The investment you make in your child or grandchild’s college education could be one of the biggest expenses you ever have, but it also could be one of the most rewarding investments of your lifetime. Being able to afford this invaluable learning experience often requires deliberate planning and years of diligent saving. Fortunately, FinTrust offers college planning services that will help guide you through this process in order to tax-efficiently save and invest for your loved one’s future and confidently afford the college of their choice.
Financial Aid Considerations
Qualifying for financial aid is of primary concern for many parents in order to minimize the financial burden that will fall on their shoulders or those of the child. There are three primary drivers of need-based financial aid:
- Cost of attendance
- Resources available from outside sources, such as scholarships
- Expected family contribution (EFC)
Being mindful of the student’s and parent’s income levels and assets held in the child’s name versus the parent’s name is of vital importance. Assets in the student’s name have a greater impact on financial aid than those held in the name of parents.