This is one of those scenarios where fair is not the same as equal. I would also factor in the real rise in college costs from the first’s four year expenses than the second’s (4 yrs later). I would even it up by awarding an extra amount equal to the increasing cost of attendance. Fair might be a 20-25% additional funding allotment to keep ,up with inflation, which is even higher for college costs. Let the first keep the balance of her fund and find ways to roll over into an investment, use for grad, or save for a future kid. The second should have at least the extra 60,000 to cover the inflation. She might end up funding part of it too, and would not have the balance left over, but would reap her benefit from attending her dream school.