Wed, Jul 6, 2022 11:30AM

The fourth most common college mistake families make is thinking all financial aid awarded to students is free money. Believe me, I wish this were the case. Unfortunately, over the years, financial aid has not kept up with the ever-increasing cost of college. The sad truth is, colleges often fill their Financial Aid Award Packages with college loans, not free money. One of the worst examples of this is when a college adds parent PLUS Loans into their offer. To the unknowing consumer it appears the college has helped the family cover the total cost of their college – while in reality they are suggesting the family put themselves into huge amounts of debt every year to cover the funding gap that exists.

A terrific way to avoid applying to the wrong colleges is to run the Net Price Calculators for the colleges your daughter or son are considering so that you can get a preliminary idea of what they expect you to pay. Go the College Board’s website, type in their potential college name, and click on the “Paying” Tab on the left side of the screen. Then you will be able to see the type of financial aid the college will likely give your family, if any. Do your research ASAP, so that you do not have any regrets in the future.

Another great option to consider is my online College Financial Aid And Scholarship Course:Show Me Where To Find The Money. In this self-paced course, I give you access to the MyCAP software program and teach you what you need to know about financial aid and where to find scholarships. By doing this work ahead of time and communicating as a family, you can be prepared for what the financial aid award offer will look like in the spring of your student’s senior year.

Still confused on how your family is going to pay for college, please click below to schedule a meeting with Dan Bisig today! 

Need help with the College Admissions Process, Finding Scholarships or with Financial Aid?

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