This week we have a Guest Blog written by Mike Dailey, owner of College Authority in Connecticut. Mike has 25 years of experience working with families and college funding strategies. He has spoken at many high schools and brings great insight to the college process. While he is based in Connecticut, the Internet makes business anywhere a reality. I hope you will enjoy his perspective and expertise!
Financial aid is a critical piece of paying for college for most families, and even if it is not, why are you spending unnecessary dollars? Unfortunately, paying for college can be an extremely complex and convoluted process with colleges having different financial aid forms and filing deadlines. On top of that, there are formulas used to determine a family’s eligibility for federal aid and a college’s need based financial aid and non-need aid, scholarships and grants. Colleges typically do not explain how the formulas are derived but they can easily be determined college by college if you know how to look up their aid statistics. Knowing this information puts the family in the driver’s seat to understand their aid eligibility and to appeal their aid package if they feel they have been shorted.
Between now and January, seniors will be submitting applications and financial paperwork will need to be filed with your institutions of choice. Have you considered these questions:
- How to make college affordable regardless of our income level
- How to maximize our family’s eligibility for college financial aid
- What are the little known funding sources available even if we don’t qualify for need based aid
- What to do we do if the value of our 529 college savings plan is down by 25-40%
- How do we pay for college without sacrificing our retirement
- How do we pay for college even if I lose my job in the next 12 months
- How do we determine exactly how much money we’ll need to pay for college expenses
- Are there colleges that offer the best shot of getting a good financial aid package
- Is it possible to attend an expensive private university for less than the cost of a state college
Feel free to email us for a complimentary phone consultation by visiting our website: collegeauthorityct.com
I want to say a special Thanks to Mike for sharing some of his expertise and taking the time to provide some very important questions for consideration.