5 Ways Grandparents Can Avoid Hurting Financial Aid Chances

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.

An End to a Rushed Financial Aid Season

Faced with challenging aid deadlines, parents are forced to file for financial aid using estimated tax return information; but families who do this will receive a financial aid package contingent on a school receiving their final tax numbers. And sometimes those finalized figures will result in schools reducing their aid packages.

Are You Too Wealthy to Qualify for Financial Aid?

“My family makes too much to qualify for financial aid.” Lots of parents believe this statement, but plenty of them are wrong. In reality, many families qualify for some sort of financial aid. This financial aid myth is a stubborn one because parents don’t understand how financial aid needs are determined.