How does having more than one child in college at the same time affect financial aid now?

This changed significantly. Under the old formula, having multiple children in college simultaneously divided the family's expected contribution among them, often boosting aid per child dramatically. The current Student Aid Index formula removed that multi-student adjustment for federal aid, so the number of kids in college no longer lowers your SAI on the FAFSA. Family size still counts in the allowances, but the big "divide by number in college" break is gone. Some schools that use the CSS Profile may still give their own institutional consideration for multiple students enrolled, so it's worth asking each college directly. For families spacing out children, this is an important planning change to understand before assuming overlapping enrollment will slash costs.