Financial Aid

EFC stands for expected family contribution. It’s the amount that the government and colleges calculate you should be able to pay out of pocket toward college costs. It's also used to calculate the amount of need-based financial aid students qualify for. Many families don’t know that they have some control over their EFC. By understanding how your expected family contribution is calculated and used by colleges, you can learn EFC-reducing strategies that can increase your student’s financial aid eligibility and…

« Learn more about financial aid Applying to college is exciting, but it’s also up there among some of the most stressful things you’ll ever do. Part of the reason for that is the confusing process of applying for financial aid.  If you’re like almost three-quarters of applicants recently surveyed by Citizens Bank, applying for financial aid is even more stressful than applying to colleges! So, if you’re at your wit's end about the aid process, you’re not alone. That…

Have you been chosen for FAFSA Federal verification? Don't worry! According to U.S. News, over one-third of FAFSA applicants are chosen for this type of audit. Some small colleges even elect to verify 100% of their applicants. As deadlines have passed and you have filed your FAFSA, now comes the time when financial aid offices may be contacting you or your student about the verification process. Essentially, it’s an audit that colleges do to verify the numbers you submitted in your original filing. While this…

There are a lot of financial advisors out there who are anxious to sell you insurance, annuities, 529s or other financial products in the name of helping you lower your college costs. Annuities for college education are not always the best idea. The advice I always give people is to do their homework before they act on any advisor’s recommendations. Not doing your homework on annuities for college fund can actually end up costing you much more, not much less for college. « Learn…

The financial aid eligibility process can be tedious and difficult to navigate. Planning ahead and starting the process early is a great way to ensure that your journey is as smooth as possible! So, you're probably wondering how to file FAFSA. « Learn more about financial aid  How to File FAFSA It is in your best interest to make the completion of the Free Application for Federal Student Aid (FAFSA) a priority as early as January 1st of your senior…

  Under the new FAFSA rules just announced by the Obama administration, students entering or returning to college in 2017 and beyond will be able to submit their FAFSA as early as October 1st of the year before they enter college. What this means is that students will be reporting their family’s salary and tax information for 2015 if they are entering or returning to college in 2017/18.  It also means, however, that financial planning to lower college costs must begin even…