Life Happens! We all know that. And 2020 and now 2021 show us all that life may not always go the way that we had hoped or planned for. You may have been impacted financially (as a result of Covid, separation or divorce, or something other) or just realize that there have to be options other than paying $75K per year on the cost of our children's college education!
To Share The Love (and the savings!), enter to win a College Financial Prep FREE FAFSA Review during Fall/Winter 2021! Here's how:
In my practice, I work with many families of all different tax brackets, including some who have considerably lower incomes. There are many reasons for these clients, many of whom are highly educated individuals, to have both lower incomes and typically less in assets. Sometimes it’s due to job loss. Sometimes it’s due to divorce. Sometimes, it’s due to a medical illness within the family… There is a whole host of possibilities…
So, when these families complete FAFSA and it spits out an extremely low EFC, even $0, it is still highly unlikely that this is what it will cost the student to attend college… Why is that you wonder?
I had an awful experience this weekend (and as of this writing, it’s only Saturday, lol!) On New Year’s Eve at 4:30 in the afternoon, I found a flood in my basement. After I had some help locating my water main to turn off the water in the house so that the oil burner would stop pouring water out all over the floor, I needed to try and find a repair guy. The emergency technician comes and says the heating system is very old, cracked and I need a new one. So now I’m now left in my house with no heat and no hot water.
On New Year’s Day, I try (and succeed!) in getting a couple of estimates. I have decided to move forward with the company that provided the second estimate. They’ll be here on Monday, thank goodness!
So, you’re wondering why I am even writing this...and how it all relates to college and paying for college…
The ABC Lingo Of Applying To College
The time is almost here! Your child is in high school and will soon be applying to college. That most likely also includes applying for financial aid. During the process you will come across tons of acronyms: FAFSA, SAR, COA. While reading these for the first time can feel overwhelming, it is important to get comfortable with them. Below is a primer so that you and your child can begin the process of selecting colleges to apply to while you both also prepare financially for college expenses.
At College Financial Prep, we understand the uncertainty that parents face as their children approach College and even Graduate School. From a financial perspective, below are the steps that parents should take to help maximize savings and, simultaneously, minimize costs on their children’s college educations.
People often ask me how College Financial Prep got its start...
Really, it all started with my own personal story. I was a Divorce Coach who helped people achieve goals, most often with regards to their own personal finances. As clients started to ask me how they were going to afford the cost of college, my own son was approaching high school and I certainly wanted the best for my son!
Tomorrow is the day! October 1! The day that FAFSA opens for the 2021-2022 school year!
People keep asking me about when or how soon the FAFSA should be completed. I usually explain that it's as if the colleges have this large pot of money. As time goes on, the amount left in the pot to give to students for financial aid and scholarships starts to dwindle. It is always better for FAFSA to be filed sooner rather than later...
The article atached was written by College Financial Prep and shared by both Divorceify and Recompose.Us.
If you have questions, please contact CollegeFinancialPrep@gmail.com
As you're planning for college expenses, let's keep your piggy bank smiling!
During these trying times, and as always, College Financial Prep works with families of all shapes and sizes to help them save money on the cost of their children's college education. Since we all want the best college education for our children, we need to be mindful that the "best" isn't always necessarily the most expensive.
For everyone who has been impacted during this Coronavirus pandemic, whether it be due to job loss or business loss, separation or divorce, or large medical expenditures, College Financial Prep is here to assist you with reducing college costs!
During the summer months, there are so many things for both the parents and the children to do now. For our High School students, there is college prep and strategic financial/cost saving work. For those entering college and even in college, it is time to acquire student loans for Fall semester. And everyone may need credit repair work to help improve their credit score for student loan acquisition (and so much more!) Most importantly, though, is not to get consumed by the process.
For our High School parents, I want to invite you (and your friends and your children) to join myself and Eleanora Ferrante from Square Peg Square Hole Coaching this coming THURSDAY 7/16/20 @ 7:00PM live on Zoom.
We'll be discussing "The High School Senior's Summer To Do List!" (This is also great for families of rising Juniors who are looking to get a better understanding of the process!)
Essays, Applications, Financial Aid Forms
We'll discuss the steps you need to take now - from strategically creating the college list with an eye on merit scholarships to writing your essay. And, of course there will be time for a Q&A session!
College Financial Prep provides families with cost saving strategies, scholarship research and financial aid preparation. Contact College Financial Prep today at 516-225-5224!