making college affordable
Many families come with concerns about the cost of tuition and questions about changes in financial aid policies. One of my services is helping my clients navigate the complex landscape of college affordability. It's all about making informed decisions...
For some of my families, need-based financial aid is critical. I help families understand and complete the Free Application for Federal Student Aid (FAFSA), which is required to determine eligibility for federal aid, and which many schools rely on exclusively. However, another form is the CSS Profile, which is used by over 250 private and/or more selective schools, and which asks additional questions. It’s been said that the FAFSA is good at identifying who is "poor," and the CSS Profile identifies who is "rich." (No family is required to fill out either, if they are not applying for any aid.)
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Financial need is generally determined by a “four-legged stool” (Parent Income, Parent assets, Student Income, and Student Assets), but the recent FAFSA Simplification Act introduced several key changes that families must be aware of....
SCHOOLS want to know your level of need
FAFSA CHANGED A LOT IN 2024. HERE ARE SOME OF THE WAYS
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Streamlined Application Process: The new FAFSA has fewer questions, making it easier to complete because it links with parents’ previous tax filings, so a lot of your numbers get automatically imported.
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Who files if parents are separated? Now, it’s the parent who provided more of the financial support for the student, regardless of who the student lives with.
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Significant Changes to the Expected Family Contribution (EFC): The term "Student Aid Index" (SAI) replaced the EFC. Aside from the new name, other modifications impacted middle-income families who generally may qualify for lower levels of aid than before.
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Pell Grant Expansion: More low-income students will be eligible for Pell Grants due to updated income thresholds.
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Changes in Sibling Discounts: In the past, families with multiple children in college simultaneously received an EFC reduction. The new FAFSA no longer considers this factor, which could increase costs for families with multiple students in college at the same time. The CSS Profile continues to factor this in.
I stay updated on these changes and help families develop a financial plan that takes advantage of available aid while mitigating unexpected financial burdens. I can direct you to the best resources for predicting your potential cost at each school, and I also can offer some advice about how schools' "Institutional Methods" for determining need (through the CSS Profile) will further impact your family's expected contribution.
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for some of my families, affordability is all about a strategic college selection
Some of my families will not qualify for any (or enough) financial aid, so I assist them in selecting colleges that fit their budget. While many families focus on well-known institutions, I can help them consider more affordable options, such as colleges with strong merit-based aid, in-state public universities, or institutions with more generous need-based scholarships:
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Colleges with Strong Financial Aid Programs: Some schools meet 100% of demonstrated financial need, making them excellent choices for families seeking affordability, who can also demonstrate need. These schools are often the most able to be flexible when your family’s financial situation is unusual.
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Merit-Based Scholarship Opportunities: I help identify schools where students have a high chance of receiving merit aid based on their academic and extracurricular achievements.
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Return on Investment (ROI): I onboard my students and families on a platform that, among many things, offers analysis of post-graduation earning potential, depending on the major and city of residents. This way, families have a chance to assess which colleges, which majors, and which eventual cities of residence offer the best financial outcomes for their student.​​
Planning ahead saves a lot of headache
One of the most essential aspects of reducing college costs is planning ahead. Families who start financial planning when their children are young have more opportunities to save, research scholarship options, and optimize their financial situation. For many of my families, by the time we are working together, their planning window is shorter, but some have younger siblings for whom there is extra time to plan ahead. In either case, I assist with:
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Having "the talk": I insist my families discuss affordability before finalizing the college lists. I know it's an emotionally charged topic, and often difficult, but it's important not to set a student's hopes unrealistically.
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Savings Strategies: Encouraging families to invest in 529 college savings plans or other education-focused financial vehicles.
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Maximizing Tax Benefits: Identifying tax credits, such as the American Opportunity Tax Credit (AOTC), that can offset education costs.
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Scholarship Planning: It's vital to know which schools will only consider students for merit awards if they apply Early Action. Furthermore, I can recommend scholarship search strategies to ensure students maximize external funding opportunities.
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Smaller Factors: In general, your income and assets are what they are. No, you probably can’t “hide” them. However, knowing which tax years will be reviewed for freshman year, and making minor adjustments can affect a family’s SAI (EFC).
There's one more step...
Getting your financial aid award letters is not the end of the process. If the offer comes in too low, I can help you strategize your appeal of the schools’ initial offerings. I also assist families in comparing award letters, which are often opaque and rarely uniform.
what? you really read this all?
Yeah, it's a lot. The whole college application process is a lot... which is why you're smart to work with an expert. If you got this far down this page, I know that your thorough, curious nature will make you a great client, so I'll give you a $200 credit toward your first invoice from me, if you text me the coupon code "KINDRED200."