Planning And Paying For College Is A Whole Different Game Today
Business → Marketing & Advertising
- Author Mark Maiewski
- Published October 7, 2010
- Word count 538
During what we consider the dark ages of the 60's and 70's most families
did not really have a problem paying or financing a college education.
However, this trend changed in the late 80's and continues today. Today
most individuals approach college financing in the wrong way.
The major reason for this is because most families are planning on paying for
college the only way they know how and that is the old fashioned way.
A generation ago, most college students graduated with little or no debt. If
there was debt, the interest on the debt was totally tax deductible
regardless of the family's income.
Many parents and students feel the higher the cost of a college or
university, the better the education the student will receive. A study
conducted by the Bureau of Economic Research found "People who succeed in
life socially or financially do so because of who they are, not because of
what college they attended."
The study also found that receiving an undergraduate degree from a top
college or university provided no difference in career or economic success.
The report said a top student who attends an average college or university
will fare better in life than an average student who attends a high profile
college or university.
Below are some of the main reasons why families have problems of pay for
college.
â–º Waiting To The Last Minute
Most parents consolidate 4 to 18 years of college planning into 6 months or
less. Families spend more time in planning their vacation or buying a laptop
than they do in seriously figuring out how to pay for their children's
college education.
â–º Families Don't Understand How The Financial Aid System Works
Parents do not understand the terminology used in the financial aid arena. If
you think doing a tax return is tough, wait till you look at a FAFSA or CSS
Profile form. Families truly do not know what is available to them in
financial aid and even if they did know, most families don't know how to
apply for the aid.
â–º Families That Earn A High Income Or Have High Asset values Do Not Apply
For Financial Aid
By not applying for financial aid, families are throwing away almost $23,000
of Federal Financial Assistance over a five-year period. This money is
available to the student regards of the family's income or assets. And you
may be leaving thousands of dollars of merit money on the table as well.
â–º Parent Don't Understand How Their Income Tax Returns Affect Their
Family's Financial Aid Eligibility
The financial aid formulas are run based on parents' and student's income
tax returns. Income is the largest factor when it comes to qualifying for
financial aid, NOT ASSETS. Most middle and high income taxpayers will NOT
qualify for NEED-BASED financial aid at most state supported colleges and
universities.
Therefore, proper tax planning is a MUST. How you complete your income tax
returns could create what we call TAX SCHOLARSHIPS, which could be more
valuable than financial aid.
Decide now to either invest the time to learn all these critical areas or
find someone who can walk you through each one. Whether you gain long term
financial success may be dependent on how you use this information.
Mark Maiewski is Virginia's leading college planning authority and has spent
the last ten years getting students successfully admitted to college and
minimizing parent's out of pocket costs. For more information and three free
gifts that can jumpstart your college planning process right now, go to
www.collegeplanningvirginia.com.
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