3 Little Known Ways to Get More Free Money for College

Hello Scott Weingold here with the College Planning Network.

And today we’re going to cover “3 Little Know Ways To Get More Free Money For College

For parents with college bound kids in the near future, reality is about to set in.

The dreaded college bill is coming.

And coming fast for a lot of families.

If you fall into this category of an approaching college bill, this might be the most important advice you learn all month.

Here is the deal.

An enormous part of having a successful college plan in place is to make sure you are maximizing the amount of free money your family is eligible for.

With that said, here are the “3 Little Known Ways To Get More Free Money For College.”

Little Known Strategy #1:

For financial-aid purposes, the most crucial year is the one that begins on Jan. 1 while your child is a junior in high school—the “base income year.” During that time, and throughout college, income earned or received is counted more heavily than assets in the financial-aid formulas. Try to avoid taking retirement distributions or realizing large capital gains during that period. Load up on contributions to retirement plans before the base and college years, because assets in those accounts aren’t counted in the aid formulas.

Some families may want to defer converting an IRA to a Roth IRA, even though new laws now make it possible for wealthier taxpayers to take advantage of the conversion. Many financial-aid offices may use the income generated from the conversion to reduce the students’ eligibility for need-based aid—unless parents appeal the offer through professional judgment.

Little Known Stategy #2:

Perhaps the most effective tactic is to find a school that really wants your child.
For example:
(give an example from a student you have worked with that got a much better merit package from one school vs. another. Give specific school name and dollar figures.)

Little Known Strategy #3:

And last but not least, don’t withdraw money from your retirement fund to pay for college since distributions will raise your income, potentially reducing aid eligibility.

Unfortunately, we’re a ton of families fall victim to this one lately. Don’t make this same mistake.

There you have it, 3 Little Known Ways to Get More Free Money For College.

Until next time…

I’m Scott Weingold with the College Planning Network.

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2 Comments

Wordpress ThemesJune 30th, 2010 at 3:49 am

Good brief and this helped me alot in my college assignement. Thank you for your information.

R JohnsonAugust 26th, 2010 at 4:40 pm

Concise, to the point, good information to apply. Looking forward to the webinar for more useable information

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Editor's Note: Scott Weingold has been ranked the #1 “College Financial Aid Expert Worth Knowing About” in the entire country by CollegeStats.org.  He has co-authored the book, “The Real Secret To Paying For College. The Insider’s Guide To Sending Your Child To College – Without Spending Your Life’s Savings.” Scott also publishes a popular free online newsletter, “College Funding Made Simple" which reveals insider’s tips, methods, and strategies for beating the high cost of college.

Scott is the co-founder and a principal of the widely renown College Planning Network, LLC – the nation’s largest and most reputable college admissions and financial aid planning firm. CPN is a proud member of the Better Business Bureau, the National Association of College Funding Advisors, the National Association for College Admission Counseling, the National Association of Student Financial Aid Administrators and the Student Affairs Administrators in Higher Education.

Scott, along with his college funding advisory team, helps thousands of families throughout the country with their college planning needs and offers a series of free educational webinars and workshops on “How To Pay For College Without Going Broke In The Process!” He's been featured or mentioned in The Philadelphia Inquirer, Yahoo News, TheStreet.com, Voice America with Ron Adams, Crains Cleveland Business, and on Cleveland Connection with James McIntyre.  Scott has published numerous articles and is a professional speaker who has addressed thousands of audiences online and offline throughout the United States.  His actionable insights and candid, open approach have earned him & his team numerous media interviews, citations, and speaking opportunities, and his free online video workshop is one of the Internet’s most widely viewed pieces in the college funding space.