If your child is nearing the end of their junior year, there are some important things to consider to make sure you maximize financial aid.
1. Have your child apply to at least six to eight colleges and universities.
Pick an assortment of “safety schools,” “competitive schools,” and “reach schools.”
Pick several schools where your child lies in the top 25 percent of the incoming freshman class. Otherwise, it’s likely schools won’t give you a good financial aid package.
2. Do last minute income and asset planning to lower your out-of-pocket costs.
Set up your finances in a way that will maximize your eligibility for college financial aid. Assets held in the wrong place will kill your chances of getting money.
Should a parent or sibling attend college part-time to increase your eligibility? Are you properly valuing your real estate?
If you’re not sure, get the right answers quickly.
3. Don’t apply for early decision if you want to get the maximum amount of money from each school.
If your child applies for early decision, they are locked into going to that school. This is a huge mistake if you’re trying to get the maximum amount of aid.
The reality is that if a school knows you have to go to their school if they accept you, they have no competition and can offer you whatever they want.
4. Find out each school’s deadline for the financial aid applications – and don’t miss a deadline!
The earliest date you can file the Federal financial aid application (FAFSA) is January 1.
However, many private colleges and universities will also ask you to fill out the College Scholarship Search (CSS). Different schools have different deadlines for this form.
Don’t miss a deadline – it will cost you a lot of money in lost financial aid!
To learn how to get your child into the college of their choice without using all your savings or sacrificing your retirement, attend one of our free workshops in Santa Clarita or San Fernando Valley. Sign up online and receive a free e-book with more tips and strategies on the college planning process.
Brian Safdari is a Certified College Planner with offices located at 28494 Westinghouse Place, Suite 206, Valencia. For more information, please call 661-295-9946 or visit www.collegeplanningexperts.com.