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FINANCIAL
AID TIPS |
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You
should know what you are about to get into and how to best plan what
is likely to be one of your life's largest purchases. Let's set the
record straight up front. There is no panacea for everyone to ensure
they will not have to pay for their college educations.
There is
a good chance that say the equity in your home and/or some other
components of your net worth and income will be held against you in
the calculation of your SAR (summary of the financial aid you can
expect to receive) of your FAFSA. This does not mean, however, that
there are not ways to reduce the financial burdens of the college
education expenses.
Research Your
Tax Options
There
are many potential tax benefits that are available to most tax payers.
These include Section 529 college tuition savings plans. Additionally
the interest on student loans is sometimes tax deductible. While we
are not attorneys or CPAs, and hence do not wish to dispense tax
advice, we have included some general information on the tax
ramifications of financing a college education. This should certainly
help you get on your way to optimizing your tax situation.
Get to Know
Your Financial Aid Administrator
Establishing a healthy relationship with your financial aid
administrator will help ensure that he or she does everything to help
you out. Additionally, this may help if you have any atypical expenses
for which they may be able to make an allowance.
Start with
Uncle Sam
The
first financial aid form you complete should be the FAFSA, Free
Application for Federal Student Aid. Even if you know you won't
qualify for any aid, filling out this form is often the first step to
applying for many types of aid including federal loans, state grants,
and college scholarships.
Apply Early
Apply
as soon after January 1 as possible. You can use estimates for items
such as income if you have not completed your tax returns. Financial
aid is partially given out on a first-come, first-serve basis.
Apply for
Everything
You'll
never get the grants or scholarships if you don't apply. There are
many good scholarship search engines as well as many different types
of scholarships out there. Chances are you will qualify for a number
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ABOUT THE BEST FINANCIAL AID PROGRAMS
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Your guide has really helped me make good decisions about paying
off my |
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student loans. I can now focus on enjoying my career and buy the
things that I need to furnish my apartment. Many Thanks ! |
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