Pay for College

This spring, as financial aid award letters arrive and college acceptance letters fill mailboxes, families are getting the full understanding at how much college will cost them personally. Colleges use your completed FAFSA to determine how much your family would be expected to contribute. From there, they are able to offer financial aid accordingly. Any financial aid offer letters received will outline the amount of scholarships, grants, and loans you can expect. It will also state how much you may have to pay out of pocket.  If that happens to your family, here’s a few ideas of how to find money to pay for college after financial aid:    Contact the Financial Aid Office(s):  If there is a school that particularly appeals to your student, you can contact the financial aid office and ask if there are any other options for receiving more financial aid. The school may have additional funds for low-income students or may be able to point you in the direction of other scholarships. It could also help to let the school know that you will be interested in finding part-time work in addition to the federal work-study program. All of these are great options if the school has any available.  Explain Any Unusual Circumstances:  Sometimes the FAFSA doesn’t give a real picture of your family’s financial situation. If there are exceptional medical bills, or a sudden drop in income, put together a short letter that documents your specific situation, and ask the college if you can appeal the financial aid award. Make sure that you have documentation of any changes not reflected in your current FAFSA documents.  Look for Scholarships:  Be on the lookout for all late deadline scholarships. This money does not have to be repaid. Scholarships can make a big difference in your child’s ability to pay for textbooks, lab fees, and other miscellaneous expenses. Parents can also ask their employers if any funds are available to help with college expenses such as computers. Scholarships are a great option for every year your student is in school, so make an effort to look for them every year!  Consider Private Student Loans:  While there are some differences between federal and private student loans, this could be the final piece in your financial aid puzzle. Many private lenders, such as Discover Student Loans, offer competitive interest rates and other incentives that can help reach your college education goal. They may also offer other benefits, such as a reduced interest rate for automatic payments, and may even provide an incentive for good grades. Remember to carefully determine who will be paying the loans after graduation with your student!  Financial aid award letters and the Student Aid Index are good indicators of how much financial aid you will receive, but they don’t have to be the last word on the subject. College is expensive and if you need extra assistance to cover the difference, try some of these options!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

One of the most exciting parts of the college application process is actually deciding where to apply. There’s so many options! As spring break and summer vacation arrive, it can be a perfect time of year to schedule college visits. College visits are a great way to actually see which campuses might be a good fit for you, and to be able to talk to current students, the financial aid office, and visit the cities the schools are in. The first thing to do is narrow down your list and decide which college campuses to visit.  In general, there are three types of colleges you should consider applying to in the fall – dream, target, and safety. The target schools are those that fit most of your criteria, and where you are most likely to be accepted. They are also likely to be the schools which have costs in line with what your family expects to pay for college. Dream schools might seem like they are out of reach, but they still have some type of appeal to you because of their reputation, location, academic programs, or campus environment. Oftentimes these schools can be more expensive, but you’ve still got a possibility of acceptance and with financial aid, you could likely manage to go there.  Safety schools are those which are most likely to accept you, and that you will probably be able to afford. These might be schools with campuses close to your home town, or public universities in states which offer a high amount of tuition assistance.  With all of this in mind, it’s time to decide where to plan college visits. Here’s what to consider:  Think about the cost of attending Figuring out how much you are going to pay for college might seem like it is a long way down the road. It can be helpful to do some rough calculations before deciding where to visit. Take a close look at the websites of the colleges on your list. From there, try to determine what the average student pays after financial aid. Sometimes in this process, you may realize your “dream” schools are more affordable than you realized. When you’ve got those calculations done, plan to visit the ones that will be most realistic for your budget and are high on your interest list.  Find more ways to pay for college You might have a few schools in mind, but they seem out of reach financially for your family. Look into ways that you might be able to make those schools more affordable. If the cost of travel is too high, search for ways to lower those expenses. If the campus is in a city, try to find out how current students keep their daily expenses low. Scholarships and other opportunities to earn money that might provide the necessary funds to reach a particular financial level. Again, cross examine your lists of financially acceptable schools and the ones that are of most interest to you.  Talk to others Remember, you are not the first person to ever apply to college. Look for social media pages of the colleges you want to attend. Talk to some of the current students about their experiences.  Find out what it realistically costs to attend this school, so that you will know whether it should be a target or a dream. Don’t forget about students who may have graduated and are attending from your own circle of friends and family!  By the end of these reviews, you’ll have a smaller list of schools that will be worth the time to take a closer look. Once you have the list and have made travel plans with your parents, be prepared to get the most out of each campus visit by putting together a list of questions to ask professors, students, admissions, and financial aid. It might seem like a lot of work now – and it is. But finding the schools that could be right for you will make applying to college much easier!  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. 

How to Talk with Your Child About Funding their College Education One of the most difficult parts of a college education is figuring out how to pay. The college experience is not cheap! In fact, the question about who is going to pay for college is one of the hardest questions for many families to answer. There are parents who want to shoulder the burden – to eliminate debt for their child, give them a path of success for life, and who can afford to do so. There are also families where they want to do all of those things but doing so would cause a huge financial burden to the family, too. No matter where you fall on that spectrum, it’s important to sit down with your child(ren) and discuss who is responsible for paying for college. Having money talks – especially with your children – can be a super difficult thing to do But, the reality is that many students assume their parents will pay for college if that’s the path they choose. However, many of those same parents know that they can only contribute a certain amount of money to their child’s education. That disparity leads to frustration throughout the application process. Instead, it’s important to sit down and have a money talk with your family. Here’s my top three tips for talking about the reality of paying for college: Let your child know whether you have saved any money Most children don’t understand the reality of family finances, and might just assume that there is some type of college fund available, if they even know what those are. Let your child know early on whether you have been able to start a 529 Savings Plan, or have put money aside in other ways. This will go a long way towards finding and attending an affordable college. Plus, that’s the first money available to them to pay for school and should be highlighted right away in the calculations. Think carefully about taking money from your retirement account It’s so tempting to use your own retirement fund to cover college loans. But, you put money into retirement accounts for your own purposes, and withdrawing anything could adversely affect your financial stability in later years. It’s not just the principal amount you’re putting on the line; it’s the interest that will not accrue, too. You might think you are withdrawing just $5000 from your retirement, but that could end up being $7000 or $8000 less in your account, depending on your investment plan and time until retirement. There could also be tax consequences for an early withdrawal. It seems like an easy solution but is often anything but that! Know why costs go up for college educations Many families don’t have an adequate understanding of why college costs increase between schools and even between years. Discuss the cost differences between public and private, two and four-year, or in-state and out-of-state colleges. Learn about financial aid, and roughly calculate how much you will have to pay out of pocket or borrow through student loans. Start budgeting early, and look for scholarships that might be able to draw costs down. Remember, loans HAVE to be paid back. So, while you’re chatting about the options – determine who would be responsible for paying those in the future, too. Parents should not get disparaged or feel entirely responsible about paying for college. In many households, it’s a joint effort from the student and parents. It’s important to strike a balance between helping and overburdening your student and having clear discussions to set expectations should make it easier for everyone! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

How to Start Preparing for College Applications in the Fall High school juniors are now halfway through their junior year of high school. For 6 months, they’ve been balancing your scholastic, athletic, family and personal activities. Now, it’s time to start thinking about college admissions and financial aid. As of this moment, they have only eight or nine months left to complete preliminary activities before your application. Today, I’m sharing what high school juniors can do now to be ready for college applications in the fall. re your application. Today, I’m sharing what you can do now to be ready for college applications in the fall. Organize Your Financial Paperwork Keep track of all those end-of-year financial statements/W-2 forms that are starting to arrive in the mail. If you’re working, you’ll need your own W-2 or financial statements in addition to your parents. Carefully document all changes in your family’s financial situation from last year to this year. File Your 2023 Federal Income Tax Return You’ll need it when you go to complete the FAFSA in the fall. Knock it off the list as soon as possible, so it won’t get in the way of your other tasks later on – and just keep it on hand. This may be something that your family has on file, so make sure to let your parents know you’ll need easy access to it. Have a Financial Discussion With Your Parents Talk about how much money is available for your college education, and mutually agree on comfortable price ranges. Ask your parents if they are willing to help repay any portion of student loans you may borrow. This will give you an idea of colleges that are in your price range. You also want to start thinking about what kind of budget you may be living on during your college years. Start Your College Wish List Think about what you want in a college education, and then start looking for schools that can meet your needs. Talk to classmates from your area with similar interests and ask about schools they are researching. You want to have a list of about eight to ten schools. One or two should be a stretch for your academic record and financial situation, and four to six should be a reasonable expectation for students with your capabilities. Add one or two safety schools where you have a very high probability of being accepted. Study Cost Calculators Look at websites from preliminary schools on your list, and check their net cost calculators. While this is not an exact amount, it does give you a pretty good indication of what it costs a typical student to attend each college. Think About Future Earning Potential While cost should not necessarily rule out a favored school, you do not want to rely on a heavy student loan burden. Think ahead to what students graduating with your degree from your college can earn, and balance that against what future loan payments might be. It’s important to be realistic about what you may earn and what you may owe. While a college education is amazing, you don’t want to be set up for financial burdens after graduation. Finally, one big deadline to be aware of is filing your FAFSA by 1 October. You want to put that high on your priority list! The sooner you complete the FAFSA, the more financial aid you’ll be eligible for. By the time that you complete your FAFSA, you’ll have a good grasp on possible colleges, and know whether you want to apply for early decision, early action or regular admission, so you’ll be in great shape. I know it can feel like a lot but this is truly the start of a great journey for you and your family! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. Twitter: Now is the time for high school juniors to begin thinking about which colleges they might want to apply to. Here’s what else you should be thinking about! Facebook Tip: Getting into college and paying for it is a complicated process for high school juniors. Now is the perfect time to start thinking about what you want out of your college experience – and we know just where to start! Instagram: High school juniors are now halfway through their junior year of high school. For 6 months, they’ve been balancing your scholastic, athletic, family and personal activities. Now, it’s time to start thinking about college admissions and financial aid. As of this moment, they have only eight or nine months left to complete preliminary activities before your application. Today, I’m sharing what high school juniors can do now to be ready for college applications in the fall.