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Did you have the financial talk with your student? Families need to start the discussion earlier rather than later when starting the college search to address any constraints due to “financial fit” when compiling a college list. College is expensive and many families are taking out loans to send their kids to college. Students need to be aware of the total cost of attendance for all four to five years to make sure there is a financial fit as well as an academic and social fit. We are constantly reaching out to financial experts to share their expertise with College Scoops. Today, Vicki Vollweiler joins us to share her advice for families of juniors.
Key Takeaways:
- Initiate a talk with your son or daughter to discuss any financial constraints that might apply to the college search
- Conduct a financial audit to determine what you can afford
- A college should be not only an academic and social fit but also a financial fit
- Be thorough when completing the FAFSA forms
- Analyse all the financial award letters to ensure all the information is correct
- Every year families have to complete the financial forms (FAFSA, CSS, and individual school forms) to ensure loans, grants, and aid are available.
- Private universities can be less expensive than public universities.
Important Resources and Links:
College Financial Prep
Prepping 4 College
Facebook
Meet Vicki Vollweiler
Vicki Vollweiler, Founder of College Financial Prep, helps parents navigate their way through all things related to college and finances including college financial aid, scholarships, and student loans. She is an expert at minimizing costs and reducing the need for student loans. Her practice focuses on helping those who cannot afford to spend $80K per year on the cost of college. As a proud member of The National Association of Divorce Professionals (and Vicki is a divorced mom herself), College Financial Prep is an expert when negotiating financial outcomes as it relates to extenuating circumstances such as divorce, separation, job loss, or widowhood.
Thank you to Vicki for joining us today to help educate us about the importance of looking at the financial fit of colleges as you start the college search process. Schedule a talk with your son or daughter early on about any financial constraints that might be applied when creating a college list as it is important to set expectations earlier rather than later. Working with a financial expert can help reduce the stress by knowing ahead of time what the potential cost of attendance may be at particular colleges. Make sure to review the financial awards letters thoroughly as you may find opportunities for additional savings.
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