| $ College costs rising faster than inflation. | | | | the show entirely, but if you do, you can easily find |
| $ Increasing competition for admissions spots and | | | | yourself in one of the following situations: |
| precious financial aid dollars. | | | | Imagine this: You fill out your financial aid paperwork |
| $ Sluggish economy. | | | | and are patiently awaiting an award letter. Come late |
| $ Higher daily expenses squeezing your pocketbook. | | | | April of your student's senior year, still nothing. |
| $ Decrease in home values. | | | | You place a call to your child's school asking when |
| These are just some of the reasons you are likely | | | | you can expect a financial aid award letter. After a |
| concerned with doing all that you can to get money | | | | few minutes on hold, the financial aid officer gets on |
| to help pay the college bill. | | | | the line and says the following: |
| And you can be successful in getting money to help | | | | "We're not sending you a financial aid award letter." |
| pay the bill if you work with your student to target | | | | "Why not?" you ask. |
| the right schools for your particular situation. If you're | | | | "Because your daughter checked the "I don't want to |
| serious about getting money to help pay the bill, then | | | | be considered for financial aid box on the application." |
| you need to work with your student to make this | | | | This really happened to an office-neighbor of mine |
| happen. | | | | (not one of my clients, but he freely admits he |
| Why Targeting The Right Schools Is Important | | | | should have been my client). True story and it cost |
| You've been there to help your student with their | | | | him a LOT in financial aid. |
| schoolwork; you've driven them to practices; paid for | | | | Or how about this one: a family came to see me in |
| dance lessons, or music lessons or sports camps; but, | | | | Spring of their son's junior year to see if they "could |
| as a student gets closer to the college process, | | | | afford my services". At the time they decided to |
| many parents back off and leave much of the | | | | "save" the money. |
| college process up to the student. | | | | Fast forward two years later, the father was BACK |
| You may be tempted let the student choose the | | | | in my office trying to figure out what he did wrong |
| schools, put together the applications all on their own | | | | because he had paid over $26,000 for his son's |
| (or your student may insist on it). You may find | | | | freshman year alone. |
| yourself merely there reflexively opening the wallet | | | | His Expected Family Contribution, the minimum |
| throughout the entire process. | | | | amount of money the federal government says you |
| The problem is many students just don't fully | | | | should pay based on your income and assets, was |
| comprehend how much money is really at stake. | | | | only $5,689. But because he made the mistake of |
| Whether the cost of attendance at a college is | | | | letting his son run the show, the son eventually |
| $15,000 a year, $35,000 a year or $52,000 a year -- | | | | ended up at a college that did not meet all of his |
| the amount doesn't really register. | | | | financial aid need and Dad was paying dearly for that |
| Leaving the college process almost entirely up to | | | | mistake. |
| your student is often a recipe for disaster. | | | | He had "saved money" on my fees earlier only to |
| The problem for parents is that they themselves | | | | essentially pay through the nose for his son's college |
| may inadvertently exclude colleges based on the initial | | | | education. He had made many of the mistakes that I |
| price even though a school that costs $41,000 a | | | | help my families AVOID. |
| year, after all the financial aid is awarded, may | | | | Your assignment, should you choose to accept it: |
| actually be cheaper for a family than the local state | | | | $ Get an accurate estimate of your expected family |
| university. | | | | contribution so you know what category of family |
| Simply because they don't know any better. | | | | you are: all need, some need or no need. |
| It's a fine line you're going to have to walk. Applying | | | | $ Have an upfront, frank discussion with your |
| to college is an important right of passage and a | | | | student about colleges and how much you're able and |
| significant step in your child's march towards | | | | willing to provide towards expenses. |
| independence. | | | | $ Help them target schools based on your particular |
| Luckily, there are simple steps you can take to help | | | | situation. |
| guide your student through the process without | | | | Oh, and don't hesitate to get the right college |
| taking it over for them or adding stress and angst to | | | | admissions and financial aid planning help if you find |
| your relationship. | | | | you need it! |
| Of course, you can choose to let your student run | | | | |