An extra $6000 saved – There is the hard way ………. or the other way
How long would it take the average person to save up an EXTRA $6000 above what they are saving now?
How long would it take the average student starting out to save up an EXTRA $6000?
I often tell clients that there are 3 types of Financial Aid:
- Merit based Financial Aid – this is determined by the student’s resume’, grades, SAT scores and other merit-based grants that they might apply for.
- Need based Financial Aid – this is determined by the information that we submit on the FAFSA form which affects our EFC calculation.
- Negotiated Financial Aid – this is where proper planning takes place long BEFORE we send in our applications, and again AFTER receiving the offers from various colleges.
I know that often people focus on the first two types of aid and that they don’t pay much attention to the Negotiated Aid. Some people have been told that schools don’t negotiate because there are so many students applying to the school. This is a Myth!
Negotiated Aid could end up being a substantial amount as when it is awarded, it often will last for 4 years. When we look at it over 4 years, it is worth it to have a strategy and put in the extra work. In order to receive Negotiated Aid, there needs to be a strategy put into place early on, and then a determination to follow the correct process at the end.
Many of our clients have received extra negotiated aid by following our strategy. Below is a letter from one school recently sent to a family we have worked with. Remember that what seems a relatively small amount of $1500 is for 4 years. The $6000 saved could be worth over $19,000 extra for retirement in 20 years.
Whether it be for College Planning or Retirement Financial Planning, let’s PLAN
To schedule a time to meet with us please
e mail davec@collegeplanningamerica.com or call 714-813-1703
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