How To Get the Maximum Money for Your Child’s College Education: Part 2

Dear College Made Simple reader,
In our last installment, we shared 4 powerful strategies families can use to improve chances of college enrollment… and to lower the overall cost of college.

There are 3 more insights you should know about – Here’s Part 2 of our report…

– Scott

How To Get the Maximum Money for Your Child’s College Education: Part 2

5. Find Out Each School’s Deadline For The Financial Aid Applications – And Don’t Miss A Deadline!

The earliest date you can file the Federal financial aid application (which is called the FAFSA) is January.

However, many private colleges and universities will also ask you to fill out the CSS Financial Aid Profile.  Different schools have different deadlines for this form.

Don’t miss a deadline – it will cost you a lot of money in lost financial aid!

6. Look For Private Sources Of College Funding.

You don’t want to waste too much time looking for private scholarships since they only make up approximately 2% of all the aid out there, but it’s worth spending a little time looking for these sources.

Focus on local awards from foundations, organizations, and corporations.  You can usually get more information on these awards from your child’s high school guidance counselor.

Many families end up over-valuing their homes for purposes of financial aid.  Don’t make this mistake – it could cost you thousands of dollars in lost college funding.  Fact is, your eligibility for financial aid can be in jeopardy if you over-estimate the fair market value of your home.

Instead, the schools use a special formula called “The Housing Index Multiplier,” which is based on your home’s original purchase price and the year you purchased it.

Find out what your “multiplier” is on the finaid.org web site, and use this value for your home.

7. Don’t Let High School Guidance Counselors Or College Financial Aid Officers Give You A False Sense Of Security.

All too frequently, high school guidance counselors will tell parents, “Don’t worry about it – financial aid is an easy process – just fill out the forms and sit back and wait for your award letter.”

But it’s not that easy.

If you want to get the maximum amount of money from each school, you’ve got to set up your finances properly, fill out the forms accurately and on-time, and negotiate with colleges and universities to get the best possible financial aid package.

Unfortunately, guidance counselors often don’t have the time or the training to do these things – so you can’t look to them to help you maximize your eligibility for college funding.

Of course college aid officers may offer to help you apply for financial aid. But going to a financial aid officer and asking them to help you get more money from their school is like going to the IRS and asking them to help you save money on your taxes!

You see it’s not in a school’s best interest to teach you how to get more money from their school. After all, they have a limited number of funds to give out to a large number of people.

Think twice before you let a guidance counselor or college aid officer “help” you apply for college funding – it may turn out to be a very expensive mistake!

To your college funding & admissions success,

Scott Weingold
Co-Founder, College Planning Network LLC
Publisher, CollegeMadeSimple.com – The free educational resource of College Planning Network

 

Related Articles:

4 Strategies Proven to Get the Most Money Possible for College

3 Ways to Get More Free Money for College

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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.