boys but they do benefit by both being in college at the same time. Sometimes it is the luck of the draw frankly, or birth order in your case. Life just isn't always fair

[Northstarmom]

"Wow - a bunch of great advice and things to consider in this thread, but I think you hit the nail in the head - there's no way to make it fair since each person has a different interpretation."

What's important, though, is that you and your H figure out how to do things in a way that you think is fair. Your money, your decision.

[Ijmom]

What works best for us is that making a spread sheet on money available (529, savings and scholarship etc). We even included the amount available from not paying for the after school care, and not paying for music classes etc for siblings. When they see the numbers they will understand. Then you could come up with a plan that works for you family.
In a way having four kids is good... by the time the last one goes to college the older ones who are out of college can pitch in.

[somemom]

For my kids, we offered to cover up to the amount of the state flagship. Two kids chose that route, the last one chose a private with merit aid and did community college the first two years which allows her plan to meet the same budget with no loans

[ljrdxyh]

Thank you all for sharing your thoughts and experiences.

We told our oldest son that he will have to borrow the difference between his grant and college expenses (about 10k a year). This sum should go down his Junior and Senior years as his sisters start college. His expected debt after graduation being around 28k or so. He is ok with this and understood.

We told our HS sophomore that we could afford to help her in the form of a 1/2 tuition discount at the local university where her mother works. If she chooses to attend somewhere else, she'd have to work, borrow, or find grants and scholarships - athletic or otherwise. She wasn't too pleased "I'm not going to _____!" However, now she knows and can plan accordingly. Fortunately for her, her share of the EC should only be about 17,000 or so.

The bottom line is that all four will more than likely make a lot more than we make and will be in a better position to pay off their education debt than we will. This will also allow us to continue to save for retirement, pay down our current debts, and save money for those ocassions where we might need or want to gift our children with some money.

Thanks again.

[Lafalum84]

"Offer the same amount to each child..."

Big caveat - ADJUSTED FOR INFLATION. College costs are rising rapidly. Giving the last child the same dollars as the first will mean the last child is getting less support, percentage-wise.

How do you do that? I don't know! ha ha. But I just thought I'd put it out there.

[Singersmom07]

Big caveat - ADJUSTED FOR INFLATION ... How do you do that?

We used the in state tuition room and board of the most commonly attended university as the marker. That is how much we gave each. So it naturally adjusted for inflation. 2 went in state so had total paid, 2 went OOS and had to make up the difference with scholarships, etc.

[hikids]

Re perfect's comment, some places told us that merit awards would pay better than some athletic scholarships. Depends on the school, however.