Just be glad your child is not going to Sarah Lawrence College to the tune of $59,170... per year! The January 21-22, 2012 Wall Street Journal has a great article on ways to obtain more financial aid for your college-bound kids. Examples include postponing income, accelerating tax deductions and "moving assets from one account to another." The strategies work best if you have a couple years before junior or juniorette heads to campus. "But even families with incoming freshman can make moves to maximize their aid and scholarship packages." Best of all the article emphasizes the importance of placing your retirement security first. It's a mistake to not apply for financial aid assuming you won't qualify. Fill out the Free Application for Federal Student Aid (FAFSA)! "If your child is attending a private college, families also must fill out the College Board's CSS/Financial Aid Profile, which schools use to determine how to distribute their own aid funds." The article contains multiple suggestions for maximizing financial aid.
If it's too late to pick up today's WSJ go to www.wsj.com and search for "College-Aid Shuffle." You may need to subscribe to have access to the full article. Or check to see if your library carries the WSJ.
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