When we talk with parents who are serious about putting together a college funding strategy, there are typically two types of families that we see:
1) The We aren’t wealthy so we should get some money for college, right? family and
2) The We make too much money and don’t think we qualify for financial aid so why do we need to fill out the paperwork? family
Chances are, you probably think that you fall into one of these two general categories. However, as Miguel Palma discusses in his most recent blog post, families that are about to send children to college should actually be categorized in 3 levels of need.
Level 2 – Families with Partial Financial Need
Level 3 – Families who Make Too Much Money for Need Based Financial Aid
Knowing which level your family is currently at is the first step in putting a proper college funding plan in place. Palma says, “The families that pay the least out of pocket are the ones who have found a knowledgeable advisor to help them understand and take advantage of the funding process.”
To find out which level of need your family is in, read Miguel’s full blog here.