Financial Aid Blog

5. Find out each school's deadline for the financial aid applications - and DON'T miss the deadline!

• The earliest date you can file the Federal financial aid application (the FAFSA)is January 1st.
• Many private schools will also ask you to fill out the Financial Aid Profile (the FAP). Each school has a different deadline; missing it could cost you!

6. Look for private sources of college funding.

• Private scholarships only make up 3.4% of available aid. It is worth spending a little time looking for these resources, but make sure you are not spending too much time on them.
• Focus on awards from local foundations, organizations and corporations. Youcan usually get more information on these awards form your child's highschool guidance counselor.

7. Don't let high school guidance counselors or college financial aid officersgive you a false sense of security.

• Many counselors will tell you that filling out the forms is an easy process and that all you have to do is submit them and then sit back and wait for your award letter. Unfortunately, it's not that simple!
• If you want to get the maximum amount of money from each school, you've got to set up your finances properly, fill out the forms accurately and on- time, and negotiate with schools to get the best possible financial aid package.
• Financial aid officers will help you apply for financial aid - but going to them and asking them to help you get more money from their schools is like going to the IRS and asking them to help you save money on your taxes!
• Think twice before you let a guidance counselor or financial aid officer "help" you apply for college funding - it may turn out to be a very expensive mistake.

3. Do last minute income and asset planning to lower your out-of pocket costs.

• You MUST set up your finances in a way that will maximize your eligibility for college financial aid.
• Assets held in the wrong place will squash your chances of getting funding.
• Should a parent or sibling attends college part-time to increase your eligibility? Are you properly valuing your real estate? If you're not sure, you'd better findout the answers to these questions quickly before it's too late!

4. Don't apply for early decision if you want to get the maximum amount of money from each school.

• Applying for early decision means that your child is locked into going to that school. Knowing this, the school will know that there is no competition forthem and can offer you a less appealing award.
• Early decision means that you have no leverage to negotiate for a better financial aid award.

Over the next 3 weeks we'll discuss 7 Things you should be doing right now to get the maximum amount of money for your child's college education.

1. Have your child apply to at least six to eight schools.

• Pick an assortment of "safety schools", "competitive schools", and "reach Schools".
• Pick schools in which your child lies in the top 25% of the incoming freshman class to assure a better financial aid awards.
• Even if your child is dead set on attending one specific school, you still want to apply to several. By applying to at least 6 to 8 schools, you will have several financial aid Awards to use as negotiating tools against the school of your choice.

2. Figure out how to value your home properly.

• Over-valuing your home, a mistake most parents make, could cost youthousands of dollars in lost college funding.
• Familiarize yourself with "The Housing Index Multiplier"; a formula used by schools, which is based on your home's original purchase price and the year it was purchased. Know what your "multiplier" is and use that value for your home.

The better your daughter does on the ACT typically means more money in grants.  We had a client last year who wanted to attend a private college in Wisconsin. The college told her that if she took the ACT again and scored 2 points better she would be eligible for $3,000 a year more in grants from the college that's $12,000 over 4 years.

Does this work with every college? No, all colleges are not created equal when it comes to financial aid. You need to know historically what each college has given out in financial aid before you apply.

How did this client achieve a higher score? She took an ACT Prep Class which taught her test taking skills and helped her work on areas that needed improvement.  I would highly recommend taking an ACT Prep class if she decides to retake the ACT.

I do have an Independent ACT Prep instructor which our clients have used in the past with great results.  Let me know if you would like me to forward you their contact information. 

Here are the Stafford Loan Limits:

Freshman: $5,500

Sophomore $6,500

Junior/Senior $7,500

In order to understand how the Stafford Loans will affect you're out of pocket cost you need to know the financial aid formula.  The financial aid Formula is Cost of Attendance - EFC =Need.  Unfortunately, most of the time the Stafford Loans show up in the need side of the equation and typically will not help you lower your families EFC. 

There are several things you need to take into consideration before you file your financial aid forms.  First you need to know whether you can lower your EFC through income and Asset planning. Second, you need to position your student into the right colleges.  Finally, you need to know historically what each college has given out in financial aid.  Spend more time applying to colleges that have historically given out LOTS of money in grants and fewer loans. There are colleges in Wisconsin and all throughout the United States that have lots of college grants to give away.  Remember, not all colleges are created equal when it comes to financial aid

Great Question, I wish I had a simple answer for you.  There are some colleges that will only look at the information of the parent the child lives with the majority of the time and some colleges will look at ALL the financial information from both parents including the financial information from a new spouse.

As you plan to send your child off to college it's important to know what your EFC (Expected Family Contribution) is.  If you're divorced you have to calculate your EFC using the information of the spouse who the child lives with the majority of the time and using the information from both parents and their spouses. Once you've determined your EFC you then can determine whether you should apply to a FAFSA or a Profile School. 

Once you've determined your EFC you will need to position your child into a college which they are in the top 25% of the entering freshman class and have given out more money in grants and less money in work-study and loans. 

Summer is almost here! If you are like most families, you are ready for a break from school and all of the activities and responsibilities that come with it. Planning for college gets put on the back burner during the summer months. After all...we only have 12 weeks of good weather! Unfortunately, most families wait until the last minute to begin thinking about how they are going to fund their child's college for the next four years. Much to their surprise they realize

"We don't have enough money to pay for college!" Here are 5 things you can do to maximize your eligibility for financial aid

• 1. Start your income and asset planning Early.
• 2. Have your child take an ACT/SAT Prep Class.
• 3. Have your child enroll in advanced placement classes.
• 4. Make sure your child is in the top 25% of the entering freshman class at the colleges they are applying.
• 5. Be sure to apply for financial aid even if you don't think you'll qualify for financial aid.

If you want to learn what you should be doing right now to get the most money possible for college sign up for a FREE Consultation Today.  Logon to

http://www.integratedcollegeplanning.com/freeConsultation.asp

Your child can earn up to $3,750 before it will affect financial aid.  If your child earns more than $3,750 they'll lose fifty Cents on the dollar of financial aid.  For example, if your child earned $6,750 they would lose $1,500 in financial aid ($6,750 - $3,750 = $3, 000 x .50 = $1,500). 

We recently ran into a college student who was attending a private Wisconsin College.  She was earning $18,000 a year to help pay her way through college.  She told us that she would like to spend more time studying in college and less time working.  By earning $18,000 a year it was costing her $7,125 in financial aid.  She cut back on the hours she was working and received and additional $6,500 in grants from the private Wisconsin College.    

The simple answer to that question is no, not all colleges give out the same amount in financial aid.  Some colleges (including colleges in Wisconsin) have lots of grant money to give away others have very little.  You don't want to find out in March or April that your son or daughter has applied to colleges that will meet most of your need in work study and student loans. 

Most of our clients begin working with us in their child's sophomore or junior year in High School.  So we can begin positioning students into colleges that meet their academic requirement and have lots of grant money to give away. 

A typical comment we here from people at their FREE Consultation is" we earn too much money and have too many assets to qualify for financial aid. We're not going to bother to fill out the financial aid forms

What are you telling the colleges if you don't file the financial aid forms?  You're telling the colleges that mom and dad are willing to write a check for their child's college education.  We recommend that everybody go through the financial aid process regardless of their income or amount of their assets. 

We've had several high income clients this year $4,000 -$8,000 a year in grants from Wisconsin, Illinois and Minnesota colleges. Just remember if you don't ask for financial aid you won't get. 

Everyone is looking at ways to cut the cost of college.  Especially when parents find out that a 4yr public college is around $15,000 and a private colleges range from $30,000 to $50,000 a year.  One strategy that always comes up is having the child attend a 2 year college and then transfer to a 4yr college.  The theory is that the 2yr college is less expensive so the family is saving money by sending their child to a 2yr college and only paying for 2 years at the more expensive. 

Sounds like a good plan but theory is sometimes different than reality.  We had a client who thought they would save money by having their child attend a 2ys college and then transfer to a 4yr private college.  This client contacted us right before they were to graduate from the 2yr college and wanted to transfer to a 4yr private college the specialized in engineering.  The parents were insistent that it would only take their son 2yrs to graduate from a 4yr Wisconsin private college. Our recommendation to this client was to take their son transcript to the college and ask "How many of my son do credits from his 2yr degree will count toward my sons Engineering Major?"   When they took the transcript to the admissions office they were told that it would take their son 3.5 yrs to graduate from the 4yr Wisconsin private college.  Only about 1 semester of his 2yr degree would count toward his major.  So it was going to take 5.5 yrs for their son to graduate with a 4yr degree.  The irony of this story was that their son did receive $18,000 a year in grants from this Wisconsin private college.  Had their son gone to the Wisconsin Private College he more than likely graduated in 4 years?

Recently at a College Funding Workshop one of the attendees told a Story about someone she knew who received a two year degree from a college and was planning on transferring to a 4 year college to complete their education.  When the student went to transfer credits to the 4year college they were told that the 4year college would not accept any of the credits from the 2 year college because it was not accredited.  Instead of it taking the student 2 more years it would now take 4 years. 

Just because the word college or university is in the schools title doesn't mean that it is an accredited school. We aren't saying that non accredited colleges are bad it really depends on  the student's future education plans.

Our clients frequently ask how their Childs ACT score will impact their financial aid award.  The answer: The better your child can score on the ACT may mean the difference between receiving lots of grant money and receiving very little. If your child is not satisfied with their ACT score an ACT Prep Class may help them improve their ACT Score. Some colleges base the amount of grants your child will receive   on how well your child scored on the ACT. Last year we had a client that re-took the act and scored one point hire on the ACT which meant she was eligible for $3,000 a year more in grants from a private Wisconsin college she was attending in the fall.  That's $12,000 more in grants they'll receive over 4 years. 

Keep in mind that improving your child ACT score is only one small piece of the puzzle.  There are a lot of other steps in the process to ensure you receive a favorable financial aid award. 

Tax Season is upon us and I know we are all trying to complete our income taxes before the April, 15th deadline. We are already starting to receive phone calls from people that have completed their taxes and now are looking for help with their financial aid forms.

 Since they've have waited this long to file their financial aid forms it will have a tremendous impact on the amount of FREE Money they will receive from the colleges.  You have to remember that Financial Aid is given out on a first come first serve basis.  If you wait to file your financial aid forms until you complete your taxes you could cost yourself thousands of dollars in GRANTS. When it comes to getting MORE FREE money and fewer loans from Wisconsin colleges or any other college timing is everything. 

It's an exciting time of year in our office our clients are beginning to receive financial aid awards from the colleges they've applied to.  So far the financial aid awards have been great (Lots of grant money and a low amount of Loan). 

We are also receiving phone calls from people how opted to go it alone about what they can do about their less than favorable financial aid award.  The answer to that question is NOTHING!  We have interviewed several of these people to find out why the received less than favorable awards.  These are some of the mistakes we've found:

1. They didn't  do any income and asset planning before they  filed the financial aid forms
2. They missed critical deadlines. 
3. They waited to file forms until they completed their income taxes
4. They applied to colleges they gave out lots of loans and no grants. 
5. They had no knowledge of the financial aid system

If you don't want to become a casualty of the financial aid process start planning early.  Most of our clients start working with us in their Childs Sophomore or Junior year in high school. 

On March 25^th we were interviewed on the TV program The Morning Blend.  The topic of the interview was navigating The Financial Aid Process.

Please see the link to the interview below.

Live TV Interview:  http://www.themorningblend.com/videos/88636752.html

Since 2003, Integrated College Planning has helped hundreds of Wisconsin families through the financial aid process and, in addition, we've helped these families devise plans for a financially secure future.

 Over the years, we've met many families who have focused their financial planning on retirement, yet have done little or no planning for their children's college education. When it came time to look at colleges, many parents were left wondering how they were going to pay for college and still be able to retire.

At Integrated College Planning, our two point approach focuses on helping families maximize their eligibility for financial aid and developing a plan for their future. In doing so, families can now send their children to the school of their choice without jeopardizing their retirement.

 If you're a parent of a college-bound high school Junior or Senior, visit us online today at Integrated College planning dot com.  To schedule a Free Consultation, just click on the interactive calendar link.  Again, that's Integrated College Planning dot com.

Hi, I'm Chad Harbeck here with Ginger Ramos. At Integrated College Planning, we educate parents of college bound students on how to maximize their eligibility for financial aid, and help them devise a plan to pay for college in the most cost effective manner.

We hold free College Funding Workshops throughout the metro Milwaukee area, in both the Spring and Fall.  If our Workshops don't fit into your busy schedule, you can attend a Free Consultation - a one on one meeting with one of us, right here at our office.  At your Consultation, we will evaluate your financial information to calculate your estimated Expected Family Contribution and then determine if income and asset planning can help lower your EFC. Additionally, we will review historical financial aid data for your child's top three colleges.

 You can view a complete listing of our Workshops at integrated college planning dot com. While there, you can also sign up for a Workshop or schedule an appointment for a Free Consultation. We look forward to meeting with you!

Hi I'm Chad Harbeck from Integrated College Planning here with Ginger Ramos to answer your questions about the Financial Aid process.  Log on to Integrated College Planning dot com to participate in our financial aid blog. If your question is chosen, you will win a gift certificate from Canyon City in Pewaukee. This week's winner is: Sue from Big Bend.  Sue asks, "How does my child's GPA and SAT/ACT scores factor in to the financial aid award?"

Most colleges like to attract a certain percentage of academically gifted students and will give preferential awards to students who lie in the top 25% of the incoming freshman class.  High GPAs and SAT/ACT scores increase your chances of getting the best possible financial aid award; therefore, it is imperative to search out and apply to schools where your child will fit into the top 25% of the incoming class.

 To find out more information about this question and to view a list of our free college funding workshops, log on to Integrated College Planning dot com.

 Hi I'm Chad Harbeck from Integrated College Planning here with Ginger Ramos to answer your questions about the Financial Aid process.  Log on to Integrated College Planning dot com to participate in our financial aid blog. If your question is chosen, you will win a gift certificate from Canyon City in Pewaukee.This week's winner is: Judi from Madison and her question is "Can my son receive college credits for any of his high school classes? 

 Yes; many colleges will accept your Child's advanced placement classes from high school.  We recommend to our clients that their children take as many advanced placement classes as they can handle.  Depending on how many AP classes your child takes, they could conceivably receive a semester or two of college credits...and that alone would save thousands of dollars on the cost of their education.          

  To find out more information about this question and to view a list of our free college funding workshops, log on to Integrated College Planning dot com

Integrated College Planning is excited to announce that we have teamed up with the Kite Society of Wisconsin and Illinois to establish the Frank Mots College Scholarship Fund, to provide financial assistance for all college bound high school Juniors and Seniors.

The Scholarship Fund will be awarding one individual $1000 scholarship to a qualifying student, graduating in 2010 or 2011. To see if your child qualifies, and to register for this scholarship, visit our booth at the Frank Mots Kite Festival Saturday and Sunday, September 12 and 13th at Veterans Park on Milwaukee’s Lakefront from 10:00a.m. to 5:00p.m.

We also want to remind you that our Fall workshops are starting up next week; and we’ve added more locations.

This week’s winner is: Richard from Elm Grove who writes, “Why would I need a College Funding Specialist to go through the financial aid process, can’t I just do it myself?”

Richard, I’ve heard from too many families who tried it on their own and were left confused, frustrated, and exhausted; not to mention the worst of it… out tens of thousands of dollars due to their own mistakes and lack of knowledge! A College Funding Specialist is an expert of the entire financial aid process and devotes himself to helping you get the maximum amount of free money in financial aid.

This week’s winner is: James from Shorewood. His question is, “Don’t all schools give the same financial aid award?”

Not all schools are created equal. You see, some schools receive generous amounts of private funding, which means they have more money to give out, and can generally meet most or all of your financial need. However, other schools have much smaller funding and often cannot even meet your need. It could actually cost less to attend the private school, which is why it’s important to know what schools have historically given out in aid.

To find out more information about this question and to view a list of our free college funding workshops, log on to Integrated College Planning dot com.