If your child is in their senior year of high school, it is time to fill out applications and apply for financial aid.
You must find out the deadlines at each college and do not miss them!
In addition, you also want to ask these four vital questions:
1. Does your school guarantee to meet 100 percent of my child’s financial need at your school, and if not, what percentage of need does your school meet for the average student?
• Most schools do not meet 100 percent of a student’s financial need.
2. Does your school have a standard “unmet need” formula for students who apply for financial aid?
• If a school says “Yes”, you want to know by how much they leave the average student short. For example, if your child has a need of $10,000 at a school and they have an average “unmet need” of 50 percent, they will probably only award you $5,000.
3. If my financial need remains the, will my child receive the same financial aid package the next three years at your school?
• Many schools will award students a great package the first year to attract them to go to their school. Then, in years two to four, they offer them a much lower package even though their financial need is the same, since the school knows it is unlikely the student will transfer.
4. If my child doesn’t apply for financial aid in their freshman year, can they apply for aid in future years?
In some cases, it may make sense for you not to apply for aid for the freshman year, especially if you have not done planning and your assets are in the wrong places. However, some schools have policies of giving priority consideration to students who are already receiving financial aid. If this is the school’s policy, you may be shut out from getting financial aid for all four years.
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 ebook 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.