More Financial Aid Search Tips!

Posted on November 21, 2011

Know all details about the scholarships and grants offered.

Be sure you are clear on the kind of scholarship you are applying for. Review their rules thoroughly. Be wise and prudent with your search. A word of caution here: Beware of scholarship scams so read the fine print carefully.

Be prepared before you start to apply.

Most scholarship and grant services offer bonus resources and reference materials to provide tips to increase your eligibility and overall positive results in your applications.  Take the time to review these bonus materials. They can also boost your confidence, making the whole process easier.

Consider the Big Picture.

Remember, most students are eligible for more than one form of financial aid.  Be sure to ask that you have been considered for everything possible. Lastly, all student loans are offered through the government/school/financial institution. Read the loan terms and conditions carefully.  Most student loans begin repayment upon graduation but some may have immediate repayment terms.

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Should You Hire An Educational Planner?

Posted on October 17, 2011

Roughly 9 out of 10 parents overpay for college due to lack of awareness of their options, insufficient knowledge about college financial aid, missing deadlines, and mistakes in the financial aid application form. There is no doubt that applying for financial aid for college is a tedious task which makes the services of an educational planner tremendously valuable.  Getting professional help from a certified educational planner is a prudent decision to make. This will give you long-term benefits from using their expertise in maximizing the student’s eligibility and approval for financial aid. They also help parents and students in developing a plan to achieve the best academic growth and finding the best career choices. Educational planners save you money, time, effort, and costly mistakes when applying for a financial aid.

Barry Sysler, a Certified Educational Planner and President of Academic Directions, recently commented on what the most common stumbling blocks to families’ securing financial aid.  “Most people do not understand the financial aid process. They rule out particular colleges based on cost. Keep in mind, it is not the stated cost of the college that should be of concern to you. Your only concern should be what the college will cost your family. Most families don’t realize that financial aid in the form of need based aid or merit scholarships can discount or reduce the cost of attendance. BUT, you need to file a FAFSA first in order to be eligible for financial aid. Thinking they do not qualify, families simply neglect to file a FAFSA. At Academic Directions, all financial aid forms are completed and filed for the student for each year that they are in college because financial aid is an annual event and family finances can change drastically from one year to another.”

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What To Look For In An Educational Planner?

Posted on September 19, 2011

Most parents achieve significantly greater savings through a certified educational planner.  These consultants manage and guide families throughout the process of searching, applying, and getting their application for financial aid approved. A Certified Educational Planner can improve a family’s cash flow without the risk of losing some important assets and retirement benefits.

One of the most important things to do when considering hiring a financial aid advisor is to scrutinize their qualifications. Look for a financial aid consultant who is a Certified Educational Planner (CEP), member of the Independent Educational Consultant Association (IEAC), member of National Association for College Admission Consultants (NACAC), member of Higher Education College Admissions (HECA) or who has previously worked in a financial aid office from a college or university.  These credentials have proven to be the strongest when providing advice on the financial aid process.

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What Can a Certified Educational Planner Do For You?

Posted on August 15, 2011

A financial aid consultant plays a valuable role in helping parents and students search for their financial aid options and supplement the support and assistance of the school financial aid departments. Some of the services financial aid consultants provide are:

  • Lead and manage the search for the best scholarships and grants
  • Assist you in filling out the FAFSA forms and profiles, as well as, writing any financial aid award appeals, when necessary.
  • Reduce out-of-pocket expenses for your child’s college
  • Support students in making a wise career choice, college search, admission essay service, and admission interview.
  • Increase eligibility for financial aid
  • Pick colleges with the best financial aid packages
  • Guide asset reporting (according to current law) to encourage greater scholarship and grant awards.
  • Find money for college even when you do not qualify for need-based aid.
  • Provide legal ways to leverage the tax code to maximize financial aid grant.
  • Help families avoid costly mistakes that about 95% of applicants make.
  • Help your child maximize their chance to obtain financial aid from their first choice school.
  • Create strategies for families even if they have not saved a single dime or if they did save but the money they have is just not enough.
  • Relieves the burden and stress of planning and processing college financial aid applications and the necessary follow-ups.
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Financial Aid Search Tips!

Posted on July 18, 2011

Start early!

This is simple math.  More time = More available scholarships and grants.  It is never too early to begin thinking and researching scholarships according to your background (awards, sports, specialties, etc.) and academic merit that are best suited to your needs.

Search online.

Use websites with a wide variety of search filters such as FastWeb.com.  This company started fifteen years ago and has grown to one of the largest online databases of private scholarships, grants, and loans.  Search regularly, set up search alerts, and also note what keywords yield you the most applicable results.

Use appropriate keywords.

The search engine can provide you a more accurate result for your search with the help of useful keywords related to financial aid. Among the useful terms you can use for your search include scholarships, grants, financial aid, fellowship, trust, student loans, FAFSA, etc.

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What is the FAFSA and Why Do I Need It?

Posted on June 20, 2011

Millions of scholarship and grant dollars go unclaimed annually for college simply because the parents and students didn’t apply for it.  The Free Application for Federal Student Aid (FAFSA) application is free so there is no reason not to apply for it.  This application can unlock literally thousands of dollars of available college funding. You need to apply in order to determine your eligibility for financial aid. FAFSA applications are usually done after January 1 as the most recent family’s income and tax information needs to be included. Applications made earlier than January 1 are often rejected. Once you are awarded with a financial aid package, it is necessary to apply for its renewal each year. Upon renewal you may receive more or less financial aid in consideration of various factors like the financial circumstances of the family, the number of family members going to college, the academic performance of the student, and the academic progress towards a degree.

Some schools also require you to complete the College Scholarship Service (CSS) profile.  The CSS Profile calculates your income and asset differently for financial aid purposes than does the FAFSA. Many colleges require both the CSS PROFILE and the FAFSA application to determine your financial aid eligibility.

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How Much Are You Expected to Contribute?

Posted on May 16, 2011

The cost of attendance (COA) plays an important role in the financial aid package decision. It is an estimate on how much one is expected to pay for college in a year. It includes all yearly reasonable costs and expenses incurred for attending college. The cost of attendance is one of the two factors considered when calculating one’s financial need to college. The other factor is the expected family contribution (EFC) which the family can afford to pay as a contribution for paying a student’s college cost. To determine the amount needed by the student for their federal student aid, the EFC is subtracted from COA. Financial aid administrators usually obtain the EFC information from the FAFSA (Free Application for Federal Student Aid) form submitted by the applicant.  Remember life moves fast and a lot can change in your family’s financial life from the time the previous tax year ends and the school year begins.  If anything significant has changed, such as a loss of income, write your school’s financial aid office immediately outlining the changes.  Most have an additional form to complete when these situations occur but it can mean the difference in thousands of dollars in additional aid.  what a difference a letter can make!

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College Financial Options

Posted on April 18, 2011

Often parents ask, “What are my financial options to send my child to college?”. The short answer is MANY. Sending a child to college is one of the scariest financial moments that parents have to face. Many dismiss the idea of sending their child to college outright because they cannot afford it. Parents need to know that options are available. Do not miss the opportunity to apply for scholarships, grants, educational loans, and other forms of financial aid to help pay for your child’s college expenses.

Ideally, parents will begin this planning process in earnest while the child is still in middle school.  Certified Educational Planners (such as Academic Directions) can discuss different options and available programs to help pay for college. You can also make your child’s school a partner in helping you search for the programs that best match your situation. It’s best to be proactive with your child to help them identify their natural strengths and interests so that when they are ready to apply for college their desired fields of study are clear.  This clarity and understanding can profoundly affect how much you will ultimately spend for your child’s education.

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Financial Aid Packages

Posted on March 6, 2011

Financial aid packages have broadly been divided into three main components namely federal loans, scholarship and grants, and private student loans.

Federal student loans are supported and funded by the US federal government. The loan is granted payable within 10 years at a fixed interest rate. It offers a protection for the borrowers by granting temporary suspension of payment or cancellations of loans while the student is in school. There are 3 basic federal student loans with different loan limits and terms available namely the Stafford federal student loan, Perkins loans, and Graduate Plus loan. Alternatively, parents can also apply for a federal student loan for parents if they want to help their undergraduate children to pay for their college expenses.

Scholarships and grants are considered the best form of financial aid because there is no need to repay it. Grants are usually awarded according to the financial need of the applicant. Merit scholarships, on the other hand, are typically based upon the student’s scholastic ability, religious affiliation, organization affiliation (i.e. news carrier, child of an employee, etc), athletic ability, specific talents (i.e. music, dance, theater) or a particular major/course.

Private student loans are a form of financial aid provided by private companies that offer loans at varying rates and often with less favorable terms than the federal student loans. This is typically the last option to consider just to supplement the above loans, scholarships, and/or grants awarded.

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