When should my daughter start applying to colleges? Also, we have some $ set aside in just a regular savings account. Someone said I should move it or hide it, is this true?
2006-11-21 04:04:45 · 5 answers · asked by I'mDone 2 in Education & Reference ➔ Higher Education (University +)
Federal Financial Aid is based on the previous year's income. I am not aware of any concern about savings accounts.
You daughter should begin to research universities and make some choices, perhaps apply to 5 or 6 good schools about a year before she would attend. Has she taken the ACT or SAT? Some schools will not consider admission until the tests scores are submitted.
Anyway, it is a process so start early to find out what each university requires and when it has to be in. Also, check with financial aid offices about scholarships, etc. Many of them require essays to be written and will take time. They too have deadlines.
If you begin the process a year before she plans to go, you will not be rushed and have time to do everything.
Best Wishes,
Sue
2006-11-21 04:16:35 · answer #1 · answered by newbiegranny 5 · 0⤊ 0⤋
First, she should go to the guidance dept at her school and have a talk with the counselor about her college applications. In my kids school they have a series of meetings every year for the kids and parents to remind them how the process works.
OK, then you need to go to the library and start reading through the books that tell about different colleges. There are some really good books about college choice, so ask the librarian to help you.
AS far as the money is concerned there are several options. If your daughter is a very, very good student, then she can get a Merit scholarship at quite a few different colleges. If she is a good student but not great, then she probably will not get any merit scholarship, but she can still get a 'need-based' scholarship based on her financial need. In order to calculate whether she is elibible for this, you must complete some financial forms, mainly the form called the FAFSA. The guidance counselor or the books in the library explain all about this. She can get a scholarship and loans based on how much you make. When they calculate how big a loan to give her, they will take into consideration how much money you have saved. But unless it is many thousands of dollars and you have a pretty high income, it is not going to make much difference in the calculations.
Yahoo is NOT the place to get accurate information about this topic. You need to get more reliable information. Sending you daughter to college is going to cost many $1000s of dollars, and if you do not do some research, it will cost you a lot more than it needs to! And, she will wind up with a bad education.
So, start working on your research right away and by the time she does her applications in the fall of her senior year, you will know what you're getting for your money.
2006-11-21 04:19:42 · answer #2 · answered by matt 7 · 0⤊ 0⤋
get her set up to take the SAT and ACT this summer. Start looking at what colleges she's would consider attending and visit them over the summer..
also next year check the FAFSA (financial aid).
also fastweb.com has Scholarships she can apply for.
my daughter was set on 1 college visited it twice and she ended up going to a different one..
2006-11-21 04:20:04 · answer #3 · answered by TC_43 3 · 0⤊ 0⤋
Apply now! Apply for grants and aid now! Put money from savings in to high yeild CD! See if your bank has program for college funds!
2006-11-21 04:13:32 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you do not fully disclose your assets on FAFSA and other financial aide applications, you are asking for trouble.\
And yes, assets can matter in federal financial aide.
2006-11-21 05:14:19 · answer #5 · answered by ty 3 · 0⤊ 0⤋