If you haven’t done it already, you may be “late!”

Today is a key date in the financial aid process around the country. The FAFSA is due for hundreds of colleges considering high school seniors as “priority candidates” for financial aid.

Are you ready to tackle the paperwork?

The FAFSA (Free Application for Federal Student Aid) is the form a student needs to file early in the new year to see what type and how much federal need-based aid he or she will be eligible for in the upcoming school year.

When filing for aid for the Fall of 2012, a student and family is requested to use their 2011 tax year information.

Unfortunately, most tax returns have not been started, much less completed, by the earliest priority filing date found at hundreds of colleges around the country of February 1, 2012.

Waiting to have your family tax return done so that you can file with accurate numbers, can lead to disaster.

In my past life as a financial aid administrator, I saw countless students shocked when their aid packages were not sufficient, or renewed simply because they missed the filing deadline.

Whether it be federal or institutional money that a student is applying for, there is a finite amount of aid available each year. Schools have filing deadlines for a reason. They have to be able to distribute the available funds to those who filed “on time” …

And then give whatever is left, to those who did not file on time.

The underlying advice from this post is to get your FAFSA (and ancillary financial aid forms) filed ON TIME, with numbers as accurate as possible. Then, when your taxes are done in a month or two, go ahead and update the FAFSA and the financial aid office directly.

It is more important to file on time with your best estimate for your taxes, than to wait until the tax returns are complete and file accurate numbers past the priority deadlines.

Check the financial aid websites of the college(s) your high school senior is applying to and make sure you meet the deadlines.

A guest post by Suzan Bekiroglu.

In October of 2011, President Obama unveiled changes to the federal student loan program.

The changes he introduced could affect millions of student loan borrowers.

If you are a college student, student loan borrower or a high school student looking towards the future, then you should be aware of the changes to federal student loans that will take effect in 2012. If you are considering federal student loan consolidation, it is helpful to know what to expect ahead of time.

Eligibility

Only federal student loans are eligible to be consolidated under this program and there is an estimated 5.8 million borrowers who would be eligible.

If you have at least one federal student loan that was borrowed directly from the government rather than a private or bank lender, then you may qualify under the new rules.

If you do have federal student loans, but have obtained them from a bank or private lend-ing institute, you can still consolidate your loans under the original loan program, but it will not save you money.

Also, important to note, if your loans are in default, you are not eligible regardless of who the lender was.

Income Based Repayment Plan

The first change is in capping monthly payments due on federal student loans to what the borrower can afford to pay.

For example, if a teacher makes $45,000 a year and owes $60,000 in student loans, under the typical repayment plan, he or she would most likely pay about $690 a month.

But, now with the In-come Based Repayment plan, the payment would be reduced to $358 as it is capped to 15% of her discretionary income. In 2014, the IBR’s rates are scheduled to change from 15% of discretionary income down to 10%. Loan forgiveness after 25 years is also included in this plan.

Debt Consolidation for Easier Payments and Reducing Default Risk

The second change has to do with the federal government’s *student loan consolidation program which encourages borrowers towards federal student loan consolidation.

It is important to note that these changes only affect the federal student loan program- private and bank loans will remain the same as before.

The Department of Education is encouraging borrowers with multiple student loan payments to consolidate their debt under the Direct Loan program. Eligible borrowers should be notified by the Department of Education to let them know more about this opportunity.

For example, if a borrower is about to start making payments with two FFEL Stafford Loans for $4,500 each with an interest rate of 6% and one direct Stafford Loan for $5,500 at 4.5% interest, this borrower will be paying over $4,300 in interest until the loan repayment terms are satisfied.

However, if he consolidates his loans, they would save almost $400 a month in interest and have only one monthly payment to make, rather than multiple payments.

*You can find the article at Student Loan Consolidation

About the author

This guest post is written by Suzan Bekiroglu. Ms. Bekiroglu is a published freelance writer and editorial and SEO consultant. After receiving a Bachelor of Arts degree from the University of South Florida, she faced the obstacle of paying over $24,000 in student loan debt. Ever since, she has sought to educate prospective students and parents on student loan debt. She also writes about general personal finance and money saving tips.

A note from the CSGP team.

We think you will find this post informative and useful. We stress that is essential for families to plan college finance as far in advance as possible, in order to avoid the heavy burden of debt on students and, increasingly, on parents. We address this in great detail in the CSGP membership site.

That sounds a bit over the top, I know. And no, I’m not talking about raiding the little ceramic piggybank either.

But some parents and grandparents who are struggling in this economy are finding the need to tap into their retirement accounts (worst case scenario) and even backing money out of 529 plans they set up for their child or grandchild, just to make it through these tough times.

These stories are still exceptions to the rule. However, some thought is essential as to how and why to liquidate a 529 Plan that is not being used for qualified higher education expenses.

Consider some 529 Plan basics

529 accounts are considered Parent Assets which may be assessed in the financial aid formulas up to a maximum 5.64% after allowances.

Also, 529 Plans are trying to keep up with the times by offering investors more flexibility to stay agile in the ever-changing markets.

Distributions from 529 Plans are tax-free when used for qualified higher education expenses. Joseph Hurley’s web site Saving for College is one of the best resources for families to learn all about 529 Plans.

• Qualified withdrawals include money for tuition, books, room and board, etc. If a computer is required by all students at a college, then the computer may also be considered a qualified expense.
• Computer purchases were qualified expenses up to 2010 but then the caveat expired. Congress may reinstate that expense in 2012 and make it retroactive for 2011, but there are no guarantees.
• You may NOT take loans against your 529 account.
• Withdrawals for non-qualified expenses may incur federal income tax and a 10% federal penalty tax.

So what happens when the financial constraints of “life” get in the way of planning for college?

A worried grandparent who has suddenly realized the gift they gave their grandchild in the 529 Plan is going to force them to become a financial burden on their offspring (i.e. unexpected medical bills) may need to withdraw the funds for themselves.

The benefit of the 529 Plan is that this type of transaction can take place, albeit with a 10% penalty and tax due on any earnings. The bottom line is that the plans are flexible.

Another question I have had a parent ask is: “What if my student is offered a scholarship, and doesn’t need all of the money we’ve set aside? Then what?”

Well, a family can withdraw up to the scholarship amount, penalty free. They may be subject to tax on the earnings, however. Or, the family can change the beneficiary.

Parents and grandparents who have been able to save for college are finding themselves in a better position to help their student pay for school than those who did not. The 529 Plan is not a big factor in the financial aid formulas so saving does not “hurt” a student’s prospects for need-based financial aid the way many might think.

To learn more about how a 529 Plan fits into the entire college planning process, take a free look at our member site. Families can learn how the “money works” and why it is an integral component of the college selection process.

This is installment number one of our three part series on what goes on behind the curtain in the admissions and financial aid offices at over 1,000 colleges in the United States.

In this article, we discuss the use of enrollment management and financial aid leveraging by colleges who seek to enroll a first year class that can be retained and which can produce optimum revenue for the institution.

It was first explained to us as follows in the 1990’s by a former Dean of Admissions:

• A generation ago, admission into most colleges and universities was a fairly simple, straightforward process.
• Many admissions offices in the seventies and early eighties were headed by former educators with significant experience as teachers and/or counselors.
• Goals that were considered good practice and typical of the times were:

1. To match students to a college, even if it was not at his/her own institution
2. To help all students receive appropriate need-based financial aid

Then there came a “sea change” …

Enrollment Management:  The “Stealth” Game-Changer

During the eighties, college admission operations began shifting from the educational model described above to a new model utilizing a technique called “enrollment management”.

Though enrollment management can be complex and sophisticated in its full-blown form, the concept is pretty simple.

The colleges designate an executive enrollment manager (Dean or Vice President) who oversees both the admissions and financial aid offices. The mission:

• To enhance the college’s ability to achieve targeted numbers of students (new and retained)
• To do so while optimizing net tuition revenue

This seemingly innocuous, unadvertised transition changed the game dramatically for both students and parents.

Uninformed families can be blindsided by the fallout from this transition.

Enrollment management has quietly brought about increasing levels of scrutiny and competition for admission for college applicants and introduced invisible obstacles to financial assistance for parents.

Overcoming these forces to find the “right college” requires families to conduct more thorough research and to exercise due diligence in their decision making.

It is paramount to be aware that enrollment management has become the norm.

And this is not reserved to only the high profile elite private colleges.

For example, flagship state universities in many regions have adopted selective policies that adversely affect outcomes through such unusual phenomena as state lottery scholarships, diversity quotas, and admission into specialized programs such as Honors Colleges.

Diversity here is interpreted in the broadest context:

• Gender
• Geographic
• National origin
• Socio-economic factors
• Racial factors
• Academics
• Artistic and athletic interests

Some enrollment management practices offer as many as five different admission options and deadlines, and each option offers undisclosed advantages and disadvantages.

Counselors & Financial Professionals Need To Grasp This Concept

As if the tactics noted above are not confusing and stressful enough (how is the average hardworking parent or student expected to be expert in this domain?), another key building block of enrollment management is “leveraging.”

Leveraging (AKA enrollment and revenue management) is a statistically driven system designed to help colleges match aid packages to each student’s “price sensitivity.”

In other words, financial aid is leveraged toward willingness to pay vs. calculated financial need. Advocates believe that without leveraging, colleges tend to “overaward” (offering more aid than a student “needs” to decide to enroll), or they may “underaward” (not offer enough thus causing a student to go elsewhere or to not continue through graduation).

Leveraging purports to get each student the “ideal amount of aid” not just to enroll, but also to continue through graduation.

Parents and students who seek admission at colleges that are even moderately selective and that routinely reflect an annual total cost of attendance in excess of $40,000  (and rising 4-6% per year) are especially in need of professional counsel due to these practices.

Flying solo may be “penny-wise” and “pound-foolish”.

How can the average hardworking parent or student be expected to be aware of these practices let alone develop the expertise to function effectively in this domain?  The first step is to get some help and get educated.

Independent college counselors and financial advisers are in pole position to provide this essential service.

Why College Search GamePLAN Membership is Just What You Need

The information presented above came to us in the mid 1990’s,  and we have built our strategies for college search and paying for college with enrollment management in the forefront of our private practice for more than 15 years.

Later this month, CSGP members will have access to a new Special Report unveiling more specific details on leveraging and a plan to manage all of the difficult realities of the enrollment management puzzle.

This is in addition to over 20 other training modules focused on the ins and outs of developing of a comprehensive, win-win, college gameplan.

You can begin a 7 day free trial membership with College Search GamePLAN today.

Next …

In part two of this series, we will share our research and conclusions about the “Net Price Calculators.”  Our findings are based on what we discovered on 80 college websites.  We’ll also explain the relationship (or lack thereof) between the NPC you find on a college web site and that college’s enrollment management strategy.

This month we unveil a special three part series:

College Admissions and Financial Aid Today – The Inside Story

With the impending requirement for colleges and universities to provide net price calculators (also described as net cost calculators), you are not going to want to miss out on this, so keep an eye on your inbox!

In this series, Tom McGrath and I will be covering the topics of :

• Enrollment Management & Financial Aid Leveraging (the “Stealth Game Changer”)
• Ways colleges will comply with the new Federal law that calls for “net price disclosure”
• Our unique college “Affordability Review” and how this tool can help parents of college bound students combat the bewildering forces of enrollment management and net cost calculators (Visit College Search GamePLAN Members for a brief intro)

Recently, the New York Times blogged about the federal requirement to have Net Price/Cost Calculators on college web sites. This article highlights just some of the doubts and concerns regarding this application.

The bottom line is: If you do not understand college enrollment management and affordability, the entire discussion of Net Price/Cost Calculators loses relevancy.

Follow this three part series to gain a clear insight into the way college admissions and financial aid interact.

Part 1 will be released within a few days.  Stay tuned!

Is there any such thing as “Good” debt?

How about student loans?

Many financial planners would tell you any debt is bad debt.

However, the received wisdom in the United States proclaims that student loan debt is “good” debt because (you are told) you are borrowing to enhance your future earnings.

After all, being a college graduate is much more fruitful, leading to a higher income level and a good return on investment… Right?

Our clients and members of the College Search GamePLAN understand that you can only measure ROI when you understand what the total investment is.

Unfortunately, most families don’t “crunch the numbers” in time, and here it is;  that time of the year again when students and parents are looking for the best loans they can get, to help pay for college.

And many families will struggle to cover the difference between the total cost of attendance and any financial aid for which they qualify (the dreaded “unmet need”).

After exhausting cash flow and savings resources, most families look for appropriate loans for the student and/or parents (usually both) to assist in coming up with the money needed for the student to attend class… and get credit for it!

Researching Student Loans

For those looking for helpful student loan forgiveness options, check out this link at the Project on Student Debt.

Also, take a look at your state’s higher education financing authority for programs specific to your state.

An example of one such plan can be found with the Rhode Island Student Loan Authority which rewards nursing students in Rhode Island.

On another note, everyone should read up on what has been resolved over the Federal budget and debt ceiling issues.

As part of the budget reduction options, a key education-related component of the findings by the Bipartisan Commission on Deficit Reduction was implemented (See page 46, recommendation 4.3 on the proposal to eliminate the subsidized interest for student loan debt.).

For now, it looks as though only Independent students and Graduate students will be losing the subsidized portion of their student loans, but this could get worse – for undergraduates – as negotiations in Congress continue this fall.

This could result in a significant change to what is now a very good loan program for undergraduate students.

Currently, for undergraduate student loans originating in 2011, the Stafford interest (after graduation) will be fixed at 3.4%. For loans originating in 2012, the interest rate is set to double to 6.8%. So watch the details.

Student Loans – Some Basic & Essential Questions (Before Signing)

• What is the interest rate? How is it determined?
• Fixed or Variable? If the latter, is there a cap?
• What are repayment options?
• Who is the borrower? Parent or student?
• Are there origination fees?
• Is cosigner required or permitted?
• Will having cosigner affect rates/fees?
• Is the loan secured or unsecured?
• Is interest on the loan tax-deductible?

The College Search GamePLAN training course provides families (and financial advisers) how to effectively approach the issues of college cost and student debt, while finding the best fit college options for the student.

Student loans and debt are, unfortunately, a fact of life. Parental debt is yet another one. Taking effective and timely action will minimize this burden.

PS – We will return to the topic of the “Road To Nowhere”, in response to an interesting comment from a reader.

A financial planner asked us recently why we created the College Search GamePLAN teaching platform for college search, admissions and funding.

Our long time colleague, Tom McGrath had this image in his library, and it provided a clear answer…

We are like the grizzly old guy trying desperately to stop that woodpecker making more and more holes and sinking the ark with all its passengers.

In our case we are trying to help students and families achieve a successful college career while preventing them sinking in an ocean of debt.

The reason old Noah’s having such a hard time swatting that bird is that it is so fast and attacks so many different areas (as you can see).

And that is what we confront when providing college search guidance and planning to families with college bound students, and to financial planners who are responsible for helping families protect their assets.

The college search and financing process creates many challenges and problems. Here are just some of the main ones:

College – Total Cost of Attendance (TCOA)

College affordability is an ever increasing challenge.

Our database now shows 99 schools with a total cost of attendance of $50,000+ per year (and some closer to 60K). There were 8 schools at that level in 2009.

If you are a parent of an elementary or middle school student, what do you think you will be facing a few years from now? Or do you not want to think about it (remember the ostrich with its head in the sand?)?

And if you are a professional with clients that have college bound children, how will you help them confront this financial challenge?

And don’t believe for a moment that there are many schools with much lower costs. Today, very few are in the lower $20,000 range.

Not understanding academic competition

Even excellent students can find themselves on the margins of acceptance at many colleges, and not just because of fierce academic competition. The odds are stacked against them.

Take a look at the following example:

Harvard, Princeton and Yale, certainly three of the most highly selective universities announced that they received a combined 89,345 applications for a paltry 4,286 “open” seats, which implies that only 4.7% of those applicants will enter the Class of 2015.

4.7% is pretty skimpy (it would seem) but, in reality, even this number is inflated.

The fact is that after those schools have accepted their legacy students, international, minority, geographic, athletes, musicians, etc., there are probably fewer than the 4,286 “real” open seats available for the “average” qualified student.

And don’t think for a second that this process is limited to those three icons.

Many excellent students are limiting their opportunities by applying for early admission and/or applying only to their “dream school” (or just going through the motions with regard to back-up applications) …

The result: Many experience the deep disappointment of rejection or being waitlisted (which is pretty close to rejection).

There are many excellent “best fit” colleges out there. You just have to know how to search and identify them.

Flawed college search

Following on from the last topic …

Too many students are choosing a college before understanding their financial options. This is a recipe for disaster – putting families in situations where financial offers from some highly visible colleges, make attending their student’s “Dream School” a financial nightmare.

The myth of “Choose first, pay later” is just that, a myth. It’s imperative for families to learn what their financial options are.

Make sure you have a sound financial strategy in place before beginning the college search.

College drop outs/transfers/late graduation

We have all heard this proverb: “He who fails to plan, plans to fail”

According to which study you read, first year college drop out/transfer rates hover around the 28-33% mark or even higher.

Average graduation rates range from 5 to 6 years (for a four year degree).

With annual college costs ranging from $25,000 to $50,000+, the financial impact is immense.

What leads to transfers, drop outs and late graduation?

A whole range of factors come into play here. But the core lies in lack of planning and lack of awareness of how the college admissions process works.

The frequent result is typically a large financial hole filled with monetary and personal “costs” as well as a number of non-transferable credits left “on the table.”

College Debt

Total student loan debt in the U.S. is expected to reach $1 trillion in 2011. That’s more than the nation’s total credit-card debt.

The college graduates of today, who used loans to pay for college, will graduate with an average of nearly $24,000 in federal direct loans. That’s not even touching upon those who got into the private loan market or parental debt.

See the scary trends compiled by the National Center for Education Statistics here.

Not understanding the college search process
We are only scratching the surface here.

When we drill down deeper into the process, there are many challenges, obstacles and distractions that derail the quest for the right school.

Clearly thought out planning for college with cost, debt, “best fit”, academics and timely graduation is essential. And NOW is the time to start!

Our College Search GamePLAN program guides families (and professionals that have clients with college bound students) through this process in detail, step by step.

We offer a 7-day free trial so you can give it a test drive. Just click here.

Time to Update your FAFSA!

FAFSA

Now that your taxes are done (if not, they should be!), you should log back into the FAFSA web site (www.fafsa.ed.gov) to update the data to reflect actual numbers from your Federal tax return.  Have your tax return AND your W-2 forms in front of you and take the time to transpose the correct line items to the FAFSA form so that your EFC is accurately calculated.  This may have an impact on your financial aid eligibility.  Remember, the EFC from the FAFSA is subtracted from the Cost of Attendance at the colleges listed on the FAFSA.  The difference, if any, is your eligibility for federal student aid.

Did you make a mistake like this?

One point of confusion for this update regards the “taxes paid” requested by the FAFSA.  If you are self-employed with a Schedule C business, you will need to be aware of the difference between line 55 and line 56 on the 2010 IRS form 1040.  As a self-employed small business owner, it may make sense to put your total tax liability from line 56 of Form 1040 onto the “taxes paid” line, but that would be incorrect.  Line 56 (for the self-employed) includes half of the self employment tax in addition to your federal income tax.  The FAFSA is looking for your personal income tax liability which is line 55 of the 2010 Form 1040.

If all of your earned income is the result of wages from an employer, make sure you understand the difference between “withholding” and “liability” on the tax line.  Many people incorrectly enter the amount of tax “withheld” from their paycheck as reported on the W-2 form, as their tax paid. That is often very different from your actual income tax liability which is found on line 55 of Form 1040.

Bottom line: Read the directions CAREFULLY!

A mistake on this one line will significantly impact your EFC calculation.

Preparing for next year?

Did you get a refund? Do you like giving the government a free loan for the year? If not, isn’t it time to update your W-4 form so that you are not withholding as much? You could probably use more cash to pay for college this year, don’t you think?

Where is the real money?

Campus Based Merit Scholarships

Your family’s EFC may equal or exceed the Total Cost of Attendance at some or all colleges you are considering.  Does this mean you will be paying full cost?  Not necessarily!

If your student is a top performer academically, one of the strategies to employ to combat the high EFC is to identify colleges that award merit scholarships.  As in the case with need-based aid, to maximize the potential for merit money, the student must be looking for colleges where (1) merit scholarships are offered, and (2) he/she will be in at least the top 25% of applicants and preferably the top 10% of a college’s applicant pool.

Merit awards can range from a few thousand dollars per year to full tuition scholarships depending on the college and the student’s credentials.

Note:  Although merit awards do not require repayment, they do have strings attached.  These strings usually revolve around the student maintaining a specific minimum GPA while enrolled in college, so the responsibility for maintaining the award is performance.  Pure merit awards are unrelated to family financial circumstances. Some colleges do, however “blend” need and merit based money.

PRIVATE SCHOLARSHIPS

If you receive a direct mail solicitation to engage in a search for private scholarships, be wary.  Although there are a few reputable companies conducting data base searches for private scholarships, most of these companies provide little or nothing for the money they ask you to spend.  You can conduct a search for private scholarships – FREE – if you are willing to invest a little (and we mean A LITTLE time).  We advise you not to get bogged down looking for scholarships in the private sector, other than what will be available in your local community next spring.

Recommended Strategies:

Contact the Guidance Office at your school.  Most keep a list of local community scholarships for which you can apply during your senior year.  Pay attention to the deadlines.  They are non-negotiable.

Contact a state student loan guarantor.  In Vermont, and for the NH upper valley, this is Vermont Student Assistance Corporation.  VSAC will have you complete a form and they will search the College Board data base of private scholarships – FREE.

Conduct a scholarship search on the Internet – FREE.  There are a number of places that offer this service at no charge to you.  Start with fastweb.com and you’ll find plenty.

Spend no more than 6-8 hours on this process.

Remember – there will be over 2,000,000 students applying to college this year, and most of them are looking for private scholarships, too.  The number of applications these national scholarship providers receive is staggering?  The chances for success are between slim and none in the national private sector, and slim usually leaves town early.  Be sure to start investigating these programs early in the junior year of high school and be prepared for a multi-layered competition that could take over a year.

A BETTER Strategy: Stay local.  Don’t waste a lot of time.  Get the information and applications from your guidance office.  Don’t get your expectation level too high.  However, if you are to be awarded some private money, the local civic and charitable groups are most likely to be your benefactors.  Don’t ignore them.  Also keep in mind you will be obligated to notify colleges offering you financial aid if you are awarded money from these local scholarships.  The college in turn may adjust the amount they awarded you to keep the total aid within your calculated need.  The total dollar amounts may seem modest, but everything helps.

BEST STRATEGY: Give high priority to colleges offering MERIT SCHOLARSHIPS.  This means paying very careful attention to your college search and the essential attributes of those colleges and universities on your refined and final list. Focus more time getting the details about these awards than you do on the private sector awards, and you will be way ahead of the game.

The college-based merit awards are usually higher, they are renewable from year to year, and the probability of receiving a merit award, especially from a college where you fit the top 10-20% profile of the admitted students is much higher than your chances with third party scholarships.

Keep in mind these funds are not portable.  In other words, should you decide to change colleges, you cannot take your merit scholarship with you and  comparable money for transfer students (at your new school) will be extremely limited.  Give your college search serious thought. Do not commit to a college light-heartedly. The ultimate costs could be in the tens of thousands of dollars should you decide to transfer.

An article for families of rising high school juniors and seniors.

How to understand financial aid

What to do when you aren’t eligible for Financial Aid?

I just saved $300 on my car insurance!

Well, not really. I haven’t had that euphoric feeling recently, but I know there are some families who have been shouting for joy in recent weeks, due to the fact that they understood the financial aid process at the higher education institutions in the United States, BEFORE their student was applying.

Their excitement doesn’t come from a savings of ”$300″ but rather from a number that could be closer to $100,000!

Yes, you read that right.

Families that have students heading off to college this coming fall, which prepared a GAMEPlan for their college search, are finding success and happiness in knowing that over the next four years, they will have a financially sound ability to continue to live within their financial parameters. A financial plan that they chose for themselves. Not what the schools have imposed upon them.

High School Juniors (soon to be seniors) – Know this… your “base year” for financial aid began five months ago. You are smack in the middle of what the colleges will see when you apply for financial aid in January 2011. Take advantage of this knowledge and prepare yourselves and your families for the inevitable “sticker shock” that will occur when the acceptance letters and financial aid awards start pouring in next spring.

NOW is the time to start planning for YOUR college success plan. It is important to consider the Money Factor, competitiveness of the Admission process, and the Family Priorities when putting together your college search GAME Plan.

Other material to read: Financial Aid 101: How to Get More.

While this article contains some good information on both short and long-term strategies for saving and paying for college, the underlying point that needs to be repeated over and over is that waiting to figure out how to pay for college AFTER your student has been accepted is WAY TOO LATE! Get yourself prepared and educated on the process when your high school student is finishing up sophomore year! By the time your student is a junior, you’re already “IN” the financial aid “base year.” You’ll thank yourself later!