Demystifying College Financial Aid - Part 1
By Francine Schwartz, M.A., LPC, NCC
Founder and President Pathfinder Counseling LLC - College Bound Direction
It is early 2012. For most high school seniors college applications are completed and there is a palpable sense of relief in the air. For their parents however, the stress is ramping up. There is anxiety surrounding financing the college education, often the second largest investment following the purchase of a home. Not to worry. I’ll share important information that will help you navigate the financial aid process and maximize those college dollars.
Begin Early: College is an investment in your student’s future, therefore it is important to plan as far ahead as possible to ensure the best possible return. One rule of thumb is to finance college in thirds with 1/3 of college expenses funded through current income, 1/3 from savings and 1/3 from financial aid. Whatever your individual financial situation may be, it is important for students and parents to communicate about the amount that the family can realistically afford. I always advise students to have a financial safety school: one that they can afford to attend should they not receive sufficient financial aid from the college or other sources, or if their family financial circumstances change.
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