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!
