Continued from [2]

Ohio State-Level Financial Aid

The second source of financial aid available is through your child’s state of residence (in our case, Ohio State) in 2007 15% of college freshmen took advantage of Ohio state aid programs. These are usually based on need and generally provide funds to attend in state colleges and universities. Taking into consideration the fact that a sizable number of students may want to go to school out the state, some states now have reciprocal arrangements whereby state student aid money can be used for out-of-state schooling.

College Specific Financial Aid

The third source of financial aid you should investigate is aid that is specifically granted by the college or university your child wants to attend, paid for out of the college’s endowment or other sources of revenue. In 2006, 22% of college freshmen received grants from the colleges, and an additional 5% had college funded loans.

Special Programs

In addition to federal, state, and college financial aid programs, there are a variety of other private and group sources you may want to consider. These include special scholarships for veterans, children of union employees, merit-based scholarships, scholarship competitions, etc. obviously, it is smart to apply for every program you can in the hopes that one source of
school will give you a particularly outstanding deal.

Figuring out how much you’ll have to pay for your child’s college education is confusing; your high school guidance counselor or university office of student financial aid can help by providing worksheets that estimate how much money you’ll be expected to contribute toward your child’s college education. Some college admissions offices may be able to help you. More
precise figures will be available to you after you file the a FAFSA; shortly after filing it, you’ll receive a student aid report (S. A. R.) that will list your expected family contribution. This will enable you to reasonably determine your chances for getting federal financial aid.

College Funding Strategies

Some basic college funding strategies can help you come up with the amount of money you’ll have to provide yourself. Obviously it is important to start saving early such investment dollars can grow as much as possible until they are needed.

It is also important to invest well to maximize your return. Often, parents also try to take advantage of the following different strategies to maximize every investment dollar. And remember, you should approach college funding as a family; you should not have to shoulder the entire financial burden yourself.

Ending of Different Financial Aid Options and Student Loans [3]

• College Education Funding Using Income Shifting strategies [1]
• Financial Aid and Student Loans [1]

A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

Loan Amount:

Interest:

Years:

Days between payments:
30 for a Month, 7 for Week
and 14 for Bi-Weekly. Easy!