Time is running out to maximize your college funding resources.  The first semester of a child’s junior year is the last best time for financial aid positioning.  After 1/1 of the junior high school year, all financial decisions will affect your financial aid.  This is because the financial aid process uses the tax year or calendar year while the school year is August through June in most cases.

It is never too late to start college planning since this is an investment of normally four years and is reviewed each year.  By proper planning, families may be able to maximize the financial aid process and other family resources to minimize the college cost.

A big mistake many families make is thinking financial aid is the only way to lower the cost of college.  There are strategies that can lower a family’s cost that are not financial aid driven.   For middle income, higher income and business owners these various strategies can provide thousands of dollars in annual savings if planned correctly.  This identifies another problem since these are financial planning topics and it is important to know that the college financial aid officers are unable to provide this information.  Make sure you get correct help in your college funding strategy.

Before you start, you need to understand your financial aid position and this is determined by knowing your Expected Family Contribution or EFC.  This number is a calculation generated by completing the financial aid forms.  Most people think this is one number but it is actually the sum of four separate calculations.  Knowing the parts is critical to help in developing a proper strategy.

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This is a very complicated process please use the other videos and resources within the website.  If you need professional college funding advice, please visit our Services page.