June 2024 Newsletter

This Month's Highlights:

• College Financial Aid Coaches: What they do and why families hire them

Dear Parent(s),

There are two significant time periods that come into play when considering college funding: 

• Early-stage: from your child’s birth to the start of high school. The primary focus is typically saving a LOT of money for college.
• Late-stage: the high school years including graduation. There are dozens if not hundreds of tasks and decisions to make over four years, and unfortunately, most families start late which can drastically reduce the number of affordable, high quality colleges that may accept your kiddo. So, please start your college planning process when your student starts their freshman year of high school.  

In my financial coaching practice, I focus on late-stage college funding because:

• The financial industry continues to ignore it. Banks, credit unions, financial advisors, etc., typically provide basic info reminding parents to save for college. Their info is typically vague, brief, and of little help. 
• There’s a LOT of misleading and outdated information on the web. There are yearly rule changes to many financial aid, scholarship, and student loan programs, so if you’re a DIY consumer, be very careful of your information sources. 
• Generalizations are misleading, and perhaps even dangerous. The most common answer I seem to give on consulting calls is “it depends.” When you read that the sticker price for one year of education at College X is $85,000, but the average student pays $25,000, don’t assume that’s what you’re going to be paying too. The answer depends on a bunch of factors, most notably your family’s financial situation and your student’s academic performance.

Do you own a small business? Have 2+ kids in college in 2025? Are divorced or remarried? Contact me ASAP for strategies on how to lower the cost of college!

College Financial Aid Coaches: What They Do and Why Families Hire Them

Navigating the world of college financial aid can be a daunting task. The process is often complex and time-consuming, leaving many families feeling overwhelmed.

This is where a college financial aid coach comes into play. These professionals specialize in helping students and their families understand and maximize their financial aid opportunities.

From identifying merit scholarships to understanding need-based financial aid, a coach can provide invaluable assistance. They can also help decipher the intricacies of student loans, ensuring you make informed decisions.

But why should you consider hiring a college financial aid coach? What benefits can they bring to your college planning process?

In this article, we delve into these questions, shedding light on the role of a college financial aid coach and how they can help you navigate the financial aspects of higher education.

Understanding the Role of a College Financial Aid Coach

A college financial aid coach is a professional who specializes in the financial aspects of higher education. They provide personalized advice tailored to the student's unique financial situation and educational goals.

Their role is multifaceted, encompassing a wide range of tasks.

Here are some key responsibilities of a college financial aid coach:

• Explaining how to build and refine your target school list that meets all of your needs (financial, academic, social / emotional, and geographic fit).
• Offering insights into how income and assets affect financial aid eligibility.
• Assisting with the completion and submission of financial aid applications, such as the Free Application for Federal Student Aid (FAFSA) and the CSS Profile.
• Guiding students in searching for institutional and private scholarships that are often underutilized.
• Helping decipher financial aid award letters and compare offers from different colleges.
• Providing strategies for appealing financial aid offers and negotiating with college financial aid offices.

In essence, a college financial aid coach serves as a guide, helping students and their families navigate the often confusing and complex landscape of college financing. Their expertise can be invaluable in maximizing the financial aid opportunities available to students.

The Complexities of College Financial Aid

The world of college financial aid can be a maze of forms, deadlines, and jargon. It's not just about filling out the FAFSA. There are also state aid forms, institutional forms, and scholarship applications to consider.

Each type of aid has its own rules and eligibility criteria. For instance, merit scholarships are based on a student's achievements, while need-based aid depends on the family's financial circumstances. Understanding these nuances can be challenging, especially for first-time college students and their families.

Moreover, the financial aid landscape is constantly changing. Policies, regulations, and deadlines can vary from year to year. Keeping up with these changes requires time and effort, which many families may not have.

In short, navigating college financial aid can be a complex and overwhelming process. This is where a college financial aid coach can step in and provide much-needed guidance and support.

How a Financial Aid Coach Can Help with Merit Scholarships

Merit scholarships are a great way to offset college costs. They are awarded based on a student's academic, athletic, or artistic achievements. However, identifying suitable scholarships and crafting winning applications can be a daunting task.

A college financial aid coach can provide invaluable assistance in this area. They can help identify potential scholarships that align with the student's strengths and interests. They can also provide guidance on application strategies, helping students present themselves in the best possible light.

In essence, a financial aid coach can be a key ally in the quest for merit scholarships, helping students maximize their chances of success.

Navigating Need-Based Financial Aid with Expert Guidance

Need-based financial aid is a lifeline for many students. It's determined by the student's and family's financial circumstances. However, the process of applying can be complex and confusing.

A college financial aid coach can demystify this process. They can provide insights into eligibility criteria, application procedures, and deadlines. They can also help families understand how income and assets affect financial aid eligibility.

With a coach's guidance, families can navigate the need-based financial aid landscape with confidence. They can ensure they're taking full advantage of the aid available to them.

Student Loans: Making Informed Decisions with a Coach

Student loans are a significant part of college financing. They come in various forms, including federal, state, and private loans. Each type has its own terms and conditions, which can be hard to understand.

A college financial aid coach can help decipher these complexities. They can explain the differences between loan types, interest rates, repayment options, and more. This knowledge can help students make informed decisions about which loans to take.

With a coach's guidance, students can avoid common pitfalls. They can manage their loans effectively, reducing the financial burden after graduation.

Divorce, Separation, and Financial Aid

When parents are divorced or separated, figuring out whose financial information to use for college financial aid forms can be hard. This decision is important because it affects how much aid the student can get.

If either parent has remarried, the new spouse's income and assets might also be required. This can impact the aid amount and the overall cost of college. Knowing these rules and dealing with the financial complexities of divorced or separated parents is crucial for getting more aid and reducing college costs.

Grandparents (or other friends or relatives) and Financial Aid

It's always wonderful when friends and relatives offer to help with college costs.

Some grandparents may think that the college system is like it was 40 years ago, and that is definitely not the case! Research is key and so is communication with all parties—parents, students, and other grandparents or relatives—who are paying for a student’s college education. That way, everyone involved will get the most for their money without tripping over any financial aid landmines.

The Benefits of Hiring a College Financial Aid Coach

Hiring a college financial aid coach comes with numerous benefits. These professionals provide personalized advice, tailored to the student's unique financial situation and educational goals. They can help families avoid common mistakes that can lead to reduced financial aid.

Coaches stay updated on the latest financial aid policies, regulations, and deadlines. They can help with the completion and submission of crucial financial aid forms. This can save families time and reduce the stress associated with the financial aid process.

Here are some key benefits of hiring a college financial aid coach:

• Personalized advice based on the student's unique situation
• Assistance in avoiding common financial aid mistakes
• Up-to-date knowledge on financial aid policies and deadlines
• Help with form completion and submission
• Time-saving and stress-reducing

In short, a college financial aid coach can be a valuable resource in navigating the complex world of college financing. Please contact me if you'd like to learn how we can help your family reduce the cost of college!

Final Thoughts: Should You Consider a College Financial Aid Coach?

Deciding to hire a college financial aid coach is a personal decision. It depends on your unique financial situation, educational goals, and comfort level with navigating the financial aid process.

However, as we've seen, a coach can provide invaluable assistance. They can help maximize financial aid opportunities, reduce stress, and ensure a smoother transition to college life.

Until next month - Best Wishes!

Michael Korch

College Funding Counselor, Inc. | CollegeFundingCounselor.com | +1 (206) 590-0398

P.S. If you find this newsletter helpful, please share it with other parents like yourself!