Mistake #7: It doesn’t matter where I keep my money; it’s all counted in the same way for financial aid.
Reality: Nothing could be further from the truth. Where you keep your money could mean the difference between you getting $10,000 in financial aid or getting nothing! For example, money in the child’s name is weighted much more heavily than money in the parent’s name. If you don’t know how to legally and ethically position your money properly for purposes of financial aid, you could end up losing thousands in financial aid!
In my free e-book, The Essential Guide to College Financial Planning, I stress the importance of knowing where you have accumulated your assets. If your assets are in the “wrong” places, you need to either gift, transfer or reposition them before applying for financial aid.
People often have a tendency to put things off until the last minute. If your child is already in their senior year, it will already be too late to change your financial outlook. The sooner you start to plan for college for your child, the better you can manage your assets away from the “wrong” places and improve your financial picture. Waiting until the last minute could cost you thousands of dollars in financial aid that you would have otherwise been eligible for.
Learn More About Financial Aid to Avoid This Pitfall
Do you want to know how to pay for college without going broke? Grab a copy of my book, The Essential Guide to College Financial Planning – How to pay for college without going broke. Paperback or Kindle version is available at Amazon – Grab a free copy today!
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