| p>If your career change requires you to go back to | | | | student into the financial aid equation if he or she is |
| school right around the time another member of your | | | | pursuing a degree-based or certificate-granting |
| family is also headed off to college, timing it such | | | | program.oSome insist that the student be attending |
| that you're both in school at the same time might | | | | on at least a part-time basis, typically 6 credit hours |
| increase your financial aid eligibility. | | | | per semester. (i.e. One class a semester usually |
| For example, in an earlier post this month, I linked to | | | | doesn't cut it.)oSome require "in room" instruction, |
| an article about a dad who, after many years | | | | whereas others will also consider online |
| producing TV ads, wants to become a physician's | | | | programs.o"For profit" schools may be less generous |
| assistant - a career change requiring him to complete | | | | with scholarships, and lean more toward student |
| a 2-year degree program. While his kids are still | | | | loans. |
| preschoolers, if one or both of them happened to be | | | | Todd also confirmed my suspicion that, if you save |
| approaching college age, he might find that syncing | | | | up enough cash to support yourself during time out |
| up his return to school could make education costs | | | | of work, that might work against your financial aid |
| more affordable. | | | | eligibility, as would applying so late in the college |
| No doubt, having a primary breadwinner out of the | | | | admission process that financial aid awards have |
| work force at the same time kids are in college is a | | | | mostly already been used up. BUT nothing is carved |
| daunting prospect for many families, out of the | | | | in stone, and you might be surprised at what you're |
| question for others. But with the way recent | | | | eligible for. So what to do, if this opportunity looks |
| economic events have been affecting job prospects, | | | | like it might apply to you?oVisit the Expected Family |
| it might not be as unlikely a scenario as an initial | | | | Contribution (EFC) calculator on the Strategies for |
| glance would suggest. In fact, with the job market | | | | College site to run the numbers and gain some insight |
| so unstable, it might end up being the best course of | | | | into how your family's financial aid situation might play |
| action for some. | | | | out for a few "What if" scenarios.oAlways, always, |
| Still, if you take this path, know that while the | | | | always submit the Free Application for Federal |
| strategy described here absolutely can work, getting | | | | Student Aid (FAFSA), even if you are convinced you |
| it right can be a tricky proposition, according to my | | | | are ineligible. As we've seen too often in the last |
| conversations with college planning expert Todd | | | | year, circumstances can change dramatically in the |
| Weaver of Strategies for College, Inc. That's | | | | blink of an eye.oPlan far enough in advance so that |
| because financial aid eligibility is determined on a "per | | | | you meet the financial aid deadlines with plenty of |
| institution" basis, and some are more flexible than | | | | time to spare. |
| others. In particular:oMany colleges only factor a | | | | |