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Regarding the Free Application For Federal Student Aid (FAFSA) form:
Investments that must be recorded on the
FAFSA form include real estate
(do not include the home you
live in), trust funds, money market funds, mutual
funds, certificates of deposit, stocks, stock
options, bonds, other securities,
Coverdell savings accounts, college savings plans, installment and
land sale
contracts (including mortgages held), commodities, etc.
Investment value includes
the market value of these investments as of today.
Investment debt means only those debts that are
related to your investments.
Please note that Investments do not include the home you live in, the
value of
life insurance, retirement plans (pension funds, annuities, noneducation IRAs,
Keogh plans, etc), and prepaid tuition plans.
Click on 
if you wish to see the process involving the FAFSA form,
especially
if you have never seen how complicated the process can become.
Practical advice such as
not putting college assets into your child's name will
be
covered. While assets may be sheltered from taxes in the child's name
(the
child is
at a very low tax level
compared to you), the Financial Aid Officer at
the college can
take
100% of your child's
assets. If the assets are under your
name, the Financial Aid
Officer can
demand only a fraction of the assets be
taken into account when
determining how much financial aid
you should expect
to receive.
First
Ten
Steps
For College Admissions And Financial Aid.
Source:
Sallie Mae.
1. Take a challenging high school curriculum.
Consult
with your guidance counselor.
Preparing
for College
Planning
for College: Making the
Most of High School
2. Research a college that fits you.
Search
With College Finder
Find
a College Using the College Board Search Engine
3. Take appropriate tests.
About
the ACT Assessment
College
Board Tests
4. Familiarize yourself with the application process.
Apply first semester senior year.
Mapping
Your Future – Applying to School
Miscellaneous
Considerations When Applying to Schools
5. Research your eligibility for financial aid.
Mapping
Your Future – Financial Aid
Federal
Student Aid
6. Investigate scholarship opportunities early.
Start in the ninth grade.
FastWeb
Scholarship Search
Sallie
Mae’s Free Scholarship Search
Scholarship
Search Wizard
7. Beware of scholarship scams.
Federal
Trade Commission – Scholarship Scams
National
Assoc for College Admission Counseling (NACAC) - Scholarship Scams
8. Understand specific costs associated with college.
NASFAA
Cost of Attendance Comparison Worksheet
(pdf
form)
Sallie
Mae – College Costs
9. Fill out the FAFSA in January of your senior year
-
and every year thereafter that you are in college.
Comprehensive
Information on FAFSA
(Federal Application for Financial Student Aid)
FinAid
– Financial Aid Applications
10. Investigate student and parent loans.
FinAid
– Student Loans
Education
Loans
For more information on planning and paying for college,
request a free Paying
For College guide and video from Sallie Mae.
(Fill out a request form and submit it to Sallie Mae.)
Additional Links:
http://www.collegeboard.com
College Board.
http://www.finaid.org
The SmartStudent Guide to Financial Aid.
Aid
Lets Smaller Colleges Ask, Why Pay For Ivy League Retail?
By Alan Finder, New York Times, January 1,
2006.
Small private liberal arts colleges are routinely offering merit aid
to students these days.
Bargain
Financial Advice.
A Consumer Reports article.
http://www.fool.com/news/mft/2006/mft06012003.htm
Financial Aid to Be Slashed. From
The Motley Fool.
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