10 Deadliest Mistakes MOST Parent Make When Applying for College Funding

10 Deadliest Mistakes MOST Parent Make When Applying for College Funding

These Mistakes Can Cost You:

–  Many thousands of dollars in lost funding

–  Many Thousands In Student Loan Debt

–  The Best Degree For Your Child’s Education

Mistake #1: Most middle and upper-middle class parents assume they won’t be eligible for financial aid because they have a ton of equity in their home and make over $100,000.00 per year.

Reality:  

  • Your home is exempt from the government’s financial aid formula.
  • However, your home may count against you in the CSS Profile, if a school uses that process.
  • Federal Formula determines your Expected Family Contribution.
  • Merit Scholarships usually at least somewhat based on grades, leadership, etc.
  • If you make more than six figures, you Do have options.

Mistake #2: Focusing your time and energy solely on private scholarships instead of trying to learn strategies to access and maximize aid from other sources.

Reality:

  • Private scholarships make up less than 1% to 2% of all financial aid.
  • Most families aren’t successful with private scholarships because they are not diligent and/or don’t know how to correctly use the process.
  • It is important to know what schools work best with your student and provide merit aid.
  • Every School Is Different!

Mistake #3: Assuming only minority students, athletes, exceptionally gifted students get financial aid and merit scholarships.

Reality:

  • Federal Formula does not take any of these items into account.
  • It’s all based on tax return and asset picture.
  • Learn about the FAFSA and “Expected Family Contribution.”
  • After a school received FAFSA info, they apply their own formula and whether grants and/or merit scholarships are more appropriate.
  • It all starts with your financial picture.

All 10 Mistakes are discussed in Workshop 1 of the 3 Workshop series offered by Dan Evertsz, the College Money Pro.

Find out if your student can graduate from a respected college, in four years, with a marketable degree and with low debt or no debt!

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Kathryn B Trainor

Kathryn B Trainor, MBA, Profitability Strategist and Head Zookeeper at Big Business Zoo. I've owned and operated small businesses for several decades and have worked with many more as a consultant the last 10 years. Project management, problem solving, strategic and business planning. Increase profits, retain valued employees and connect with customers - step-by-step, planned action - not theory. Need it done right? Need it done with no excuses? You'll love the Zoo.