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from: 6 Secrets to Paying for Your Child's College Education, Without
Spending Your Life Savings or Going Broke
Brandon Hansen, www.MySchoolPlans.com
Parents of college bound kids generally have one major concern -
How in the world are they going to pay for it. If you are the
parent of a college bound child you have every right to be
concerned since the average cost of a 4-year college education
today is between $40,000 and $120,000
If you're like most folks, you'll probably end up mortgaging
your house to the hilt, or spending your entire life's savings
to muster up enough money to send your child to college. Or,
even worse, if you don't have a lot of home equity or money in
the bank, you'll end up sending your child to the least
expensive school rather than the best college they can get into.
Either way, you'll probably end up feeling guilty, frustrated
or angry when you have to tell your child the truth - "I just
can't afford to send you to the college of your choice; you'll
have to settle for a state university or local community
college."
What if I told you that, in most cases you don't have to make
these painful decisions...
Here's the good news.
There are many ways to get the money you need and deserve for
college. You just need to know the secrets. I will touch briefly
on some of the important things to think about when it comes to
college funding. While this is in no way a complete list, it
should get you thinking and, hopefully, point you in the right
direction
Secret #1 Some Middle-Class And Upper-Middle Class Parents Pay
Close To Nothing For Their Children's College Education!
Most middle and upper-middle class parents automatically assume
they won't be eligible for financial aid if they make over
$60,000 per year, and they own a home.
In most cases, these parents are eligible for some forms of
financial aid since the formulas also take into consideration
the total number of family members, how many of these family
members will be attending college at the same time, the cost of
the colleges and universities being applied to, etc. Don't
assume you won't be eligible.
Secret #2 How To Send Your Child To An Expensive Private
University For Less Than A State School!
Believe it or not, some private schools end up being cheaper
than a state school or a local community college.
How can this be you ask?
Let me explain...
No matter what school your child applies to, you will have to
pay your "Family Contribution", which is the minimum amount of
money the government will expect your family to pay at any
school.
So let's say your child applies to two schools - one private
university and one state college. The private school costs
$25,000 per year and the state school costs $10,000 per year.
Let's assume your family contribution is calculated to be
$5,000 - which is the minimum the government expects you to pay
towards either school.
But here's what happens. Because the private university is
well-endowed and has a lot of money to give out, they end up
offering you financial aid that will cover all expenses above
$5,000 - so all you have to pay out of pocket to send your child
to a $25,000 a year school is $5,000.
Unfortunately, the state school does not have a lot of money to
give out, and all they offer you is $2,000 in aid - so you end
up paying $5,000 plus the $3,000 they left you short for a total
of $8,000.
It actually ends up cheaper to send your child to a private
school.
Secret #3 How To Lower Your "Out-Of-Pocket" Costs, and Get The
Maximum Amount of Money From Each School!
Certain assets are counted much more heavily in the financial
aid formulas than others. Where you keep your money could mean
the difference between getting $10,000 in financial aid or
getting nothing. If you don't know how to legally and ethically
position your money properly for purposes of financial aid, you
could end up losing thousands in financial aid.
Secret #4 How To Pick Colleges That Will Give You The Best
Financial Aid Packages - More FREE Money, Less Loans!
Why waste your time applying to schools that will never give
you the money you need?
Some schools are well-endowed and have the ability to award a
lot of money to students. Other schools have very little money
to give away.
It's important for you to know this information before you ever
apply to a school.
By knowing, in advance, which schools give the best financial
aid packages; you could have your child pick schools that they
have the best shot of getting money from.
This way, you don't waste time and money applying to and
visiting schools you will never be able to afford.
Secret #5 How To Fill Out The Complicated Financial Aid Forms
Accurately And On Time! Over 90% Go In With Errors! (If this
happens, you will lose most or all of your eligibility for
financial aid!)
Since financial aid is awarded on a first-come, first-served
basis, it is imperative that you get your forms in accurately
and on time, or you will miss out on thousands of dollars in
financial aid that you would have been eligible for.
Simple mistakes like omitting a social security number, using
white-out to make corrections, and not registering a male
student for the selective service can actually "bump" a form.
If this happens, you will have to reprocess your financial aid
forms, which will take another 2-6 weeks.
Secret #6 How To Locate And Apply For Every "Need-Based"
Scholarship, Grant, And Low-Interest Loan That Your Child May Be
Eligible For!
Leave no stone unturned when searching for money for college.
Be sure to apply for all "need-based" sources of funding through
the Federal government, the state you live in, and the colleges
and universities your child is applying to. Most of these
financial aid programs can be applied to be simply filling out
the Federal form (the FAFSA) and, in some cases, the
Institutional form (the Financial Aid Profile).
Not taking advantage of any of these "secrets" could literally
cost you thousands of dollars in lost financial aid that you may
be eligible to receive. Don't let this happen to you!
Remember, financial aid is awarded on a first-come, first-served
basis. So, it is imperative that you start planning immediately
since waiting can severely limit your chances of receiving the
maximum amount of financial aid.
About the author:
Brandon Hansen is the owner of www.MySchoolPlans.com. He has
been in the college financial planning business for 10 years and
has helped parents learn the little known secrets to getting the
maximum amount of money for their children's college education.
Visit him online at www.MySchoolPlans.com.
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