Two things I love this time of year — that back to school feeling and sharing advice with students
Regardless of your income or assets, parents of soon-to-be college students should complete this process. This application is for need-based aid and the determination of the EFC expected family contribution. Schools use this information for distributing federal financial aid based on need, but it is also can be used to help determine the amounts awarded for merit and talent financial aid as well.
Because the application is available for completion beginning the first of January of the senior year, many parents give little discussion or thought to the topic until the student is a senior in high school.
This can be a huge mistake. Parents who start planning as early as the sophomore year, can maximize savings. When considering need-based financial aid, the government considers seven criteria: The amount of debt the family already carries has no bearing on the financial aid or expected contribution.
This applies to dependent students. Many parents feel that if the student is independent, they will qualify for more financial aid but it is difficult to qualify a high school student as independent so do not make this the plan. Also, it is important to realize that the expected contribution is the amount the government decides, through the process, that the family must pay as its contribution to a college education.
From a need-based perspective, a family would like to see the lowest contribution possible, thus qualifying the student for more aid, more efficiently structured.
The cost of attendance minus the EFC determines the need; thus a lower EFC can qualify for more aid to meet that need. This is the January of the junior year through December of the senior year.
This creates a possible planning dilemma if the family just waits until the application is due as there is no way to change the financial outlook from the previous year. You can only do this for an upcoming year. Parental assets are assessed, for EFC calculations, at 5.
In addition, some parental assets can be sheltered. This is not true for the student nor do they have any asset protection for retirement. Proper planning in this regard can make for a more attractive outcome in the calculations.
For self-employed individuals and business owners, there are even more opportunities to improve their outcome. There are steps that can be taken with income for both the parents and the students that allow for more possibilities of aid.
These are all actions that can save a family thousands of dollars a year in out-of-pocket expenses for college. The average degree is now taking an average of five and a half years to earn, according to Department of Education statistics. Even a thousand dollars a year can preserve a significant amount of money.Apr 09, · Most alcohol programs are BORING and teach concepts that simply don't work.
Watch this video and learn about a fun, unique, and relatable approach to alcohol education.
Oct 18, · In order to increase degree attainment and begin to close the skills gap that exists between workforce supply and industry demand, states should change the way they fund higher education. States have traditionally funded their public institutions of higher education based on enrollments. How to Save for Your Child’s College Education. Here are some ways to start saving for your child’s education, and tips to help them fund their education in other ways as well: These programs offer alternative ways to increase your college savings account for your . Even college students who have mastered the art of money management during the school year often find that the summer brings new challenges. Here are some suggestions for keeping your finances.
College Bound is part of the Education Unbound family of programs and offers expert help for students who need help applying for college. We work with underserved students in all age groups to ensure that they can access the right educational opportunities for the brightest future possible.
College is the time to discover that your interests may not be as steadfast as they seem — make the most of the classes that your school offers, even if they fall . A college education is correlated with greater success in all those areas, even though most students are usually more concerned with making it through the next class or test than the rest of their lives.
Even college students who have mastered the art of money management during the school year often find that the summer brings new challenges. Here are some suggestions for keeping your finances. It used to be common for students to begin their college careers with a general education program made up of core courses in the humanities, social sciences, natural sciences, and a few other subjects.