Our Software Will Calculate Your Estimated Family Contribution for the 2007/2008 school year under the Federal Methodology.But Then What? |
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Tips For Lowering Your EFC: Reduce the value of assets you report for need analysis. Parental assets count less than student assets. Business assets count less than personal assets. But, there is more. 1. Home
equity is not a reportable asset under the Federal Methodology. So what happens if you use
savings to pay down your home mortgage? You'll probably be in a much better position to
qualify for a low-interest federal loan! (Although aid administrators are free to ask 2. Do you need to make a large purchase before you sign and date your FAFSA? We've already suggested buying a car. How about a new stereo, refrigerator or washer-dryer? Pay cash, if you can. That will reduce your reportable assets-and provide you with good music, some cold drinks and a few clean clothes. 3. If you've been saving in your child's name, get his or her permission to use that money to pay for your entire EFC for the first year of college. (You could also use the money for something smaller, like the increasingly essential personal computer.) This will improve your chances for aid during years two, three, and four. Warning: This won't work at all schools. One of the Ivy's, for example, expects 20% of a student's assets in Year One, 20% of the remaining balance in Year Two, etc. Tricky, tricky, tricky! Know What You Will Be Expected To Pay ! The only way to prepare yourself or your clients, financially, for college payments, is to know what will be expected. If you want to calculate the EFC for several different students, or you want to play with your numbers, and see what different permutations will affect, Octameron's Financial Aid Software is the only way to go! If you simply want to discover your family's EFC, you may also read "Don't Miss Out", which contains sample worksheets that will let you calculate EFC by hand.
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