Each month when we conduct our free workshops, Pete and I hear this question in some form or another:
"We were told we make too much money to qualify for financial aid. Why should we bother applying?"
Here's the answer, for once and for all:
YES!!
Got it?
Many families assume they make too much money to qualify for financial aid, but there are many factors that determine eligibility - not just income.
EVERY family with a high school senior bound for college should complete the FAFSA (Free Application for Federal Student Aid) form in January 2008. Go to www.fafsa.ed.gov. Regardless of family income and assets, there are federal entitlement programs for every student.
Additionally, some colleges may require the FAFSA form in order for the student to qualify for merit awards and scholarships. These can be offered as a result of academic, athletic, artistic or even leadership excellence.
Of course, you need to be careful filling out this sucker, since the opportunity for mistakes and pitfalls are numerous. Overstating your assets and including assets that do not need to be included are some of the more common gaffes that could severely limit or eliminate the aid you would otherwise receive. Be careful!
Many private colleges require you to submit an additional form, the CSS/PROFILE, and many private schools require their own institutional aid forms. These forms are more onerous than the FAFSA (which is no walk in the park itself!). Be even more careful when filling out these forms, paying particular attention to the sections to be completed by the student. If the forms are even slightly inconsistent, your financial aid application could be delayed or flat out rejected. Ouch!
Final word: The best way to learn about how you can qualify for financial aid is to attend one of our upcoming free workshops. Check out www.CollegePlanningAdvice.com for our January schedule.
This is my last post for 2007. Have a great New Year!
- Andy
P.S. Our workshop, How to Pay for College Without Going Broke, is free but seating is limited due to room size. They're taught by me personally and by my partner, Peter "College Pete" Ratzan, M.B.A. We cover topics such as:
- "The Five Greatest Financial Aid Myths" and
- "The Three Questions You Must Ask Every College Before You Apply!"
You can find out more and learn a lot more on our website, www.CollegePlanningAdvice.com.
College Planning Specialists
1825 Main Street
Weston, FL 33326
954.659.1234
www.CollegePlanningAdvice.com
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