 | HS Seniors |
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It's time for college and no more time for procrastinating.
The good news is there are still some strategies you can use to significantly reduce the high cost of college before you complete the FAFSA. Without the help of a college funding specialist, it's unlikely you'll be able to implement all the strategies, but you can use the few strategies listed below and dramatically affect your financial aid:
- Determine if the CSS PROFILE is required by any of the colleges in order for you to receive any financial aid or free college scholarships.
- You must determine if any of the colleges you're applying to require their own financial aid forms, in addition to the FAFSA and CSS PROFILE, before they'll award any free college scholarships or even student loans.
- You need to complete the FAFSA correctly the first time, or you may not receive any college scholarships or federal student loans.
- You need to determine eligibility for "merit based" scholarships.
- Make sure your FAFSA, CSS PROFILE, and the institutional financial aid forms are accurate, timely, and consistent with one another. Regardless of your income or assets you must complete the FAFSA, CSS PROFILE and any other required institutional forms to be eligible for free college scholarships and low interest student loans.
- You should apply to colleges that meet 75% to 100% of "your need" as defined by both federal and institutional methodologies. Next you need to determine your school's historical tendency to meeting a family's Expected Family Contribution (EFC). Determine how the school meets that percentage of need. Your quest is to determine the percentage of self-help and gift aid.
- You may need to move your includable assets into non-includable accounts. This strategy is key to receiving more financial aid than you may have thought possible. If your assets are exposed to either the federal or institutional methodology you can reduce the amount you have to pay by altering the title or sheltering those assets into non-includable accounts. Be careful to properly and legally implement the available strategies. If you err here it could be very costly.
- Develop cash flow scenarios. Convert short-term debt into long-term debt and take full advantage of low interest student loans. Take full advantage of strategies to tax deduct the cost of college. These strategies work for nearly everyone over and above the Lifetime Learning Credit, Hope Scholarship Credit, and student loan interest deduction.
- You should spreadsheet the various awards letters you receive. Spread sheeting your awards helps you determine if you receive a fair award. Analyzing which school gave you more free college and less college student loans will prove prudent and instrumental in reducing the cost of attendance.
- Evaluate your award equity. Determine if you received a fair award based on your family's EFC and the student's academic performance. If you determine your award was unfair (based on qualifying circumstances), you need to enter the appeal process for reevaluation with the financial aid officer.
-Remember, college is at least a four year proposition. $5,000 more in financial aid per year saves you $20,000!
- If you are feeling overwhelmed or confused by the financial aid process, there is still hope. Enroll Now!
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