FREQUENTLY ASKED QUESTIONS

• Do I make too much money to qualify for financial aid?

Income is only one factor in the financial aid formulas. There are a number of other factors weighing into the equation. The biggest reason families don’t get aid is they don’t bother to apply. Only 42% of families with incomes over $100K applied for aid, yet 82% of those families who did apply received some financial aid. You have to apply in order to get it.

• What determines how much financial aid my family will get?

The financial aid formulas look at two things: income (what you earn) and assets (what you own) for both the student and the parents to determine a dollar amount your family should be able to put towards a college education. This is known as your Expected Family Contribution or EFC. Colleges use that figure to determine how much financial aid you may receive.

• When should we start planning for college financial aid?

You should incorporate planning for financial aid as soon as your child is born.  When applying for financial aid something that at the time seemed trivial can have a significant impact. The name on a savings bond or which tax form you use to file your taxes are some easy examples.  Sophomore year of high school is when you need to finalize planning for financial aid. What families don’t realize is even though they fill out the financial aid applications during the senior year, they are actually using tax information going back to the student’s junior year.  So if your child is a junior in high school, the financial aid process has already begun. When your child is a sophomore you still have time to change some of the variables that impact the financial aid formulas.

• My child is already in college. Am I too late to do any college planning?

No, you have to re-submit the financial aid forms and re-apply for aid every year. This gives you an opportunity to re-examine your financial situation and make changes to improve your eligibility for financial aid.  Just because you did not get financial aid initially does not mean you might not qualify in future years.

• What will you do for me?

We will develop strategies to help reduce your out of pocket costs. We will also try to further reduce the overall cost of a college by maximizing your family’s use of tax credits and deductions available to you.

• Will you charge me if you are not able to help us?

Absolutely not! This is why we conduct an initial no-cost meeting to explain our services and get details on your specific situation.  Our goal is to conserve your resources and have you spend them wisely.  If we determine our service will not be of any value to you, we will tell you so.

• Is there anything we can do to increase the amount of financial aid for which we may qualify?

Potentially.  By understanding and working with someone who understands how the financial aid formulas work, you may be able to reduce your Expected Family Contribution, thereby making you eligible for more financial aid.

• Can we get through this process on our own?

Of course you can.  Do you have the time necessary to do the research, devise a plan, and effectively stay on track? Most families don’t! Please keep in mind there are dozens of strategies for college selection, admission and funding that can put your family at a real advantage over the “crowd.” A trusted professional, like College Planning Solutions®, with a proven track record, can advise your family on how to use applicable strategies to your best advantage.