The Wall Street Journal: Personal Finance Workbook by Jeff D. Opdyke

Author:Jeff D. Opdyke [Opdyke, Jeff D.]
Language: eng
Format: epub
ISBN: 978-0-307-49889-2
Publisher: Three Rivers Press
Published: 2006-06-13T16:00:00+00:00

Don't assume your assets disqualify you from receiving aid. While assets are certainly a part of the federal financial-aid formulas, those formulas are largely structured around current income. The idea is that you can draw upon your income on a pay-as-you-go approach while your child is enrolled in school. Moreover, those formulas recognize that parents must save for other obligations, namely retirement. Also, most merit scholarships don't take into account a family's financial situation. They're based on, well, merit. And merit doesn't mean academic merit only; numerous organizations offer cash based on musical, artistic, and athletic prowess, as well as civic activities within a community. The Henkel Corporation, the Avon, Ohio, maker of Duck-brand duct tape, even awards $5,000 every year to the high school couple that fashions the nattiest prom attire entirely from duct tape.

Do not pay any company that guarantees for a fee of a few hundred dollars that it can find college financial aid for you. It is a scam. Such companies gather basic family financial data and dump it into a Free Application for Federal Student Aid— a so-called FAFSA form that all schools use to calculate aid eligibility—and then obtain for you the same $1,000 you could have obtained filling out the FAFSA form yourself. If you have trouble filling out the form, ask a college aid officer; they'll never charge you a penny.

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