With college costs rising faster than inflation and financial decline, you can not afford to make mistakes when it comes to sending your child (ren) in college. If you do … it will certainly cost thousands, even those thousands of dollars per child. Now if you have an extra $ 5,000, $ 10,000 or $ 20,000 sitting around and do not mind giving it to university … then this article is not for you. For all other … Read carefully!
go to college can be very complicated and stressful time for many families. Especially with the first child that begins the process. While it may be easier for each child, if you do any of the following mistakes, it will cost you money.
If you are fortunate enough to be reading this, but the eldest child is still in middle school or just entering high school, you should have enough time to methodically make the most out of college financial aid process. If your child is ready to graduate or are already in college, the better to start now and plan to spend some quality time to make the changes needed.
Eight Mistakes will cost you enough
Mistake 1: Do not start early enough The main reason families do costly mistakes on financial aid process is that they wait until the last minute and ran. If you start early and plan steps on the timeline, you will be prepared and ready to take full advantage of the process
Villa 2 :. Do not pay attention to every Another big mistake missing financial period. If you do not file the correct forms with the proper departments for the prescribed time, you lose the opportunity to receive financial assistance for that semester and generally did not apply again until next semester.
Mistake 3: Not filing FAFSA The dreaded first time FAFSA (Free Application for Federal Student Aid) is not as bad as most families think it is but if you never get to it, you are guaranteed that overlooked the financial system. Most colleges require the FAFSA be filed, even if you do not qualify for federal assistance, just so that they can offer you any private scholarships, grants or endowment funds opportunities. So always file a FAFSA
Villa 4 :. not take advantage EFC Reduction Strategies Any applicant who applies to college and financial aid requests will have approximately Family Contribution, or EFC calculated based on the financial information that is provided. If you know how to use these EFC reduction techniques before you need to register, you can lower your EFC and increase financial aid dramatically
mistakes. 5: Student loans: Many students and their families use the wrong types of students loans, do not use them at all or not to look into student loans that are custom-made for their position. Large amount of information about the program is available and all you have to do is read it. It will compare different types and you should be able to decide who is best if these loans
Villa 6 :. Paying for College Retirement Money Every year I hear and read about parents who are tapping device 401k or other retirement plans to help pay for their children’s college expenses. They either withdraw or borrow for education and neither method is a good idea for most families. Do not sacrifice your retirement for the education of your children, because they probably will not be able to take care of you in retirement if you do
Villa 7 :. Not attractive offerings attractive financial aid offers from universities can be a great way to get more support, especially if you believe some mistakes or omissions were made when you placed the beginning. This is the time to clarify and correct any problems you find and request correction if possible. It generally does not hurt to ask for more and it gives the student the opportunity to make some great contacts within the financial system
Villa 8 :. Do not ask for more … In years 2 to 4 As a student continued through college, most people never visit the financial aid office again after their freshman year. If you make regular visits to each semester and ask for assistance, scholarships or grants, you may be pleasantly surprised at how much support is available (and sometimes unclaimed), especially for the 2nd, 3rd and 4th year students .
Summary: This is just a summary of the major mistakes that I hear about every year. Each of them is inevitable if you just take the time to do your research, get organized and plan your strategy. Obviously, the sooner you start, the better prepared you should be … So start today and save a bundle.