Is There An Important Deadline For FAFSA?

The writer states that the deadline for FAFSA is June 30th. Not true and big mistake for parents that adhere to this advice. Each college will have their own individual deadline which will be earlier. Also, the article does not mention that there may be other forms that will be required like Profile. One last thing, many families should not file their financial aid forms immediately. Why? One important reason. Contact our staff to learn more.

Important Deadline Approaching For Students Needing Help Paying For College
News Source: WBAA – Public Radio Of Purdue

Chances Are You Can Afford Private College

Students with high academics should always apply to prestigious private colleges. Many students who deserve to attend these schools never apply to them due to “sticker shock”. We have found over the years that many of our students end up attending a private school for around the same price as a state institution. Why? Two reasons; first, private schools have more endowments to tap into. Second, professional guidance. Our clients go through the financial aid process in the most efficient way possible. Knowing how to play the financial aid game is key. Contact us today to learn more.

When you should apply to a college regardless of the cost
News Source: USA TODAY College

Good Question: Can You Borrow Too Much Money For College?

It’s always a pleasure to talk to the WCCO team. I would like to share a couple of things that we did not have a chance to cover.

  1. Students should always utilize subsidize Federal loans (Stafford or Perkins). Why? There is no accruing of interest during the duration of their education and the first payment is not due until 3-6 months after graduation.
  2. Regarding private loans, they should be used as a last resort. If they need to utilize one, always shop around. There could be some good terms out there.

Ron Ramsdell, the founder of College Aid Consulting Services, says every student’s situation is different, but you can certainly borrow too much. “The key is families need to plan ahead.” He said families need to consider a few things like the real cost of college, how much money a student can get in scholarships and gifts, how much parents can and will help, the amount of assets from other family members like grandparents and a student’s starting salary upon graduation.

Cost Of Applying For College

The cost of applying to colleges can be costly due to the application fees. However, applying to as many schools as possible is to the family’s advantage. Why? It is a numbers game. The more schools the student applies to, the more they are accepted to. The result, more financial aid offers. Therefore, more options and leverage benefits . In addition, you can get some colleges to waive the fee. How? Contact our office for more information.

How Much Does a College Degree Really Cost?
via Wall St. Cheat Sheet

When Should You Complete The FAFSA

The article states that you should complete the FAFSA as soon as the form becomes available, right after January 1st. I disagree with this in certain situations. If the family has their taxes completed in a timely manner and can meet the college(s) deadline, they should. Why? One big reason is by using figures from a completed tax return from the base year, the less likely the family will have to go through a process called verification. Regarding credit cards compared to student loans, the family should always consider utilizing student loans first, especially the subsidized loans.

3 big money mistakes to avoid in college
via USA Today

Cost Of College Education To Parents

I found this article worth posting because it states that there are proposed changes in the financial aid process. One of them would allow parents and students to complete the FAFSA using information from two years earlier so they can file it in the fall which would allow them to see how much they would have to pay in the following year earlier. I don’t see this happening for many reasons. I always advise my clients to apply to lower price schools as a backup. I do concur with the author that parents should discuss as much as possible with the student regarding the true cost of their education and the debt they will incur.

Cost of student loans can haunt parents, too
Des Moines Register