Be Wary of Scholarship Services

Be Wary of Scholarship Services

We can’t stress enough… be wary of scholarship services promising money. This is the time, many high school seniors have finished their college applications and are waiting for results. Parents and prospective students are starting to look into options and plan how the family or individual (father/mother) are going to pay for it.

Every year I hear from students and or parents who has paid a service to find scholarships, only to discover they are getting nothing but empty promises.
Some financial aid is based on need, while other scholarships may be based on merit, a special skill or even an essay on a particular topic.

Companies may offer to assist in finding aid, but I advise students to be wary of websites, seminars or other schemes that promise to find scholarships, grants or financial aid packages for a fee. The companies may promise a money-back guarantee, but they set so many conditions that it’s almost impossible to get a refund. Others tell students they have been selected as finalists but that they have to pay a fee to be eligible for the award. Advance fees often are a sign that the award is not legitimate.

Legitimate companies can help students find aid, but they will never guarantee results. However, parents and students usually can find the same awards and others on their own by searching online or going to the library. However, this will mean that one will have to invest a lot of time in the process due to the many worthless sources out there. We at College Aid Consulting Services have tracked legitimate scholarships sources over the last 25 years that are worthy of one’s time. We have testimonials from happy parents to prove it.  If you would like more information regarding outside scholarship sources, please contact our office.

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

Pell Grant Changes Affect Students

Congress wants to weaken the Pell Grant program that helps parents and student afford college tuition.  The Pell is important form of financial aid that allows millions of low income students to pursue their college education. What about  the Federal Supplemental Educational Opportunity Grant (FSEOG)? The author does not elaborate on this Grant. Many students who are Pell Grant recipients will qualify for FSEOG. Many critics claim that  programs like Pell increase the cost of college. Not true. What has increase the cost of college over the years is the vast availability of Federal  Loans especially the Parent Plus Loan which parents can borrow as much as they want minus the aid originally offered each year.

If you are looking to maximize the financial assistance for your student to attend college, please contact our office today to learn how we can help.

Congress Wants to Weaken the Pell Program. Here’s Why They Shouldn’t.
News Source: huffingtonpost.com

529 Plans Are Good For Parents

Many families do save for college but do not do it correctly for a variety of reasons. One is that they don’t save enough for the appropriate school that the child deserves to attend (private schools). They underestimate the true cost of education. Another mistake, saving the wrong way, a general savings account. Parents should utilize 529 plans. Also, many parents are saving in the child’s name, BIG MISTAKE.

Another reason many parents are exhausting their assets for education is that they are being shortchanged by the financial aid process. Unfortunately the process is convoluted and not user friendly. Less financial aid, more money out of the parents pockets. Contact our office if you like more advice on funding your student(s) education.

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

Appealing College Financial Aid Awards

This article and video we found on CNBC does not mention the fact that a family can appeal or negotiate for a better college financial aid award in many cases. Unfortunately parents who learn that they can appeal don’t know how or when to do so. With over 24 years of experience and assisting thousands of families, we know what to expect and what not to expect from various colleges in the US. If you would like one of our staff to review your award(s), please contact our office.

Just how affordable is that college education?
News Source: CNBC

We Review Grant & Scholarships Offers

It’s that time of year. Over the last two weeks excited students have started to receive their financial aid offers from colleges that they may want to attend. Unfortunately, for many students the excitement is short-lived. The reason, many of the awards are not generous and are not meeting the majority of the need in gift-aid (grants & scholarships). Moreover, some of the awards only contain loans. For our clients in one of these situations, we initiate an appeal process resulting in an improved award consisting of more gift-aid. Let’s be clear here. I don’t expect the college to meet 100% of the need. However, I do expect certain things from various colleges. With over 24 years of assisting families, I know what an individual college can offer and what they cannot. Regarding appealing an award. Many parents do not know that they can negotiate for a better award and if they do know, don’t do it correctly. If you need a better financial aid offer, contact our office for a no fee evaluation.

College Financial Aid Bait & Switch

Many colleges who play the bait and switch game claim that they don’t. I am not going to name names here, however our clients who pursue colleges that do will know. With our 24 years of experience, we know what to expect from the majority of major colleges in the US especially what they can offer in gift-aid. If a family is dealing with the bait and switch game, there are ways to deal with it. Contact us today to learn more.

College freshmen need to beware of bait-and-switch aid offers
News Source: The Fiscal Times

2015 College Financial Aid FAFSA & the CSS Profile Deadline Is Approaching

Many families have yet to file their financial aid forms. A crucial deadline is approaching. For numerous colleges, February 15th is the deadline for FAFSA & the CSS Profile. Every year at this time, parents come to us to review their forms. Historically in 95% of our reviews, we find a minimum of 3 mistakes if not more on each form which will cost a family thousands of dollars. Today, I corrected 3 FAFSAs for a family that had 2 mistakes for each child that would have resulted in no financial aid. Now they qualify. If you want a professional review of your forms to make a difference, contact our office right away.

Everyone Should File FAFSA For College Financial Aid

The writer is right on regarding FAFSA. Everyone should file it. In some cases it will stimulate unexpected sources of aid. However the article makes no mention of other financial aid forms that would be required by many schools. The CSS Profile and the college’s own institutional form. Families should never miss the college(s) deadline. If they do for some reason, there are a couple of ways to deal with it. Contact our office for more information. and no obligation consultation of your situation

It’s financial aid season for college applicants, a time when deadlines rule
News Source: Bangor Daily News

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