Mistake #8: “My CPA or tax preparer is qualified to fill out my financial aid forms – I’ll let him/her do it.”
Reality: Unfortunately, CPA’s and tax preparers are experts at tax planning and preparation – not necessarily financial aid planning. For example, a CPA or tax preparer might suggest that you put some or all of your assets in your child’s name to save money on taxes. While this advice is well meaning, it will usually kill most or all of your chances of getting financial aid. Also, most CPA’s and tax preparers are not trained in filling out financial aid forms. In many cases, they will unknowingly fill out these forms improperly (i.e., using pen instead of pencil, using white-out to cover mistakes, omitting social security numbers, etc.), and these “minor” mistakes will bump your financial aid forms. If this happens, you will have to re-submit these forms all over again, and you will probably end up losing thousands in financial aid since it is awarded on a first come, first served basis.
One Solution Will Not Fit All With Financial Aid!
The way that parents arrange their financial circumstances to pay for college will have a big impact on the types of and how much financial aid will be available to their children. Sitting down with a qualified college funding expert is the best way to ensure you are not paying more than you need to for your child’s college education. A qualified college funding professional will find the best financial arrangement for family to help you maximize your finances to pay for college.
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 – www.amazon.com/Essential-Guide-College-Financial-Planning
Would you like to learn more about How To Get Maximum Money for College? Sign up for my FREE College Financial Planning Workshop & Webinar: Register for the FREE workshop & webinar here!