Ready for the FAFSA? Five Tips to Get the Most Financial Aid
SAN MATEO, CA Jan 25, 2007 – This time of year marks the first opportunity millions of college-bound families have to wrangle their financial aid packages from federal, state, and local funding sources.
The average cost of college has climbed to $12,796 at four-year public colleges and to $30,367 at private colleges, according to the College Board. Consequently, the required Free Application for Federal Student Aid (FAFSA) is turning into an important gatekeeper for college.
College funding expert Dr. Paul Wrubel has outlined five FAFSA tips for maximizing financial aid:
- DON’T WAIT UNTIL YOUR 2006 TAXES ARE DONE. Use your 2005 tax returns and your latest wages statements or your W2 to help with estimates. Timely, early filing is more important than complete accuracy since aid is often distributed on a first-come, first-served basis.
- BEFORE COMPLETING THE FORMS, UNDERSTAND HOW YOUR INCOME AND ASSETS AFFECT YOUR EXPECTED FAMILY CONTRIBUTION. Use a free online calculator such as at www.tuitioncoach.com.
- MAKE COMPLETING THE FAFSA FORM A FAMILY AFFAIR. Parents should be fully involved in the completion of financial aid forms unless the student is independent.
- NEVER BRAG ABOUT SUCCESS ON A FINANCIAL AID FORM. Use the lowest, justifiable estimates of wages and assets on the forms. Never include retirement assets unless they are specifically requested by a college.
- IN DIVORCE OR SEPARATED SITUATIONS, HAVE THE LESS AFFLUENT PARENT SERVE AS THE CUSTODIAL PARENT THROUGH COLLEGE. The non-custodial parent will often still be required to file a supplemental form directly to colleges or through the CSS PROFILE.
The stakes are high with parents looking to their retirement assets as a stop-gap solution to a child’s college costs. College funding experts decry this tactic, however. “You can always borrow for college, but you can never borrow for retirement,” explains Dr. Wrubel, a former high school principal and co-founder of TuitionCoach.
Maximizing financial aid eligibility is the best way to begin paying for college, says Dr. Wrubel. That starts with completing the FAFSA form, which colleges use to determine how much financial aid each student will receive.
About The College Company
The College Company’s premier product is TuitionCoach, a personalized internet-based program that guides families through the college financial aid process. TuitionCoach’s tools are based on experience derived from advising over 4,000 clients by Dr. Paul Wrubel, who has spent 35 years in public education at the secondary school level. Dr. Wrubel believes that “by arming families with the right information and helping them learn how to pay for college early on, they will dramatically upgrade their college choices with a focus on fit rather than cost.”
By teaching families to manage financial resources intelligently through the college years, TuitionCoach not only helps families to save money, but also helps to protect parental assets for retirement and long term financial well-being.
