By Curt Coulombe, CFP
Tonight, we will dress up ourselves and our children in costume, attend costume parties, and tell ghost stories of Halloweens past and Halloweens future. While those tales are spun for crowd pleasing and giggles, it is important to keep those fables in perspective.
I hear some great tales of college aid planning on a regular basis. Some of these are pretty spooky:
1) My child did not win a national merit award, so there is no hope.
Fact: There is significant aid available for middle and upper middle class families.
2) I have a nice home-that will surely disqualify us from any aid awards.
Fact: Under the federal methodology, home equity is not counted.
3) The people in the aid office of the university will help us.
These people are not your friends. While they can be helpful, it is important to remember their loyalty is to their employer.
There are plenty of scary tales taken as truths by families that are uninformed about the topic of college aid planning. Unfortunately, families that use these non truths in their planning can do themselves a great disservice. If there ever was a time to have accurate information, it is during the process of college aid planning.Curt Coulombe CFP