Most families take a completely “backwards” approach when searching for money for college. Typically, families start picking schools late into the student’s junior or even senior year. Many students pick a grouping of “safety,” “middle of the range,” and “reach” schools. Next, students start researching their list. Following this, families start planning trips to visit these schools. All of this research and traveling costs lots of time and money.
It is also the “wrong” way to do things if you want to be in control of this process. Instead of blindly picking schools, you must look at one other very important criterion… Can this school meet my family’s financial need and give us more free money and fewer loans?
Picking schools that historically have the best policies of giving financial aid will improve your chances. Financial aid is awarded at each school based on a calculation of a family’s “financial need.” Financial need is calculated by subtracting the Family Contribution (the minimum amount you will be expected to pay at any school) from the “Cost of Attendance” which includes tuition, fees, books, room and board, etc.
If a school costs $20,000 and the federal government calculates your family contribution to be $10,000, your “need” at that school is $10,000. Financial need determines how much financial aid your family is eligible to receive. However, just because your need is $10,000, does not mean you will be offered $10,000 at that school. Some schools can meet 100 percent of your need while others will only meet 20 percent or 30 percent.
By knowing which of the schools can meet most of your need, and give you more free money regardless of your income, you will save yourself the time, energy, and hassle of applying to schools that will never be able to give you the money you need to send your child. To learn how to get your child into the college of their choice without using all your savings or sacrificing your retirement, attend our free workshops in Santa Clarita. 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 in Valencia. For more information, please call 661-295-9946 or visit www.collegeplanningexperts.com.