“Tales from the Financial Aid Department”

Working in the Financial Aid Department of a private college advisory firm for the past 3 years, I have had the task of helping families complete all manner of financial aid applications. FAFSA, CSS/Profile, and Institutional Forms; you name it and I’ve done it.

When families think of the many different financial aid applications needed, there are usually two schools of thought. Either “these forms are very difficult to understand and require the help of a professional” (this is where I come in) or “these forms are incredibly simple; only a fool could mess them up”. Well, when I hear the latter opinion I get nervous. Unless you’ve worked in a college financial aid office, private college planning firm, or the guidance office of a high school, assuming that these forms are simple might be a costly mistake.

I recently spoke with one such family who was concerned when they had not yet heard from their daughter’s first choice college about financial aid. They had done their own applications and were worried because May 1^st was just around the bend and they had to make a decision. I suggested they call the financial aid office to find out what the hold up was. The answer they got back was not one I expected.

Apparently in the course of doing their own applications, their daughter had somehow been marked as “homeless or emancipated” (of which she was neither). The college, in an effort to verify this designation, mailed home forms for the family to fill out and send back. In addition, the college was withholding all financial aid until the daughter was either proven or disproven to be homeless.

Knowing their daughter was in fact not homeless, the family ignored these forms. By the time this phone call occurred, the deadline for financial aid had come and gone. The college’s financial aid for that year had been allocated elsewhere, leaving nothing for this family. The end result was an expensive bill for the first year of college.

The message here is simple. Be careful! You should read the fine print and review each application carefully before submission. Above is just one of many mistakes that can be easily made. If you’re not confident that you can complete all manner of financial aid applications, then ask for help. It’s really no different than seeking help from a CPA with your taxes, and can save you money on your college bills if done correctly.

About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.

About the author: Justin Munio is a Business Development Manager and Financial Aid Consultant with College Planning Strategies, LLC. With a degree in mathematics from SUNY Geneseo and over 3 years working in the CPS Financial Aid Department, Justin is at the forefront of the financial aid process for the families of CPS and The Smart Track Toolkit.

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Your Roadmap to College Success

College Planning Strategies, LLC recognizes that the needs of each family—and for that matter, the needs of each student—are different. Therefore, we developed the flexible Smart Track Series of personalized in-depth services. Our highly trained team of advisors and support staff are up-to-date on the pressing issues related to preparing your student for college and a successful graduation. We can help guide you step-by-stepthrough the obstacles that may hinder your student’s college dreams: potential job loss, college funding issues, choosing the right school, admissions challenges, financial aid and scholarships, changes in educational loans, and a variety of other serious issues that today’s families must face.

Student Support Services

For many students, applying to college is a stressful process. There are so many things to do, so many deadlines to meet and new information to learn. We will guide you and your student step-by-step through the college search and application process and be there to answer all of your questions.

Our workshops help with everything from career exploration, to college search and visits, to acing the college admissions interviews. We help your student clarify his or her goals, overcome insecurities, and make the best impression possible. This will help them gain admission to their top choice colleges, receive merit scholarships, and obtain jobs and other opportunities. We’ll also give the whole family important college planning tips that will help eliminate family conflict, save you time and money, and keep you on track so you can sleep well, knowing nothing has been forgotten.

Does your student need help with admissions essays? Our professional essay editors will make suggestions on how to show off their best qualities without losing their own voice. Our editors will not only catch grammatical and spelling errors, but help them communicate in a compelling way.

Customized College Planning

One of our professional college planners will work with you to analyze your family’s unique situation, goals and current strategy for handling college expenses—even if that means “one semester at a time.” After analyzing your current situation, we will help you develop a plan for moving forward. We will help you uncover ways ofreducing your out-of-pocket college costs.  This encompasses maximizing financial aid possibilities, choosing schools that are more likely to award your student grants and scholarships, utilizing tax-favored dollars, and several additional strategies.

If your family will need to borrow money to help pay for college expenses, we will assess for you variousborrowing strategies and recommend the best loan types and repayment options for your situation.

After a few sessions you will have a customized plan of action charting your course through each year you will have at least one student in college. In addition to the written plan, our entire team of professionals will be here to guide you each step of the way through regular consultations, phone conversations, and email support. We will make sure your college plan adjusts with each curve that life brings, whether positive or negative.

Financial Aid Assistance

There are literally billions of dollars available in both merit and need-based assistance. In order to receive most of it, however, the proper paperwork must be submitted correctly and punctually. This can include, but is not limited to the FAFSA, CSS/Profile, Institutional forms, and Business/Farm Supplement. In order to maximize your awards there is a lot you would need to learn, especially if you have your own business or special circumstances. Many of these forms are considered longer and more complicated than the federal tax forms. Similar to taxes, it often pays to have advice on how tolower your expenses, not to mention reduce the hassle and stress of this process for you!

Our Financial Aid Specialists will tackle all of your financial aid paperwork including the FAFSA, CCS/Profile, Institutional forms, and Business/Farm Supplement. We’ll ensure all paperwork is done accurately and on-time so you don’t miss outon any aid you deserve.

Our Financial Aid Specialists will tackle all of your financial aid paperwork including the FAFSA, CCS/Profile, Institutional forms, and Business/Farm Supplement. We’ll ensure all paperwork is done accurately and on-time so you don’t miss outon any aid you deserve

You’ll want to know if your award is a fair one or if your case is strong enough to risk appealing for more aid. Our experts will evaluate your case, and if your situation warrants an appeal, we will walk you step by step through this delicate process. We have found the appeals process is more of an art than a science. However, our statistics are astounding: 8 out of 10 appeals we guide are awarded more money!

If your family will need additional loans to cover college expenses, we also help you select the most advantageous loan(s) for your family’s situation

Test Preparation

CPS has partnered with leading test preparation companies to provide programs that can fit into almost any schedule or budget. They are not only educational and effective, but fun! This is a unique study program that offers the benefits of private tutoring at only a fraction of the cost of most test preparation courses, and is available for the standard SAT and ACT as well as for SAT Subject Tests in Math Level I and Level II.

Since the SAT and ACT do not administer their tests online, it is critical the student practice in the same pencil-paper environment they will experience on test day. We provide you with online access to printable practice tests for home practice. The student completes a practice section offline under timed conditions; the student logs in and submits answers for electronic grading; and, finally, the student launches into a self-guided video review of the practice test problems they had difficulty with or have questions about. There is even a vocabulary builder available. Studies show that this interactive video delivery platform makes learning 200% more effective than text-based learning, and results are guaranteed.

College Planning Strategies
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Are You On the Smart Track?

In the United States the average four-year college education costs between $90,513 and $181,025. However, did you know that statistically a higher percentage of students require over 5 years to complete their undergraduate studies? Are you and your student(s) ready for the challenge?

Top 5 College Planning Questions

1. Have you learned the proven techniques of how to pay for college without jeopardizing your own retirement?

2. Are you confident your student is on target with selecting and being admitted to the best fit college for him or her?

3. Did you research which colleges are most likely to award your student a higher percentage of Gift Aid (scholarships or grants)? If so, do you know how to ensure the award is renewable throughout their college tenure?

4. Have you discovered how to provide yourself with a "tax scholarship" from Uncle Sam, above and beyond the Hope Scholarship and Lifetime Learning Credit? When it is best to use funds earmarked for college and when it is not? How relatives including grandparents can help with college expenses without negatively impacting your students' award?

5. Does your current college plan cover ALL of the years that you will have at least one student enrolled and ensure you won't have an unmanageable cash flow crunch?


College Planning Saves Money

Taking college funding "one year at a time" will likely be an expensive mistake. Planning for college in this fashion will usually cost a family thousands more than if you had developed a plan for all students and all years before your first student has even chosen their college or enrolled. Even worse than wasted money, many families who plan this way find themselves in a cash flow crisis midway through their student's college career. According to a recent report approximately 50% of the students that drop out of college do so for financial reasons.

On the opposite end of the spectrum, many families that started saving when or even before their first child was born may believe they have a fail-proof plan for affording a college education and do not investigate their options further. What many of these families do not realize is that they could save themselves thousands of dollars, perhaps tens of thousands of dollars per student if they understood the various proven college planning strategies that may apply to them.

Student Positioning for College Is Key

Some students are self-motivated and know exactly what their goals are and the best way to achieve them. Most students need some guidance and encouragement in choosing a college, applying for admission, and choosing a major. Sometimes parents, teachers, and the guidance office can provide all of the support they need to be successful. However, students frequently find it helpful to have outside support to keep them on track—especially if time is limited or communication is strained between certain parties.

Helping Families Stay On the Smart Track for College

Since the turn of the century College Planning Strategies, LLC has specialized in giving individualized help to families like yours so they can effectively transition from high school to college and beyond. CPS also educates families on how to defeat the high cost of college through workshops, radio talk shows, corporate benefits programs and a national on-line series of workshops. Our president, Murray J. Miller, is a published author with over 20 years of experience as a financial advisor and educator. He was ranked Number One College Advisor in the Nation in 2006 and 2008.
Our highly trained team of advisors and support staff has earned an A+ Rating from the Better Business Bureau. We can help guide you step-by-step through the obstacles that may hinder your student’s college dreams: potential job loss, college funding issues, choosing the right school, admissions challenges, financial aid and scholarships, changes in educational loans, and a variety of other serious issues that today’s families must face.

Let CPS help you support your student’s educational goals without delaying or giving up your goals for your own retirement!

College Planning Strategies
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