If you are a worried parent that is waiting for its child to be headed off to a college, know how we are here to help you get yourself organized in the best possible way. Making it all easier for your child is a must if you want the situation to go smoothly. We have prepared a student financial aid checklist for parents that will help both you and your child get ready for college!
1. Organize everything.
We all know how October 1st is the date when your child will be able to complete a Free Application for Federal Student Aid. Of course, you don’t need to wait for that long to get organized. Prepare the documents your child will need on time. That would be an investment and bank statements, federal income tax returns and any untaxed incomes (if you have those).
Reviewing these plan balances can help you a lot. You need to know how those $20,000 in assets you will take the first time won’t have any impact on your FAFSA. The second thing you must know is how everything that is bigger than that amount may affect the financial aid of your student up to 5.64%.
Think about estimating your Expected Family Contribution. You can easily do it with an online calculator. That is the amount you have already put aside for your child’s education.
4. Federal and private student loans
Be sure to think about both types. Check their offers and find the one that suits you best.
5. Student Aid Report
This is a moment when FAFSA has already proceeded. Be sure to check the details on SAR report and compare those with your EFC to see how close you are to needed amount of money for educating your child.