How can families prepare to maximize student aid awarded during senior year of high school and the college years?
The Federal Government will compute exactly how much parents are expected to contribute toward college. Parents cannot be forced to pay this amount, and when they choose not to, the child will have to make up the difference. The government will also compute exactly how much the student is expected to contribute. The sum of these two figures makes up the family’s Expected Family Contribution (EFC).
In many cases, parents will not be able to pay the EFC, and because of this scholarships and federal grants become extremely important. How do families avoid loans and maximize the amount of dollars received?
Strategies for the FAFSA and the Expected Family Contribution (EFC) To Maximize Financial Aid for College
How You Can Maximize Student Aid explains the components that used in the EFC formula, the better places to save, and what families should think about come tax time. The goal is to maximize dollars received while keeping assets accessible, growing with tax benefits.
A mistake on the FAFSA might mean unnecessary, higher family contributions. This valuable reference guide will provide you with new ideas and help you prioritize, whether you are saving for a newborn or if college is looming just around the corner.
Inside this book you will find:
- Free Application for Federal Student Aid (FAFSA): Quick overview
- Expected Family Contribution (EFC): Detailed formula explanation
- Ideas for All Income Levels: Take advantage of formula rules
- Tax-free and Tax-deferred Places to Save: Explore investing options
- Education Accounts: Choose the right one and who should own it
- Life Insurance: Discover all the flexible uses
- Single or Divorced Parent: Learn valuable strategies just for you
- The College Offer: Distinguish between free money and award of debt
- Tax Benefits for Education Expenses: Make smart choices
From the Author
I had trouble finding something that would explain how the current Free Application for Federal Student Aid (FAFSA) actually worked (beyond the instructions on how to complete the blanks). I wanted to know the impact of stating each financial account, the impact of the number in my household, and how to maximize application results. The younger your child, the more you can take advantage of the strategies in this book, but even if your student is a senior in high school or freshman in college, there are steps you can take to impact the remaining years of attendance.
This book should help remove concerns about affording a college education. The goal is to maximize the amount received, while keeping your assets accessible, growing either tax-deferred or tax-free. A mistake on the FAFSA can result in loss of several thousands of dollars in aid, so it’s crucial to obtain guidance tailored to your specific circumstances. Purchase:How You Can Maximize Student Aid: Strategies for the FAFSA and the Expected Family Contribution (EFC) To Increase Financial Aid for College