February is Financial Aid Awareness Month, so it’s the perfect time to demystify the “how” of paying for college. For most families, the challenge isn’t just finding the money—it’s navigating the sheer volume of options, deadlines, and acronyms.
To help you get a head start, I’ve compiled links to resources that will help you determine the best practical savings vehicles for your student, the do’s and don’ts of the FAFSA, and more. The “sticker price” of college can feel like a mountain to climb. But here is the good news: you don’t have to climb it alone.
Getting a Jump Start On Saving and Planning for College
College 529 Plans
We know you’ve heard of the College 529 Savings Plan, but… are you actually using one? 529 plans are one of the most underutilized and underrated ways to start squirreling away tax-free money for college. There are a lot of misconceptions about these savings vehicles, so be sure to learn as much as you can about the versatility of 529 plans and everything they can do for your family. (I bet you didn’t know they can even be used for high school expenses.) Grandparent-funded 529 plans add another level of savings, too.
High School Student Action Plans
There’s never a bad time to start planning for college, so kudos to you if you’re already ahead of the game. Still, it wouldn’t hurt to check out our action plans for your high schooler’s freshman, sophomore, junior, and senior years, just to double-check you’re not missing any important curricular and financial opportunities. Junior year is also a great time to start building a list of colleges your family can afford.
Applying for College and Financial Aid
FAFSA and the CSS Profile
Once your student has filled out their college common application, it’s time to get on top of applying for financial aid so your student doesn’t become another statistic in the student loan crisis. Here’s a great guide for FAFSA and CSS Profile success. There are a number of differences between the FAFSA and the CSS, so check out this post if you want to do a deeper dive on the CSS Profile. And if applicable, it would be smart to brush up on which parent holds financial aid responsibility in divorce situations.
Strategies for High-Income Families
Many families believe they make too much money to qualify for financial aid, but that’s often not the case. There are several financial aid tax strategies for high-income families and business owners that can net your student a substantial amount of help. If you own a lot of property, it’s also worth taking a look at how real estate is reported on financial aid applications.
Negotiating for More Financial Aid
When your student finally receives their financial aid award letters, we cannot stress this enough… DON’T TAKE THE BAIT. The initial aid letter is often just a college’s first offer, so do not pay that deposit until you’ve entered into the competitive financial aid appeals process.
If your family’s financial situation suddenly changes before or during your student’s college tenure, be sure to educate yourself about special circumstance appeals.
Final Thoughts
If you haven’t found the college prep information you’re looking for in this post, be sure to check out the National Association of Student Financial Aid Administrators resource center for even more information on financial aid best practices.
Or better yet, schedule a complimentary call with me to get your questions answered fast. There are a lot of moving parts to effectively planning for college education, so let’s work together to maximize your student’s success while minimizing the cost.
