Published September 2013. Financial aid and student loan rules change often, so some details may be out of date. Ask us about your situation.
This video from Reuters TV offers a year-by-year plan for high school students and their parents to help them prepare for college. It includes some great tips on saving for college and explains how families can get the most financial aid possible.
One notable recommendation from the video is to have a grandparent or non-custodial spouse hold college savings in their own accounts in order to avoid having this money work against you when colleges determine your Expected Family Contribution (EFC). Reuters also recommends setting up a 529 plan to save for college tax-free.
The earlier you start planning for college, the better off you’ll be in the college application and financial aid process. To find out more about how you can start preparing to pay for your student’s education, give Rick and Andy a call at 716.745.7286 or send us a message.