With the average price of public four-year colleges growing to more than $18,000 every year, it’s easy to think that college education for our children is financially out of our reach. Fortunately, there are numerous financial resources that can help realize the dream of a college degree. One of the best ways to finance your children’s education is to know and understand the financial aid process.
To date, there are two primary financial aid documents available: the Free Application for Federal Student Aid (FAFSA) and the CSS/Financial Aid PROFILE®. AOG Wealth Management, the leading company for asset management, explains more about these financial aid forms.
Completing the FAFSA
If you want the government or the college to help pay for your children’s education, then completing the FAFSA form should be a priority. When a college accepts your child, they use this application to come up with a customized financial aid package. The federal government also looks into this application.
When completing this form, you will be asked to submit a list of your assets. Be mindful about the assets you’ll declare, though; not all of them are deemed important by FAFSA. Reportable assets include your savings and investments, investment properties, and college accounts. Equity in your home, retirements assets, and annuities and life insurance, on the other hand, are often not required by FAFSA. You can turn to asset management experts like us for assistance in this matter.
Applying for the CSS/Financial Aid PROFILE
The College Board’s PROFILE is an online application that collects data used by around 300 colleges and scholarship programs. This gives out financial aid from sources outside of the federal government. Since not all schools require the PROFILE application, you can check with your prospective schools if this form is required.
Similar to FAFSA, PROFILE schools require the declaration of your taxable assets and college accounts. They will also use at least a portion of your home to reduce financial aid eligibility, as well as assess the value of your business or farm, if you have one. The formula they use is propriety.
If you need expert help when applying for these financial aid opportunities, you can turn to AOG Wealth Management. We specialize in a wide range of wealth management services, including, college savings plans, asset management, and investment management.
Call us at (866) 993-0203 or complete our form today to schedule a complimentary consultation with our experts.