What advice can you give to clients with children approaching college age, to help them stand the best chance of qualifying for financial aid? Here are a few ideas:
All colleges require students who wish to be considered for financial aid file the Free Application for Federal Student Assistance. In addition, many parents complete the College Scholarship Service Profile, a financial aid application developed by The College Board and used by more than 300 private colleges and universities. The CSS Profile, which includes more extensive information than the FAFSA, is often called the “institutional methodology” – as opposed to the FAFSA’s “federal methodology.”
Parents should not wait until their FAFSA filing deadline to begin planning for needs-based aid. DOE has created an online tool called FAFSA4caster that can be used to preview the FAFSA and model “what-if” scenarios.
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