It pays to plan to save as much as possible ahead of time and lessen the burden, supplementing with more attractive federal loans, scholarships, grants, and work-study programs before tapping higher-cost private loans.
1) Plan for your child’s college as early as feasibly possible. Get a jump with these six possible ways.
2) Fill out the FAFSA (The Free Application for Federal Student Aid) application. Don’t think of it as an option.
In filling out the FAFSA application, the government expects you to divulge your financial situation.
They look at your family’s finances, specifically:
1. Taxed and untaxed income from two previous years.
3. Received benefits like unemployment, social security, bonuses, and severance payments.
4. Family size
5. And what other family members are attending college in that academic year to calculate Expected Family Contribution (EFC).