When it rains, it pours! This week the Obama administration announced not only a new College Scorecard website but also revisions to FAFSA—both with the aim of making college more accessible to everyone. What is important for YOU to know to be an informed consumer of higher education?
In early June of 2015, the Department of Education announced revised Federal Need Analysis Methodology to determine a student’s EFC for the 2016/17 award year. The result is not good news for middle class families hoping to receive need-based aid! We haven’t seen much in the media about this topic so we at Capstone wanted to make sure you have the information you need to “Know before you go!”
We all know universities come in different flavors – state schools/ivy leagues, privates/publics, colleges/universities, etc. And we know the different types have different admission standards your student needs to meet in order to get into them. We also are VERY aware of the different price tags for each. A four year in state university currently costs around $19,000 per year and a four year private college around $42,000 according to “Trends in College Pricing 2014” published by the College Board.
What you might not be fully aware of though is schools do NOT award financial aid in the same way from school to school.
In our previous blog, you learned what FAFSA stands for, what it is used for, and what some filing tips you should be aware of. A lot of your questions may remain unanswered though…
If you are the parent of a college-bound student, FAFSA will become a necessary acronym to know during your college search and throughout your student’s college years. FAFSA stands for Free Application for Federal Student Aid, a Federal Student Aid filing, and is used to calculate a family’s Expected Family Contribution (EFC) toward college expenses.
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Capstone Wealth Partners is a fee-only independent Registered Investment Advisor in Columbus, Ohio. We are financial planners for college-bound families.
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