College Aid-parents Guide To Paying For College - Part Two

College Aid-parents Guide To Paying For College - Part Two

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College Aid: The Busy Parent’s Guide to Paying for College
Quick Tips to Lower your Out-of-Pocket Costs - Part Two

In Part One, we reviewed the first 3 quick tips:

• Identify Schools With A Wide Range Of Payment Plans
• Make Sure You Have At Least One “Safe Money” School
• Start Spending Your Cash!

We now continue with the remaining 3 quick tips.

4. Know Exactly When To Get the Forms In
One of the biggest mistakes parents make during their child’s last year at school is assuming that schools collect all the application forms then hand out the cash to the families with the most need.

It just doesn’t work that way.

Colleges like to plan ahead. The sooner they can get a good picture of how many classes are going to be filled and with which students, the happier they are.
That means they hand out financial aid on first-come, first-served basis. It might not be the fairest way to do it, but as far as the colleges are concerned, it’s the most convenient.

You can submit your Free Application for Federal Student Aid (FAFSA) form January 1st, but the Financial Aid Profile (FAP) for private schools will vary from school to school. It’s absolutely crucial that you know the earliest date that you can submit all your application forms - and that you have the forms ready to go when those dates roll around.

5. Be Smart With Your Assets
When the financial aid administrators calculate your EFC, they’ll take into account your entire net worth. That includes all of your material holdings: your checking and savings accounts, stocks, bonds, mutual funds, real estate, your college funds and private schools will even include the value of your home.

That usually puts college expenses way beyond most families’ monthly budgets.

One of the best ways to solve the cash flow crunch is to use a special “tax-favored” college funding solution. This solution won’t work for everyone, but it may allow you to improve cash flow, lower your taxes and allow you to pay for your child’s education without changing your lifestyle. Again, make sure you talk to a Certified College Funding Representative who understands the financial aid process before you make any decisions.

6. Apply For Financial Aid - Whatever Your Income!
The financial aid administrators take a wide range of factors into consideration when they calculate financial aid, not just income. Even if you have a six-figure income, it’s still worth completing all the forms and submitting an application.

The number of children you have in college at any one time, the size of your family and any medical expenses you might have to pay could all count in your favor when your application is processed - and result in savings worth thousands of dollars. Also, many schools won’t consider you for merit aid if you don’t complete the FAFSA application.

Don’t think you should bother with financial aid applications? Think again!

Those are just six pieces of valuable advice, but they’re not the only things you need to know about applying for financial aid.

Whatever you decide to do, do move quickly. As I pointed out, late applicants can often find themselves left out.

About the Author:
Ian Welham
Complete College Planning Solutions
(973) 467-0101
http://completecollegeplanningsolutions.com/pages-blog/

One of America's leading college financial aid experts, helps parents get every cent of financial aid they're entitled to, even if you make a six-figure income. "College Savings Video Series" reveals proven ways to reduce college tuition costs by $5,000 to $30,000 a year. Normally $47, FREE for a limited time: http://collegeadmissionscounselor.org



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