Landing Financial Aid
- Key Points to Consider When Considering Financial Aid
- Financial Aid Application Process
- Ways to Minimize Income during "Base Year"
- Effect of Assets on Financial Aid
- Financial Aid Suggestions
Financial Aid Suggestions
- If having an UGMA or UTMA account makes it difficult to get aid, first spend the money in that account on college expenses and then reapply when the account is diminished or depleted.
- If a student is declared independent for federal aid purposes, the parent's assets are not counted in calculating how much the student is expected to contribute. Schools are strict on this issue. Your child's chances of being declared independent go up if he or she is (1) age 24 by January 1 of the year applying for aid, (2) an armed forces veteran, (3) a graduate or professional student, (4) married, (5) a ward of the court, or both parents are not alive, or (6) has legal dependents other than a spouse.
- Even if you don't qualify for financial aid, going through the process may qualify you for loan programs.
- Reapply every year. The determining factors of whether you qualify are changing every year: your assets, your income, number of children in school, etc. If you didn't qualify the first time, you may qualify the next year.
- Don't limit yourself to one program. You may be eligible for more than one at the same time.
- The amount of assets owned by your child may negatively impact the amount of aid for which you are eligible. Gifting assets to your children during the financial aid process may reduce the amount of aid you receive.
- When applying for financial aid, mention special circumstances that impact your financial well-being, such as an ongoing or recent divorce, extraordinary medical expenses, disability, or being a victim of a disaster—flood, hurricane, fire, etc.
- Financial aid packages may be negotiable—especially if the school really wants your child to attend their institution.
Share Article:
IT IS IMPORTANT that our customers understand that products and services made available through Osaic Institutions, Inc.
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.