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February 19, 2016

Parents Continue To Be Misled By High School Guidance Counselors

Tired student worried about paying for college

It continues and unfortunately will not stop. Parents are being told the wrong information regarding financial aid topics. I just talked with a new client and she stated that her daughter’s high school counselor informed her that their 2015 taxes need to be completed before they can file the FAFSA and that the deadline for FAFSA for their colleges is June 30th 2016. Not true in both cases.

First of all, parents and or students can file their FAFSA with estimated figures. Second, each college will have their own specific deadline for FAFSA and more importantly the CSS Profile if required. It is true that the Federal deadline for FAFSA is June 30th 2016 for the academic year 2016-17. However, if one goes by that deadline, the student will miss out on good aid and that is what happened to this family. The deadline for three of their colleges was in January.

Two points here. Parents need to realize that the high school guidance counselor is not a trained expert in the financial aid process and it is the parent(s) responsibility to confirm the actual deadline with the college(s) preferably by a phone call. Recently I was informed that a college had an incorrect deadline for FAFSA and the CSS Profile on their website. If you would like appropriate advice in the financial aid process, please contact our office.

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January 15, 2016

Why Hire A College Financial Aid Consultant?

Occasionally I am asked, why do I need to hire a college financial aid consultant when I can do it on my own or get help from the high school? My answer is always the same. Yes, you can do it on your own. However, what results do you want in your attempt to obtain more free money? Average or optimum? If the bottom line is the cost for your family, you need an expert. It is common sense here. The family is left at the mercy of two people in the process, the high school guidance person (who is not an expert about anything regarding financial aid) and the college. If would like more common sense advice regarding how to approach the financial aid process and make it work for you, contact our office.

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January 9, 2016

What Do Colleges Consider When Deciding Financial Aid Award For Students?

Financial aid awards have many factors that come into play at various colleges when determining how much a student will receive.

First, what is the true need of the student based on the formula(s)? There are one or two of three formulas that will come into play. You have the Federal Methodology, Institutional Methodology, and The Consensus Methodology that will determine the true need based on the information provided on the FAFSA, CSS Profile, and or the college’s own institutional form.

Second you have the academic side. Colleges will offer scholarships based on a GPA and or the ACT and SAT results. In addition, because the admission game has changed over the years, if a college appreciates the student’s abilities, talents, and background, they will be desirous for that student to be a part of their incoming freshman class and therefor will offer more gift-aid.

Then you have the leverage component. If a student was offered a magnanimous award from another school other than their first choice, they may have the opportunity (if done right) to negotiate for a better award.

If you would like more information on how to retain a better financial aid package, please contact one of our experts.

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January 6, 2016

Do Not Make Mistakes On The CSS Profile

This time of the year I have the opportunity to review many CSS Profile forms for parents who learn of our firm and are seeking valuable advice. In 99% of the Profiles I review, I will find mistakes that the parent made resulting in less financial aid and more importantly less grant money. For example, I just reviewed a Profile for a parent that completed but did not submit it and found five mistakes that would of cost them around $12,000 in financial aid eligibility. Needless to say, this family is now our client.

As I have stated many times in the past, the Profile is an institutional form. So with that in mind, the college(s) can and will ask for more personal information on Profile compared to FAFSA and some of the information requested on the Profile does not need to be disclosed. Another point here in regards to completing Profile and all other financial aid forms correctly is the correct interpretation of the question(s). If you would likeus to review your Profile or any other financial aid form that is required, please contact our team.

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January 2, 2016

FAFSA Change For 2017-2018

This is just a quick reminder of a FAFSA change for 2017-2018.  Students who are college bound for 2016-2017 could only submit FAFSA today January 1st or thereafter. Any students that are college bound 2017-2018, families can submit FAFSA 3 months earlier in October 2016. The so-called experts claim that this will be beneficial for all families filing FAFSA. As I opined in the past, I don’t see a benefit here for many families.

If a family submits FAFSA early and gets an early offer from the college(s) and their financial situation changes in the upcoming months into the new year, they will have false expectations in the realities of what they can really afford in a college education at a specific school. I only see a benefit with this change for a small percentage who need to file FAFSA. Moreover, the FAFSA will not play a role for many that are seeking need-based grant money from the college if the CSS Profile is required.  To receive more information on this topic, financial aid advice how to avoid the headaches in the filing process, please contact our staff.

FAFSA Change For 2017-2018

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December 31, 2015

FAFSA Deadline Is Decided By School Not January 1st 2016

FAFSA Financia Aid

Contrary to what you may hear, the FAFSA deadline for student financial aid is not January 1st 2016. I spoke with a new client earlier today and she stated that her daughter was told by the high school that the FAFSA needed to be filed on January 1st. Wrong!  

Each college will have their own specific deadline for FAFSA. More importantly, if the high school counselor wanted to share some valuable advice, he or she should have elaborated on the CSS Profile which is required for this student. For many families the FAFSA will not play a part in receiving need based gift-aid. If a college requires the CSS Profile, they will use that information to determine any grant money from the college’s endowments.

So with that in mind, the family needs to focus on the Profile deadline at each school. In addition, advice for parents and students, do not rely on the high school guidance counselor for the correct information regarding the financial aid process. They are not trained experts in this area. For more specific needed information on Profile and the FAFSA, please contact our office.  

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December 23, 2015

Careful The Information You Provide On The CSS Profile & FAFSA?

The CSS Profile ( College Scholarship Service Profile) unlike FAFSA (Free Application For Federal Student Aid) is an institutional form. So with that in mind, the article is right in that the Profile will ask for much more personal information than the FAFSA. However, the article also states you’ll have to report more information. Incorrect, you do not have to disclose certain information on Profile or any other Institutional form for that matter. I have been saying this for years, the Profile (FAF in previous years) was created by the system not to hand out financial aid. The more information one discloses to the college, the less financial aid. If you would like more valuable information regarding how to correctly complete financial aid forms, please contact us for a complimentary consultation.

What Is the CSS Profile and Will You Need It to Get Financial Aid?
News Source: Money Magazine Online

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December 7, 2015

Financial Assets & How They Affect Financial Aid

The article elaborates on assets and how financial assets affect financial aid eligibility. First of all, many who are completing the required financial aid forms do not know that certain assets do not have to be reported. Second, families with certain assets can implement appropriate strategies to increase their financial aid eligibility. If you desire valuable advice from a trained professional with over 25 years of experience, please contact our office.

5 Reasons Why You Won’t Get Free Money for College
Source: gobankingrates.com

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November 8, 2015

Five Tips On How To Transfer Colleges Effectively

We get a few questions every semester from students and parents interested in the details of transferring their financial aid to a new and different college or university.  Below are some of the most common pieces of advice we offer.  If you think your financial aid position might have changed please contact our offices for a complimentary consultation.

  1. Make sure that all of your credits will transfer or you may have to repeat the course(s) you have already taken
  2. After checking out course transfers, inquire about financial aid packages. Not all colleges will offer generous awards
  3. Ask about “in house” scholarships at your new school that you may qualify for
  4. Ask the admission office for an application fee waiver. FYI, many colleges will have earlier application deadlines
  5. Student loans do not transfer so resubmit your FAFSA immediately.
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March 31, 2015

The Future Of FAFSA Financial Aid

Apparently there is a move to reduce the size of the FAFSA to a postcard. I do not see this happening. However, if it does, colleges who now require only the FAFSA will create their own financial aid form or utilize the CSS Profile which will ask for more personal information than the FAFSA which will go against the family. Regarding using “prior-prior” tax data, many families will not benefit by this. The proponents of this state that it will allow families an earlier insight of what to expect for financial aid. However, this will not work for families that will have fluctuations in their situation.

Instead Of Simplifying The FAFSA, Let’s Just Get Rid Of It
News Sources: Forbes.com

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