The 10 Deadliest Mistakes Most Parents Make When Applying For College Funding-And How To Avoid Them…part 1″
When trying to find money for college tuition, most parents make 10 common mistakes
If you make any one of these mistakes, it could end up costing you thousands, or even tens of thousands of dollars by way of lost funding that you might have been eligible for.
This article will teach you how to avoid these mistakes so that you can get the most amount of funding from each school your college-bound student applies to. Ready? Let’s get started!
The 1st Mistake is assuming that you won’t be eligible for any tuition aid because you are middle-to-upper class and make a lot of money
Reality: Most families with incomes ranging from $40,000 – $120,000 per year who own homes are eligible for some form of financial aid. There is more than 30 billion dollars available each year from the Federal Government, the states, colleges and universities, and private foundations and organizations.
To get your iece of the pie, you need o reserch exactly where these are available
Unfortunately, most parents give up before they even start and assume they won’t be eligible. This is exactly what the government hopes you will do so they can keep more of these funds. Don’t make this mistake! If you fall into this category, make sure you apply; you’ll probably be eligible for SOME money.
Mistake #2: Focusing your time and energy on a private scholarship search instead of spending your time trying to qualify for “need-based” financial aid.
But the fact is that 99% of all the available funds come from the school your child applies to or the Federal Government….and only 1% from Private Scholarshps! Focus on where you can get the most.
Mistake #3 is thinking that your child will not get aid because they are not an athlete, gifted academically or a minority
Nothing could be more false!
Financial Aid based on “need” is determined by comparing the family contribution to the cost of attendance to see what the government’s definition of your need is.
Whatever is left over after you subtract these two numbers is your “financial need” or eligibility for financial aid at a particular school. If you haven’t noticed, this has nothing to do with a student’s ethnic background, athletic ability, or grades. It’s based purely on this simple formula:
COA (Cost Of Attendance) – EFC (Expected Family Contribution) = FN (Financial Need)
Mistake #4-Not realizing where your child falls in relation to he rest of the student body when choosing a school
Reality: To increase your chances of getting the best possible financial aid packages, it is imperative that you pick schools where your child lies in the top 10% of the incoming freshman class with respect to their GPA and SAT/ACT scores. Although schools give financial aid based on your calculation of “need” at their school, they will definitely give preferential packaging (i.e., more FREE money, less loans) to students who lie in the top 10% of the incoming class.
This is simply because schools want to get the best students to attend….so use this to get your child the best chance and apply only here they will fit this niche
Mistake #5-Thinking tat every school ist he same and will be willing to give the same level of funds
Remember that all schools are not the same and have different financial aid packages. Some schools have large alumni associations and are well-endowed. These are the ones that are more willing to give you money
State universities don’t get any private money and they have to get their help from the Federal Government to help their students
Because of this, many times students are left out in the cold or get much less than they could get. It can literally cost you more money to send your child to a lower priced school if you consider the money you could have received. You need to find out the school’s past track record of giving away money
Helping you make your childs’ college dreams come true….
To find out exactly how I can help you with college scholarships, visit my website about Illinois college tips and get a FREE Report: “How to Pay For College Without Going Broke
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