As many as 13 million parents of college-bound students are struggling financially so that you can send their kids to college. Many uninformed parents find yourself mortgaging their homes, or spending their entire life’s savings. Some students will go to the most affordable school as opposed to the best school possible… or in the worst case scenario, they don’t head to college at all.
Prevent the “college struggle” by learning 9 new ways to beat the high cost of college.
#1: Smart families maximize the grants for single mothers process. Many parents assume they earn too much income to qualify for grants for single mothers. The truth is that grants for single mothers is founded on a number of factors besides income. Families with combined incomes as high as $180, 000 each year have qualified for aid. Don’t rule yourself out until you truly know the way this system works.
#2: Know your “college number. ” Whether your family qualifies for aid or maybe not is determined by your Expected Family Contribution (“EFC”). This is the figure that the Department of Education determines your family are able to pay for college each year, and is founded on a number of factors including income, assets, ages of the parents, etc. Once you know your college number, or EFC, you are able to determine eligibility for “need based” grants for single mothers.
#3: Learn to decrease your EFC and obtain the most aid from each school. The lower your EFC, the higher the “need based” grants for single mothers award. Certain assets are counted more heavily in the grants for single mothers formulas than others. It is possible to apply proper asset planning strategies so that you can structure your family’s finances in the most favorable terms. This may result in a difference of over $15, 000 each year in grants for single mothers!
#4: Discover where to get the very best rate on a college loan. There are over 250 several types of private college loans available. Several companies compile information regarding rates, terms, etc. However, make sure you require college loan comparison websites that do maybe not accept paid placements.
#5: Research which schools are able to award more grants for single mothers to students. Some schools have large endowments and have more grants for single mothers to award than others. Once you know this in advance will help you to save time and money in application fees and visiting costs.
#6: Unlock the secrets to the FAFSA form. Last year, over $183 Billion in grants for single mothers was awarded to students. Over 50% of that was presented with out in line with the Free Application for Federal Student Aid (“FAFSA”) form alone. Not knowing how to correctly complete the FAFSA form will cause you to lose your opportunity to your family’s share.
#7: Learn the truth about private scholarships. Private scholarships are less than 2% of the $183 Billion in grants for single mothers. Don’t waste lots of time and effort chasing these scholarships. The most effective strategy would be to select 4-5 scholarships that have the most promise and apply to them.
#8: Apply proven successful “college cash flow” strategies. An excellent cashflow analysis will uncover basic strategies you can use by each family to easily save almost $1000 each month. These include debt consolidation reduction, budgeting, tax reduction, and much more.dau dia
#9: Take advantage of a free consultation with college financial counseling expert. There are lots of college financial counselors that have experience helping families pay for college. Probably the most reputable offer no-risk, no-obligation initial meetings. Meeting with them can save you over $15, 000 each year for each year in school.
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