When applying for college, one of the biggest headaches for most parents is getting financial aid. Most of the funding is the money given due to economic reasons. Merit-based assistance is a fraction of this grant. To get financial aid, there are a few things you can do to improve your chances.
Expected Family Contribution
Your EFC needs to be below the cost of attendance for you to be eligible for most grants and scholarships. You can still apply if you don’t fulfill this condition. But you need to first calculate the EFC and cost of attendance before making any application.
Move Your Money
One way your child can become more eligible for financial aid is for parents to move the money out of traditional accounts. Certain assets are factored before you can be deemed eligible. Money in your checking and savings account is considered an asset. You can move some of your money into retirement savings or life insurance, where it will no longer be seen as a liquid asset.
Plan for the Shortfall
Even if you are eligible for a certain amount and you qualify, you may still not get the amount you were hoping for. This means that the money you eventually receive could very likely lower than you expected. Colleges have to deal with tight budgets and sometimes students get less than expected. It is important to have a plan in case of this shortfall.
Grades and Enrollment
When applying for financial aid the applicant’s grades and academic reports still matter. If you can get professional assistance it could help boost your application. You also need to note that most grants and scholarships are for full-time students. If the applicant needs to attend college for less than six hours a day, they may need to find other forms of funding. Always ensure you as early as you can. Colleges can run out of funds for financial assistance before their deadline.