| In May of 2005, at Eckerd College in St. Petersburg, | | | | money for college. If your child is applying to schools, |
| Florida, college graduates threw up their caps to | | | | make sure you study which schools give more gift aid |
| celebrate the achievement of a lifetime. Two of those | | | | and scholarship money out compared with those who |
| caps belonged to twins, Carol Malone and Linda Clem. | | | | don't. Also, make sure your child applies to at least two |
| But there was something different about these two. | | | | schools where he or she is in the top 25% of the |
| The difference was age, experience, and wisdom. | | | | applicants. This can be found by doing some basic |
| The twins are 54-years old, and they just received the | | | | research on the G.P.A.'s of previous freshman classes. |
| first college degrees of their lives. The moral to this | | | | A common pitfall to filling out financial aid forms is |
| story? It's never too late to do anything you put your | | | | relying heavily on high school counselors. Counselors |
| mind to. | | | | are often loaded up with numerous students, |
| It's a common myth that if your child is about to head | | | | sometimes even hundreds, and often cannot provide |
| to college or is already in college, then you've reached | | | | the personal attention that each individual student |
| a point when the only thing left to do is take out a few | | | | needs. That's why a trusted college planner is best. |
| large loans and get ready to bear the burden of tuition. | | | | Gifting and Shifting |
| According to top college funding planners, that is simply | | | | There are numerous legal and ethical ways to shift |
| not the case. | | | | your assets to allow your child to have more money |
| What people don't often realize is that with the proper | | | | for college. You can shift assets to your child, or gift |
| financial planning, you can save significant amounts of | | | | them certain assets which they sell and keep the |
| money even while your child is still in college. The | | | | profit. It allows them to hold onto money for college |
| following are a few basic tips to save money in the | | | | without suffering the same tax burden as you, the |
| late-stages of college planning. | | | | parents would. |
| Financial Aid | | | | Children who file their taxes independently are in a |
| Always apply for financial aid as early as possible. The | | | | lower income tax bracket which can work to your |
| standard FAFSA forms are the first and most | | | | advantage. The money you save in taxes adds up |
| important to fill out. Getting into the mix early-on | | | | quickly and can be used as one more way to pay for |
| ensures that you have a better chance at being | | | | college. |
| awarded the "first come-first served" financial aid | | | | Employment |
| packages. By being prompt, you increase your | | | | Do you have a small business or rental property that |
| chances at better awards and loans, which reduces | | | | you own? If so, you can use that property to your |
| the amount of out of pocket costs passed on to you. | | | | advantage by employing your child. Your child will not |
| Make sure you go over the financial aid forms and | | | | only learn the value and responsibility of work, they will |
| regulations with a financial professional. Anyone who | | | | also receive a wage. As a small business, you can |
| has tried to navigate through the forms or the various | | | | offer a specialized Employer Education Assistance |
| pages of rules and guidelines can tell you that it's more | | | | program. This allows you to give up to $5,250 a year, |
| than a little complicated. Having someone help you | | | | tax-free to employees who are attending college. It's |
| through the process doesn't just ease the burden | | | | just one more way to save money while your kids |
| financially; it also takes away a lot of stress and | | | | reach for their dreams. In the process, your kids will be |
| anxiety. | | | | learning valuable life lessons. |
| Your FAFSA forms typically take a few weeks to | | | | Many of us work hard so that our children may have |
| process, which is one more reason to plan ahead. | | | | a better future. Education does not always define |
| Once your financial need is determined, the schools | | | | success, but often success could not be achieved |
| you've applied to will offer you a financial aid package. | | | | without it. No matter what stage in life you're at, it's |
| The package can include various ways to pay for | | | | never too late to save for college. With some simple |
| college, including loans, grants and any scholarships | | | | strategy and some help from your financial advisor, |
| they have awarded your child. | | | | you can find ways to reduce college costs and |
| A little research can go a long way in saving you | | | | increase the ways to pay for it. |