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Parents of High School Seniors: The Heat is On!
By Heather Bruce
Juggling college applications, rounding up references from teachers, writing essays, and keeping up grade point averages is a lot of pressure to place on a high school senior this time of year - not to mention trying to enjoy their last year of high school. For this time next year, high school seniors will be just about settled into life on a college campus.
However, pressure is not just on the student alone. Parents of high school seniors are also feeling the time crunch. After all, when their student is preparing to settle into a new dorm and new classes, they may be experiencing an unsettling feeling associated with a new tuition bill. Getting into college is just one obstacle. Paying for it is another.
Education Funding Solutions is a financial aid consulting company. College funding advisors work with parents of high school students to alleviate the pressure of paying for college. We work with parents of high school freshmen, sophomores, juniors, and seniors, because it is never too early to start planning. Yet, as many senior parents will admit, in some cases, it may be too late.
This time of year for a college funding advisor is similar to tax season for a CPA. All the financial ducks must be in their respective rows so that the financial aid forms (the Free Application for Federal Student Aid [FAFSA] form, the CSS Profile form, the school’s own Institutional forms, etc.) must be accurately completed come early 2008. Financial aid is given on a first come-first serve basis, so it is crucial that any financial aid paperwork be submitted well before the deadlines. In fact, the FAFSA form should be filed as soon as possible after January 1st of the student’s senior year in high school.
Unfortunately, there can be no “early birds” when completing the FAFSA form. It will not be accepted any earlier than January 1st. The CSS Profile form, on the other hand, can be completed as early as mid-October of the student’s senior year. The CSS Profile form is required by most private schools that have private funds, such as endowments, to give to prospective students. Not every family will have to file the CSS Profile. Check with the financial aid offices of schools to see if the Profile is required.
Both the FAFSA and the CSS Profile can be completed online (the Profile can ONLY be completed online - there is no paper version). Want our advice? Do not wait to submit financial aid paperwork until you file your 2007 tax returns. Use estimates based on the most recently filed tax return (probably your 2006 return). These estimated figures will hold your place in line when it comes to receiving financial aid. File this year’s taxes as early as possible and simply update the forms with that information after filing.
The goal of Education Funding Solutions is to help families qualify for the most financial aid possible, while making sure the family is educated on the process. We do this by taking a look at the family’s financial profile to see if assets are in the proper places, under the proper names, and set up properly so as not to prevent more financial aid from coming their way.
SENIOR PARENTS: As you can see, there is not much time left for planning. If Education Funding Solutions can suggest any financial aid planning strategies, you will need to know about them before you file your FAFSA form in January. Run- don’t walk - to our office on 904 Ashley Blvd in New Bedford, or make sure to reserve a seat at an upcoming seminar by calling 508-998-3244.
There is financial aid available. You just have to know how to get your fair share.
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