Have a high school student? If so, you are likely starting to think about how you will fund the upcoming college costs. Taking on too much debt for your student or sacrificing your retirement funding is not a great strategy. No matter your assets or income, most parents want to know if there is financial assistance that will be available to them. Much of that depends on where your student might fall in the following categories. Each one has a slightly different strategy on which options is available to your family.
It is helpful to know which schools meet financial need and which schools provide merit based aid. In general, out of state public schools will not provide much in the way of need based aid. And many of the Elite schools will not provide merit but they might meet all need. Knowing which group your student is in before applying is important if you would not be able to pay the full cost of a Dream School if your child is accepted.
Depending on your families resources, having a strategy for applying for colleges that you will be able to afford is the best strategy and one that will create the least stress in the final decision making process.
Ending the student loan crisis – One family at a time.