March 2017 Newsletter
It’s College Acceptance Season!
It’s March! I love this time of year. Every day I have the privilege to receive an email or phone call from my many excited clients as their sons and daughters receive college offers.
The excitement also comes with trepidation of the impending expense for college. Colleges give you until May 1st to choose your path. Understanding exactly how much college will cost your family and where that money will come from is the next critical step.
This month’s Senior Scoop guides you through how to decipher the difference between scholarships, grants, work study, student loans, and parent loans in each financial aid award letter. Gaining the most financial aid involves accurately comparing the out-of-pocket net cost at each different college.
If you have younger students and worry about the high cost of college, this month’s Featured Find will be of interest to you. It’s an article identifying 91 colleges that offer scholarships to every student!
Whether you have a senior reviewing offers, or younger students starting their college tours, we can help you take your next step on the path to creating a clear college funding plan. Sign up for a webinar or give me a call today!
Vancouver, WA 98683
91 Great Colleges That Give Every Freshman A Scholarship
In search of schools with generous merit scholarship programs? Look no further.
One of the surest ways to win a scholarship is also one of the easiest: Apply to a college that awards money to every student that attends.
Of course, your odds are high of winning a scholarship at most private colleges. The typical private school awards scholarships to 88% of freshmen.
But be wary: Some of those are low-quality schools that use partial scholarships to lure students. And research has found nearly 40% of students are so dazzled by a prestigious-sounding scholarship that they’ll choose it even when they get into higher-quality schools that are likely to be less costly over the long term — because of speedier graduation rates, for instance, or ultimate earning power.
How to Survive Paying for College Workshops & Webinars
Seating may be limited – Register to ensure your spot!
Most parents are not financially prepared to enter the most expensive time period of their lives: covering their child’s college education.
Our 1-hour workshops provide steps you can take right now to assure you understand the cost of attendance and how you can afford college without jeopardizing your retirement.
7 Tips For Unraveling Financial Aid Letters
Award letters are notoriously complex. They’re riddled with finance terms and non-standard abbreviations. You’re left thinking, “So what do I REALLY owe?”
It’s with good reason, but the process becomes far less convoluted when you break down the individual pieces. Master the formula. As you sift through these award letters, it’s important to figure out what financial offer they’re willing to give you.
How much money must you pay back and what amount is being handed to you for free?
You’re left with the Out-of-Pocket Cost:
Total Cost of Attendance – Gift Aid (Scholarships + Grants) = Out-of-Pocket Cost
Note: Out-of-Pocket Cost = Net Cost
Look past the lingo. Despite your letter outlining an alleged “award amount“, typically colleges pool that number with a mixture of loans and gift aid.
About Westface College Planning
If you are a typical parent with college bound students, you’re probably overwhelmed by all the research necessary to help your sons and daughters make the right choices and prevent overpaying for their education.
You are not alone!
Get the facts. Educate yourself to potentially save tens of thousands of dollars on a single college education. Parents of more than one child heading to college in the next few years, can save even more.
At Westface College Planning, we work with families to help you plan for and navigate the “paying for college” process. We teach you how to minimize your out-of-pocket expenses, maximize financial aid eligibility, understand the best way to navigate through the college selection process and prioritize your sources of college funds to protect your life savings!
More information at WestfaceCollegePlanning.com.
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March 2017 Newsletter – Issue #65