Now that you’ve completed Step 1, it’s time for Step 2 in finding scholarships. Step 2 is using colleges’ financial aid and scholarship tools to determine what scholarships you’re eligible for at which colleges. Colleges themselves are the best source of scholarships, since scholarships and other forms of tuition discounting are one of the primary vehicles colleges use to attract…
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How do you begin the process of finding college scholarships? Step 1 is finding out what type of scholarship you’re eligible for: need-based or merit. Need-based financial aid is aid that meets the difference between Cost of Attendance (COA) at a college and your Expected Family Contribution (EFC) (which is being renamed to Student Aid Index or SAI). Your EFC…
Scholarships and grants are free money. Does it matter which kind of free money you get, as long as you get some? As a matter of fact, it does. Just to refresh: colleges offer two primary types of financial aid, need-based and merit-based. Need-based aid is allocated on the basis of the FAFSA or CSS Profile and reduces or even…
A client’s former advisor told her that she should save $800,000 per child for college. None of my initial reactions to that were appropriate for a client meeting, but how much should you save for college is an important question for a lot of families so let’s dig into that. First, why do advisors tell people that they need to…
The College Board’s annual Trends in College Pricing and Student Aid report was released recently. Among the headline findings: college tuition prices increased at extremely low rates for the second year in a row, reflecting both a combination of continued impacts of the pandemic and enrollment pressures from demographic trends. Average net prices, adjusted for inflation, are at the lowest…