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.
- 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.
- 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.
- 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!