Wed, Oct 16, 2024 11:30 AM

Waiting too long to calculate your Federal SAI (Student Aid Index) and not being prepared for the big number that often shows up, is one of the worst mistakes a family can make in the college process. Please remember, your Federal SAI is the starting dollar amount a family is expected to pay for college, whether your student goes to a community college or to an Ivy League school. Unfortunately, some colleges do leave a funding gap, meaning their financial aid offer can be below what you and your family were hoping to receive.

What You May Not Know:

A family’s Federal SAI is calculated using your tax return from 2 years prior to the year your student is starting college. For example, if your daughter or son is graduating from high school in 2025 – your SAI will be calculated using your 2023 Federal Tax Return. This means that if a family is hoping to reduce their SAI amount by decreasing their income, they must do this prior to their student’s freshman or sophomore year in high school.

Parents, do you and your student a favor by calculating your Federal SAI today. It is never too early to calculate this dollar amount so that you know what the colleges are expecting you to pay for whatever college your son or daughter decides to attend in the future. The sooner the better – so that you can plan accordingly.

Need help running your numbers and preparing for the College Money Talk? Schedule a FREE 15-minute Discovery Zoom Meeting with me TODAY!

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