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You'd be surprised how many families make this mistake when it comes to Financial Aid!
"They said they earn too much money to qualify for financial aid. Should we bother applying? "
Here's the answer, once and for all:
YES!
Understood?
Many families assume they earn too much to qualify for financial aid, but there are many factors that determine eligibility – not just income. In fact, according to a recent study, 53% of all eligible families do not get help!
The main reason that prevents the application of this concept is wrong that they make much money. I have been single mothers two steps above the poverty line approach me at the end of a workshop, concerned that their income was too high! Here's the big idea in this article: even healthy families, six figure income eligible for payments in most schools.
Each family with a high school student bound for college should complete the Free Application for Federal Student Aid (FAFSA). The data you enter on the FAFSA determines how much money is expected to contribute to the school. This number is calculated in accordance with regulations of the Department of Education.
FAFSA is painful. You must be extremely careful – the possibility of errors and dangers abound! According to an industry study, approximately 78% of all FAFSA errors. One of the most common blunders that limits or eliminates deserve help: list of assets that need not be included.
In February, the Miami Herald published a letter from a Miami woman whose son was admitted to an elite private school. The family income was approximately $ 50,000. However, after completing their forms, learned that she was expected to more than $ 30,000 per year.
By way of contrast, we have devised a plan for a client with striking similarities. If forms would have done the same way as the woman in Miami Beach, its expected contribution to college would have been $ 147,000. After that "fixed" their problem, their magic number is $ 3,400 per year.
Do we hide assets in an offshore account strange? Nope. Are we magicians or psychics weird? C'mon. Do we handle things in a way illegal, unethical or immoral? Of course not!
All we did was follow the guidelines promulgated by the Department of Education. These guidelines can be read as a phone book. There are between 67-78 different factors that influence the amount of help your family receive.
Unless you are a specialist in this area, could not understand these rules. An analogy is easy tax preparation – Sure, you can do your own taxes, but how likely are you to reap all the benefits, because compared to if you hired a CPA with experience? Of course, if you're the DIY type: you like to fix your own car, sprinklers, etc. you do not like this idea, but one must admit that can not be so competent as an expert.
OK, I'm going to my riding high. I just broke some bad news, now, here are some more bad news! Unfortunately, the FAFSA is the only form of financial support.
Many private colleges require you to submit an additional form, the profile or CSS. In addition, many schools require their own private forms of institutional support. These forms are even more hatred, more expensive than the FAFSA. My partner, "College Pete", compares to fill the profile to a root canal without Novacaine. How is that a graphic image?
He has good reasons for saying this. This is what is speaking:
You must be even more careful to complete the profile, particularly the sections for students to complete. Some common questions that student answer: "How much money their parents have to pay for their college education?"
Whoa, Nelly! How many students secondary can answer this question? Do your children know your bank balance?
If the student gives an answer in form, and give him another figure in the form, there is trouble in River City.
If private and FAFSA forms are even slightly inconsistent, your financial aid application could be delayed or rejected to the fullest! And you can not say something like, "My son was on drugs when he filled out the form – please let me change the answer!" Admissions are kind of fun on things like that.
Here's the bottom line. You should approach the financial aid forms for college carefully. Be careful with whom you speak — High school counselors are usually too busy to develop any expertise in this field (the average guidance counselor handles something like 471 students in Florida). You CPA, fund manager or other trusted advisor can give you advice that might make sense for their purposes, but can actually decrease the amount of aid you qualify for!
Do not wait until the last moment to plan how you will pay for college. Second year (yes, Second Year!) It is the ideal time to seriously planning process. Talk with an expertise in college financial aid sooner than later.
About the Author:
Andrew Lockwood, J.D. is co-owner of College Planning Specialists of Florida, Inc. He and his partner offer free workshops on college financial aid that cover topics such as “The Dirty Little Secret About Florida Pre-paid Plans,” and “The Five Greatest Myths About Financial Aid.” Go to their website, http://www.CollegePlanningAdvice.com or call their office at 954.659.1234 to reserve a seat.
Article Source: ArticlesBase.com – Warning – you Must Avoid This Critical Mistake on your Financial Aid Forms
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