The college admission scandal that hit the press recently generated a tremendous amount of outrage, as well as endless questions about the entire college process.
Financial aid season is about to begin.
Starting October 1, parents whose children will be in college for the 2019-2020 academic year will be able to fill out financial aid applications.
Many parents worry that their children won’t qualify for financial aid, but that usually is not a problem.
Here is why you probably won’t need to fret about this:
This is the time of year when families review college financial aid awards and agonize over whether they can afford the tab. Many parents don’t realize that students don’t have to accept the first award they receive from a college. One reason is because it’s a buyer’s market at many institutions.
The nation’s most popular college savings plan is about to become even more so. The popularity of the 529 college savings plan is likely to increase because the new federal tax legislation expands the ways that the accounts may be used.
Parents often worry about how the money they have saved for college, retirement or other financial goals will hurt their student’s chances for financial aid.
In many cases, the money you have saved will have little or no impact on whether your child will qualify for financial aid.
Before heading off to college, students should sign three documents that can be critically important if they get into serious trouble.
This paperwork will allow parents to be notified and involved if their child ends up at a hospital and/or becomes incapacitated in any way.
There is no upper limit on the Exepcted Family Contribution. Some very wealthy families will have EFCs that exceed the cost of an expensive private university.
It’s always wonderful when grandparents can help with college costs, but they have to be careful to avoid hurting their grandchildren’s chances for financial aid.
Here are five things that grandparents (or other relatives and friends) should be aware of when helping to pay for college.