Mistakes Parents Need to Avoid When it Comes to Financial Aid for College
When parents are helping to plan for their child going to college there are many mistakes that can be made along the way that can end up costing them a good deal of money. Here are a few mistakes that parents can make when it comes to financial aid for college.
- When you are looking to plan for financial aid for college parents do nor often plan ahead. For example as soon as you are inside the college's financial aid office it is too late to make any changes on your tax return in addition to asset allocation to affect the outcome of your child's financial aid package. Most financial aid will come to the first people in line so you want to make sure that you plan as far ahead as possible.
- You should never just assume that you can only send your student to the cheapest colleges. As it may just be better to send your student to a pricier private school depending on what kind of educational package that you are going to get. Never judge by listed tuition always keep your options open depending on what aid you receive.
- You never want to go too far into debt if you do not want your child to be living in the basement of your home for the next 10-15 years. You want to make sure that you limit the amount of debit that you assume when you are helping your child with financial aid for college.
- You also want to keep your retirement in mind when it comes to financing your child's college tuition. You need to make sure that you still have money to put away for your retirement, while still being able to assist with college financing for your child.
These are just a few things to keep in mind when you are looking to assist your child with financial aid for college.