College Planning Partners Blog

Did you know earning too much money over the summer can actually cost your student valuable college financial aid? Or that how she spends summer vacation could actually be more important than her ACT or SAT scores?

"Getting into and paying for college is more competitive than ever," says college funding advisor Ben Barber. "Many colleges are placing as much or more emphasis on a student's community service record or ability to write a meaningful essay as on test scores or grade point averages."

Barber is among 3 featured speakers at a free workshop focusing on raising test scores, choosing a college major and paying for college. The seminar takes place on Tuesday, July 26th at the Barrington Area Library.

According to Barber, schools are placing a growing emphasis on extracurricular activities and leadership skills as a way of differentiating applicants competing for limited scholarships and aid awards. In addition to a well-rounded curriculum and good grades, students should use every opportunity to enhance their "high school resume" with an eye toward getting the best financial aid offer. That means putting some extra thought into how they spend their summer vacations.

"What many students don't realize is that there are ways to use your summer job, community service project or even your vacation to develop skills and experiences that college admissions officers love to see," says Barber. "The sooner you start, the greater your chances of getting into your top choice school or capturing assistance awarded based on special skills and interests."

Here are some top tips experts recommend for making summer count:

Read a book
Reading may seem like the last way a student would like to spend the precious days of summer. However, local public libraries are loaded with great resources for preparing for the college search. Reading up on what different schools have to offer and how to make the most of campus visits and college interviews can pay off in a big way, particularly during the sophomore or junior summers.

Hit the road
For those fortunate enough to squeeze a short trip in before returning to school, using the opportunity to explore colleges, museums or festivals can broaden a student's cultural experience. Students who spend part of the summer with step-parents or relatives might learn a lot by working a day or two of job shadowing into their visit to explore new career directions. Whatever the adventure, chances are you can learn something worthwhile to share in a college application.

Make a difference
Service learning hours are quickly becoming a requirement on many college campuses. Volunteering and community service are a great way to gain experience or explore a hobby while making a contribution to the community.

Write a story
Making a few simple journal entries about a significant summer experience--good or bad--could provide excellent material for college entrance essays. Not only does it reflect a student's interests and ability to learn from life experience, journaling helps develop valuable writing and communication skills. And don't forget the video essay--many creative types are using them to supplement the college application.

Get an edge
Taking a summer course to catch up, brush up or get ahead is a great investment. Test prep courses, honors programs or summer college courses help set a student apart from the competition. If accepted by the college, the credits earned also help reduce tuition or open space for additional electives during the college years.

Grab some cash
Don't discount the value of a good summer job to stash a few dollars for coming expenses. A good job develops valuable job skills and a sense of responsibility that serve a lifetime. Just don't earn too much -- earning more than $3,000 during your senior year can reduce your qualification for need-based aid.

Details for July's "Bridging the Gap from High School to College" workshop are available at info@stairwaytocollege.org or by calling 847-842-0925. Barber is Co-Founder and Partner at College Planning Partners (www.MyCollegePlanningPartner.com) and presents community education workshops in conjunction with the American College Funding Association.

Like them our not, "social media" tools are becoming ever more important forces in today's society. Our colleague Peter "College Pete" Ratzan of College Funding Specialists in Westin, Florida recently shared an interesting note regarding its potential to influence your future college and career. It was so good, we shared it in every informational interview we conducted with job hungry college students this week:

In a recent Kaplan study, 80% of College Admissions Departments admitted that they checked their applicants' Facebook pages prior to granting acceptance. A similar report conducted by Harris Interactive found the same was true of potential employers: 35% of hiring managers had actually decided NOT to offer a job to a potential candidate based on content they found on that candidate's social networking site.

For the record, we've even heard (though can't confirm) that the Florida Bar is culling social media for potential red flags.

Social media use is clearly a two-way street: many students and job candidates are using Facebook, Twitter and YouTube to market themselves to prospective colleges or employers--with a large percentage even inviting admissions departments in for a peek.

Experts recommend that students be sure to check the privacy settings on their Facebook and other social media accounts to ensure they don't unwittingly sabotage a dream college or career opportunity.

So, if you're in graduate school or college, or a student planning to apply to college in the next few years, consider yourself forewarned and comport yourself accordingly. This Spring Break, be safe. Be smart. And have fun – but don't say or do anything you wouldn't want your mom to hear you say or see you do!

Thanks for sharing, Pete!

January marks the beginning of the FAFSA filing season for those seeking financial aid. The FAFSA -- that is, the Free Application for Federal Student Aid -- is the key to unlocking the door to the majority of student aid.

The financial aid process begins with a review of each applicant's Student Aid Report (SAR) generated by completing the FAFSA. This is true regardless of a family's financial need--even merit based awards comprised of institutional scholarships and departmental grants often require a FAFSA report for consideration.

Unfortunately, many families leave literally thousands of dollars of potential assistance on the table. They assume they make too much to qualify for financial aid and don't bother filing the FAFSA form at all.

Another common mistake that can also result in unnecessary expenses: filing your FAFSA through the wrong web site. It may seem obvious that a free form would be submitted using a free application process, but it's not uncommon to hear of parents who unwittingly paid to file the FREE Application for Federal Student Aid.

Don't make the same mistakes -- submit your FAFSA even if you think you may not qualify for need based aid. Be sure to start by accessing the FAFSA through the U.S. Department of Education's ONLY official Federal Student Aid site. You can find it at www.fafsa.ed.gov.

Go to other sites--such as fafsa.com--and you could be paying $65-$100 per submission to file a form you could complete on your own for free. Considering the FAFSA needs to be submitted annually for each student and a typical family is sending 2 or more students to school, that's a potential $800-$1,000 needlessly out of your pocket!

Since federal student aid is awarded on a first come, first served basis, it's crucial to file to your FAFSA application as soon as possible after January 1st. If you haven't filed yours, you could be missing out.

For help regarding how to answer any of the 100-plus questions you'll encounter on the form, call our office at 312-283-1617 for some quick advice. We regularly help families--even those with household incomes over $100,000--find ways to reduce their out of pocket cost of college.

Better yet, join us for our free FAFSA teleseminar on Wednesday, February 2nd, where we'll review the "6 Most Common FAFSA Mistakes" and how to avoid them.

Visit www.MyCollegePlanningPartner.com for registration details.

How exciting! Once you filled out all the applications, submitted the FAFSA, completed all of the other forms you will be holding a stack of award letters from a number of different schools. You'll know exactly where your child could end up studying and you'll have a good idea of how much it's going to cost.

Now it's up to you. You - and your child - will have to decide which school to attend, and which bill to pay.

This is a very important decision. The school your child attends will have a dramatic effect on his or her career options. It will also have a huge impact on your finances. It's vital that you make the best choice.

Money will certainly play a role in that decision. But it shouldn't be the only factor - and sometimes the school that looks the cheapest can actually offer the worst aid packages when you read the small print.

Before you make any final decision, read each award letter carefully. You'll want to be certain that you understand all the information they contain.

The first thing you should notice is the estimate of the school's total annual expenses. This is a very useful figure. It's the average amount that a typical student spends on tuition, rent, food, books and social activities. These estimates are usually pretty accurate and they're updated each year.

But clearly every student is different. If your child eats only organic food, drives an SUV and wants a room to himself or herself, then clearly those figures could be higher. If he or she is going to live and eat at home, the expenses will obviously be much lower. However your child chooses to live, you can use the figures on the award letter as a guide to the true cost of college at that school.

The next amount you should notice is the EFC. You probably know this sum by heart now. It's the minimum amount that you'll be expected to pay to the school. You'll often find that the figure the federal government feels you can afford is often quite different from what you feel you can pay!

Thirdly, you should find a reckoning of your financial need, the gap between the school's true cost and your EFC. This figure tells you how much the college and the state will pay to help your family manage the college bill. It's an interesting figure for you, but it's even more important for the schools. They will use it to estimate the financial aid your child will receive.

Finally, the award letter should also list the scholarships and loans that the school offers to applicants like your child. You should certainly pay attention to the sorts of awards on the offer: whether they're loans, grants, work/study programs etc. It's not only the number of the awards available that are important, but also the type of awards that are available.

Once you've read all this information carefully on each of the award letters, accept every one of the offers.

You should accept any offer that your child receives, whether you think you can afford it or not. Accepting an offer doesn't mean that you are obligated to that offer. It just means that you retain the option. It's also important that you use these offers to negotiate the best package possible.

Anything can happen between now and the time you actually pay the bill: you could get a massive pay raise, win the lottery or discover a way to arrange your assets that frees up the cash you need. That's certainly possible. If you reject an offer now, it's gone forever. Make sure that all of your acceptances are sent in before the deadlines - and then begin the process of deciding which school your child should actually attend.

Making Your Choice
Once you've sent in your acceptances, you'll want to sit down and review each of the options very closely.

The first thing that you'll need to consider here is that money shouldn't be the only criteria that will sway your decision. The difference between a less expensive school and a more expensive one might be ten thousand dollars or more. But ten thousand dollars could translate into hundreds of thousands of dollars in extra income over a lifetime if your child were to attend a school with a greater reputation or better teachers.

Education is expensive. But it's always money well spent.

Of course, that doesn't mean that money won't play any role in your decision. We're realistic enough to know that it will. That's why it's crucial to make sure that you truly understand exactly what money is available from each of the schools.

School awards come in various forms and some are certainly better than others. Grant money is free money. It doesn't ever have to be paid back. That makes it a lot more desirable than money from work/study programs (which has to be earned), and loans - even low interest loans or those with deferred payment options.

For example, a school that offers a total of $20,000 in award money could actually be a lot more expensive than a school which offers only $10,000 if all of that money is available as a grant. Before you choose a school with lots of loans, you have to consider the total amount of the interest and the amount of time it will take to pay back those loans.

You'll also have to consider the real costs of each college. Schools in big cities like New York or Los Angeles are likely to have higher cost of living expenses then those in more rural parts of the country. You will have to add in airfare or travel expenses a few times each year as well. All of these things have to be considered when you're deciding which school offers the best value for your buck, and which you think you can afford.

For Parents Of Seniors, The End Is In Sight
This is a very exciting time for your family. For months, you've been wondering which schools would accept your child and where he or she would finally end up. Now you're getting a good idea of the options and you can see how much it's going to cost.

Obviously, we'd be very happy to help you with our professional opinion at this important time. Most importantly, we can also show you some very interesting ways to free up the cash you need and help you pay for college on a tax-favored basis. This method doesn't work for everyone. If it works for you, it could well be the difference between a mediocre school you know you can afford and a truly great school you only think you can't!

For Parents Of Juniors, It's All About To Start
If you're the parent of a high school junior, you've got your work cut out for you, and this is the time to begin. The right steps now could have a dramatic effect on your EFC, lowering the total amount of money you need to pay for the upcoming four to five years or more.

Why now? Because in financial aid terms, this is the "base year." The colleges will look at the income that you report at the end of this year to determine the amount that you can pay towards your child's education.

What you do with your money this year is going to have a huge effect on the money you'll have in five years' time. It's important for you to understand the impact that your income and assets will have on your childs financial aid future.

With proper planning, we can show you how you can fund your child's education, pay off your mortgage, continue funding your retirement plan and maintain your current lifestyle-and all on a tax-favored basis.

Most accountants don't know how to juggle all these things at the same time, especially when you toss in college, but we'd be happy to explain exactly how to do it.

You can call our office at (312) 283-1617 to arrange a FREE 1 Hour Diagnostic Evaluation if you haven't already.

There are two kinds of students: There are the ones who never seem to have enough cash, whose parents have to struggle to find each dime for tuition fees, the students that have to work every weekend instead of studying-just to make sure that they have enough money to pay the rent and buy books. Those students are just as likely to be children of middle-class and top-earning parents as the offspring of low-income families.

And then there are the students for whom money is never an issue. Their parents can easily meet the mammoth annual tuition fees, their family's standard of living doesn't take a hit from the extra expenses and they enjoy all the benefits of scholarships and grants that let them study and play all weekend. These students often breeze through their exams and walk right into a top-paying job as soon as they graduate.

Students like these aren't necessarily the children of super-rich families; they're the children of smart families. Their parents made sure that in their last year of high school, they did everything they could to pick up all the financial aid that they were entitled to.

With the new school year starting right now, there's no time to waste. These are the 5 steps you must take this year to make sure that your child is the second type of student, not the first-and that you don't have to struggle to pay for his or her education.

1. Arrange Your Taxes Early
Each year, you probably arrange your taxes to ensure that you don't pay a penny more of your hard-earned cash to Uncle Sam than you need to.
This year, you're going to have to do exactly the same thing to ensure that the amount of money the colleges expect you to pay from your own pocket is as low as possible. And you need to do it quickly.

At the end of the year, you'll need to have your Free Application For Federal Student Aid (FAFSA) ready for mailing. The sooner you can submit after the beginning of January, the better. When it comes to taking from the fnancial aid pot, it's first come, first served!

The FAFSA will list all your financial information: your income, your assets, your investments, your tax status... you name it, you have to declare it. You won't have to put in the final figures in January-you will be able to adjust them later if you need to. Estimate if you have to, just get the form submitted right away.

2. Organize Your Student Early
Your child can't help you prepare your taxes but he or she can help pick up a great financial aid award that benefits the entire family.
The first thing your child needs to do is research. You should encourage them to spend a few hours of the weekend learning about different schools, attending college fairs, collecting application forms and making a note of any scholarships that they can apply for.

Obviously, that might not be the way most teenagers will want to spend their Saturday afternoons, but it's vital to get the groundwork in now.
Your children do have a role to play in financing their education, even if they don't have to dig into their own pockets to pay the fees. It's up to you to make sure that they do their part by doing the research now.

3. Prepare For The Exams
The second way your child can begin pulling his or her weight right now is by hitting the books.

Colleges don't necessarily hand out cash to those who need it most. They hand out cash to those who will help them the most.

How do students help colleges? By getting great grades and going on to win top jobs at leading corporations and research institutes. That means they have big salaries to support their alma mater and they improve the school's reputation. Schools help students who work the hardest and get the best grades. That's why students in the top 25 percent of the incoming freshman class, or those with the best SAT/ACT scores, always get the best college funding packages.

It might be worth signing your child up for a private course to coach him/her through the SAT/ACT process. It might stretch your finances a bit today but it could lead to a generous Financial Aid Package from the university tomorrow.
You could also suggest that your child take some college-level courses during his or her senior year. The university will credit these courses, possibly knocking thousands of dollars off the cost of tuition and putting your child in the job market ahead of his or her peers.

Another thing your child needs to do is to apply wisely. Most college prospectuses include the average GPA and SAT/ACT scores of the students they take. If you send your child to a school where their scores are already above average, you'll make their studying a little easier-and increase the chances that the school will give them preferential financial aid.

4. Prepare Yourself
There's no question that the financial aid process is difficult. There's a library of forms to complete and questions to answer about every aspect of your financial life. Most parents start the process with no idea what they're about to do or the best way to approach it all.

Those are the parents of the first group of students I talked about earlier.
The bottom line is that the more you understand the financial aid process-and the better you prepare for it-the better your results will be.

The fact is, financial aid for students isn't drawn out of a lottery and it isn't awarded solely on the basis of income, with the lowest-income families getting the first dip in the pot. Those who know more-and do more-get more. It's that simple.

If you browse through your local bookstore, you'll find entire shelves of books about the financial aid process. They'll tell you about the forms, the conditions of the various loans, who can apply for them and how much they're worth. These books can be a useful tool to help you get started.

But no two families are the same. Reading a book about the law will tell you that if a truck driver runs over your foot, you might be able to sue; it won't tell you how to sue. You'll still need a lawyer.

5. Talk To A Pro
That's why the smart families-the one's who get the best funding packages-usually ask an expert to make sure that they don't miss out.

The books about college funding only contain a tiny percentage of the information that you need. They'll tell you what the forms are and what they contain, but they won't tell you the best way that you should fill them out.
Nor will they tell you how to arrange your finances in the most effective way possible. For example, we've found that many families can not only cover their children's education, but they can actually do it in a way that doesn't affect their standard of living-or the standard of living they're hoping to enjoy in their retirement. To put in another way, there are specific financial strategies that you can use to fund your child's education-and you won't read about these in any college funding book!

Would you like to learn how to send your child to the best college possible-and be able to afford it? Ask me to build you a personal College Funding Blueprint. It is guaranteed to improve cash flow during the college years. Call us now at (312) 283-1617.

You fill out all of the forms, you meet all of the deadlines, and then you wait.

You wait to receive your Student Aid Report (SAR.) The most important part of your SAR is just beneath the processing date on Part 1. This is where you'll find your Expected Family Contribution (EFC.) This is the amount of money that the financial aid administration believe you can afford to spend on college tuition during the next year. If that number is a string of zeroes, you've hit the jackpot: no one expects you to pay anything. (Although it is important to remember that not all schools will be able to pick up the entire tab for you!)

Of course, a zero EFC is fairly rare. Most families find themselves looking at a much larger figure than they think they can afford. The financial aid administration don't just consider your family income when they calculate your contribution; they also factor in any assets you might have and they may expect you to pick up some loans to cover the shortfall. Here's an important point to remember:

It's Not As Bad As It Looks!
If you've been wondering how on earth you're going pay such a huge amount of money every year that your child is at college, don't panic. There are ways. Some of them are fairly complex and may only apply to a small number of families; others are worth looking at whatever your financial situation. I've listed seven very useful methods that you can use below. If you want any more information about any of these-or if you feel that none of these methods apply to your situation-then give my office a call at (312) 283-1617, and we'll be happy to help. We'll take a good look at your particular situation and see if we can come up with a strategy that works for you.

A college education is the best investment anyone can make. The thousands of dollars you might have to pay over the next few years will generate hundreds of thousands, if not millions, of dollars in extra income for your children over the course of their working lives. For now though, you're still left with a bill that looks unpayable. It isn't. Here are seven ways to meet the cost:

Strategy #1 - Correct Your SAR
The first method is very simple. It's fairly common for mistakes to sneak into the EFC calculations. In particular, decimal points can end up in the wrong place, giving you a bill ten times higher then necessary! The first thing you should do is check your report carefully. If you do find a mistake, then you can simply correct the mistake and resubmit the form.

People often find that the tax estimates they made when they first completed the form turn out to be different than the amount they end up actually filing. Again, an amended Part II should help correct the error and could cut a few dollars from your contribution. Another common mistake is to overestimate the size of the family income or the value of the family home. If you have underestimated your tax liability, an amended form can have a dramatic effect on your EFC.

Strategy #2: Choose Your Schools Carefully
One of the first decisions that many parents make when they see the EFC is simply to start looking at cheaper schools. But you might not have to do that for the entire four-year course. If your student is willing to attend a community college for the first year or two, they might be able to transfer to a more expensive institution for the last two or three years. The first couple of years at college mostly consist of general courses that are the same everywhere. Simply attending a cheaper school for four years might not be the best solution for your child.

In fact, a school that looks expensive on paper might still turn out to be the most affordable. Although private colleges tend to have the highest costs, they also have the most generous alumni and will actively seek out grants, scholarships and low interest loans to help qualifying students meet the higher tuition costs. A private school could actually end up costing you less than a state school!

Strategy #3: Benefit From Your Child's Skills
Every parent is aware that if their child can hoop like Lebron James, they're going to get a full scholarship to college. But being good at sports isn't the only way a student's skills can save money on college expenses. If your child can take Advanced Placement (AP) courses in high school and score 3.0 or higher, many colleges will count those classes towards their degree. A student earning an A or B in AP English for example, might be excused from taking English 101 in their freshman year of college. High school classes are free. Why pay for them at college?

Strategy #4: Use The Federal Work Study Program
If your child is planning on working while at college-and many students do-either to help meet the cost of going to college or to help fund their social life, then it's worth looking at the Federal Work Study Program. Unlike other sources of income, the money earned in the Federal Work Study Program will not be counted as "current income" when your EFC is calculated. A few hours a week working in a restaurant could raise your EFC; a few hours a week answering phones in a college office could simply bring in extra income.

And the jobs that your child will find through the Federal Work Study Program are often easier than those they'll find off campus! They're usually government subsidized desk jobs that let the student work alongside their professors and teaching assistants. That will help their education, let them study at the same time, and ensure that they have hours that don't clash with exams and deadlines. A campus job might not suit your child though, and you will want to talk it over with him or her to see if it fits the package you're trying to build.

Strategy #5: Look AT NON-Need Based Loans
Every year, thousands of families across America find themselves in exactly the same position as you. As a result, a whole range of different loans have been created for the specific purpose of helping families such as yours find the money they need to pay for their children's education.

These include Signature Student Loans, Federal Parent Loans for Undergraduate Students (PLUS), EXCEL Loans and revolving lines of credit provided by some banks. There will be a credit test for these loans though, so depending on who is taking the loan, either you or your child will need to have a good credit score in order to qualify.

You can also look at Subsidized Federal Direct Student Loans and the Federal Stafford Loan Program. These are federally subsidized loans designed for families who can show a demonstrated need and come with a number of attractive benefits: in particular, the government agrees to pay the interest on the loan while the student is still in school so that payments only really become due when the child has graduated and is earning a graduate salary. The loans are also available in a non-subsidized package in which interest begins building as soon as the loan is taken out.

One of the best methods is to use a special funding concept that I've developed. This is particularly good for higher income, higher net worth families who want pay their college costs on a "tax-favored" basis. If you'd like to find out more about this special college funding plan, please call our office at (312) 283-1617.

Strategy #6: Ask The Army
If your child is considering the US military either as a career option, for a few years' service or even just as a way to contribute to the country, then it's worth looking at the excellent programs that the military uses to make college funding very easy.

Again, to learn more about the options provided by each of the different branches of the military, you can my office at (312) 203-4829. We should be able to find a plan that suits your child.

Strategy # 7: Apply For Private Scholarships
In addition to the government loans and subsidies you can receive, a number of private foundations and organizations also provide scholarships and grants to help students pay for college. You can find interest-free and low-interest loans, and even "integrity loans" that you can pay back if you want, but don't legally have to.

But do not count on private scholarships to pay for college.

Private scholarships are few in number, hard to win and give small awards, often as low as $200. In the best case scenario, you can put a few of these together to help knock your EFC down to a more manageable size, but don't bank on these awards as being a complete solution to your problem. That's pretty rare.

If you do want to apply for private scholarships, take a look at the various groups and organizations that you belong to: service clubs, civic groups, chambers of commerce, youth clubs, religious and cultural groups or other non profit institutions and organizations. If your child already knows which major he or she intends to study, you could also ask professional organizations in your area if they have a program for local students: nursing, teaching, engineering and other professions often have professional groups prepared to offer support. Your company might have scholarships available. Ask your personnel department for information.

If your child is a senior, there's a good chance that the deadlines for most private scholarship will already have passed. That doesn't mean you shouldn't apply for the following year or apply to those scholarships that are still open.

If your child is a junior, then this is the time to begin applying for these private scholarships. It's also worth remembering that this year, the year before your child applies to college, will be your base financial year. Your income, assets and taxes this year will be used to determine your child's financial aid. This is the time to begin maximizing your chances for getting as much financial aid as possible.

For more information about how to receive maximum aid or learn more about the special funding strategy that I've developed which helps some families pay for their college costs on a "tax-favored" basis you can:

1. Call our office at (312) 283-1617 to schedule a FREE Diagnostic Evaluation to look at your family's financial situation;

2. Or, if you've already taken advantage of the FREE evaluation, move forward with a Customized College BluePrint. It's guaranteed to save you far more than it costs, you can't go wrong if you call now.

The end of the school year will be here before you know it. Your child is already making plans for making that giant step into a new life at college. We're here to help make sure that you're ready for it too.

College orientation signals a whole new beginning for students. But now, parents are getting a little homework as well. Today, most schools provide special orientations for parents, right alongside the traditional freshmen orientation. These sessions cover every topic, ranging from on-campus safety to coping with an "empty nest". Over half of freshmen parents attend.

Orientations for parents differ depending on the school. For example, Northern Michigan University provides simulated phone calls parents might expect from their children. These calls range from students who are homesick to those who are getting into trouble. Parents are asked how they would respond to these phone calls if they were to come from their child.

Sibling orientations have also been on the rise at college campuses. These programs allow siblings to have their own experience at the University where their brothers or sisters are attending. An article from the Boston Globe discusses Boston University's sibling orientations. About 10% of schools nation wide offer these programs.

You can also view this article from MSNBC, which provides more information on orientations for parents.
For ideas on how to make the most of your orientation, contact any of us here at College Planning Partners. Our Diagnostic Evaluation is free and could be the difference between a future that just happens and the future your student chooses to make happen.

If you're like most parents, you're probably spending July thinking more about how to squeeze in that family vacation rather than how you will be paying the college bill for your high school junior or senior. It might be wise, however, to start thinking about some key moves now with respect to your finances.

For financial aid planning, income and assets are considered from your base year: the period January through December prior to the first year in which you apply for aid. That means the financial moves you make today are already having an impact on your 2011-12 college year.

A recent feature in the Personal Finance section of Smart Money highlights four investment moves likely to increase college financial aid. From retirement rollovers and capital gains to real estate and college savings funds, these are key areas financial aid officers review closely when determining need and merit based aid packages. Always consult your tax professional and financial advisor before making changes to your financial profile.

Visit SmartMoney.com to view the complete article.

For a complete review of your college savings plan and best strategies for your family, contact any of us at College Planning Partners. Our Diagnostic Evaluation is free and could be the difference in making tomorrow's tuition available at today's price.

The nation's recent economic turmoil has left college and university budget setters feeling the pinch. Many have ordered mandatory furloughs, staffing cuts and huge tuition hikes. With administrators at the University of Illinois approving a 9.5% tuition increase for 2010-2011, for example, families for whom college is still a few years away are wondering how they will ever afford the coming tuition bills.

US News and World Report recently detailed ways financially savvy families are avoiding future tuition increases. Some schools (including all state universities in Illinois) offer "guaranteed tuition programs" that lock in tuition (but not room and board) at the student's freshman rate. Others let families pay a small, up-front premium in exchange for a flat rate that protects against tuition inflation. Certain pre-paid college savings plans also allow families to purchase future tuition credits at today's rate.

Visit US News and World Report to view the complete article and a list of colleges and universities offering guaranteed tuition and tuition lock options.

To create your own customized college savings plan, contact any of us here at College Planning Partners. Our Diagnostic Evaluation is free and could be the difference in making tomorrow's tuition available at today's price.

A recent feature in the Wall Street Journal's Personal Finance section details the dire state of college aid--from declining endowments and tight budgets at private schools to empty state coffers and huge tuition hikes at state schools.

Fortunately, strategies previously shared only among the wealthy and financially sophisticated still work for families of any means--even in a down economy.

As you weigh competing aid packages at your student's favorite schools, consider these "late-stage" strategies for reducing your college expense:

Get a detailed review of your FAFSA and other financial aid forms by a qualified professional to ensure you haven't overstated your assets or misreported key income or expense information. You may be able to improve your case if you can show your home has declined in value. Some schools also factor private school tuition for siblings or medical expenses into their aid formulas.
Consider appealing your award, particularly if your aid package is not consistent with the school's previous giving history or your financial circumstances have changed significantly from your original application for financial aid.
For additional Short-Term and Long-Term strategies, view the Wall Street Journal article HERE.

As always, you can contact any of us here at College Planning Partners for a brief telephone consultation or full Diagnostic Evaluation of your college plan. It's free and could be the difference in making your Dream School more than just a dream.