Your Support Network
If you were to build a new home, it would be unlikely to construct it on your own. It is faster if you use a team to make it happen. It involves realtors, lenders, builders, surveyors, subcontractors, excavators, foundation layers, companies, brick masons, framers, carpenters, window and door installers, plumbers, electricians, HVAC installers, roofers, floor and tile layers, painters, plasterers, cabinet makers, asphalt, and brick masons, and so on. I hope this example describes the talented people who can build a home. Wow! You probably have not realized how many people were needed to complete construction. The exact process occurs when teams build products, make decisions, run governments, and help families with college financing. On the other hand, it may not be necessary if your situation is simple, you are Pell Grant Eligible, and your unmet need has been satisfied via financial aid.
Search for those that are highly recommended by people you know. Check their years in business, the scope of their services, and their success stories. Confirm that they are positive, friendly, honest, and fair. Evaluate their demeanor, such as looking you in the eye, providing straight answers, and giving a firm handshake. Know what you need and how comfortable you are with the potential relationship. In addition to the services of a reputable financial aid consultant, families can expect to interact with a wide array of resources that will provide varying degrees of support. Here are several of the players.
The Team
I think it's a good idea to search for those who come. Check their years in business, scope of services, and success stories. Confirm that they are professional, honest, and fair. Look at their demeanor. Do they look you in the eye, give straight answers, and provide a firm handshake? Know what you need and how comfortable you are with the potential relationship. In addition to their services, families can expect to interact with various resources that provide varying degrees of support.
Guidance Counsellors
They provide an expansive array of services to understand and support the student’s needs, considering the high school’s rules, educational standards, and goals. Because of the large student caseloads, guidance counselors may not have sufficient time or expertise to provide comprehensive financial solutions to pay for college. They recommend college information sources and do their best with limited time and resources.
Friends, Family, and What You Overheard
Honest feedback is healthy and encouraged as long as parents keep an open mind and realize that each student’s credentials and family’s financial circumstances differ—network with others to learn as much as possible from those whose advice is valued. Keep on networking with trustworthy resources while keeping ongoing lines of communication.
Financial Aid Consultants
Financial aid consultants collaborate with other resources, especially regarding financial planning, tax filing, and legal matters involving custodial and non-custodial parents.
Providers of College Funding
There are several kinds of resources to fund your education. U.S. Department of Education (Federal Loans) https://studentaid.gov/
· Banks and lending institutions (bankrate.com and or internet searches
· Custodians of your retirement and other investments where your assets are kept (retirement plan administrators)
· Custodians of trusts for your education (administrators and or lawyers)
· Grandparents and generous relatives (Be lovely to them and remember to stay in touch!)
· Winning the lottery (Local store): It’s a small investment with a high likelihood of losing.
Tax Accountants and Planners
The timing and reporting of income, capital gains, tax filing status, interest, dividends, business income, sale of assets, personal and untaxed incomes, rental income, etc., will impact the SAI (Student Ai Index). The most critical impact tax professionals offer is preparing timely tax returns for the FAFSA. If one is unavailable, you may be allowed to use the tax return from a prior year.
Financial Planners and Advisors
Financial planners take a longer-term approach to managing your money in a more personalized way. A qualified financial planner can complete a rigorous exam to become a certified Financial Planner CFP®, further adding to their credibility. Also, check httwhich/brokercheck.finra.org for state regulators and backgrounds before your decision.
Money Managers
Money managers focus on current challenges, such as investing decisions and stock and insurance purchases. They also have specific licenses to sell securities, such as tax-sheltered annuities.
They could be commission-based, fee-based, or fee-only. The fee-only option would be best if you only want recommendations and are not pressured to buy products.
I Should Have Known Better
I banked at 9% interest at a local bank. Months later, I met an insurance agent (commission-based) who convinced me for eight years. I couldn’t withdraw more than 10% during that period without a significant financial penalty. No matter what, I was stuck with that annuity for eight long years unless I liquidated it and purchased another that could result in a similar predicament. The annuity did well, but not as much as I hoped. I missed the personalized service and his mission to make larger commissions without regard to my needs. I took a deep breath to temper my emotions before I told him to take a long hike. This taught me a good lesson about using the right person who I could trust. The person I later found was well-certified, not pushy, and took the time to explain things and reviewed my portfolio for periodic reallocations. It was well worth finding the right person.
Family Law Attorneys
They need to know how the child support and alimony payments are reported on financial aid forms before structuring an amicable divorce or legal separation decree. If they have been consummated, there may be little that can be done short of another hearing. Then, a financial aid consultant can address more beneficial terms and conditions related to child support and alimony payments to increase financial aid. The consult may include several “what-if” scenarios, including custodial and non-custodial incomes, contributions, duration, and whether it will impact their financial need.
Admissions Departments (Enrolment Management)
These departments screen all early decisions, early action, typical applications, essays, grades, letters of recommendation, and adherence to filing deadlines. Screenings are circulated to several people or committees based on school standards. Applicants are either accepted, students with financially related forms, answer questions, audit financial aid applications, ensure all back-up was received, and identify erroneous and conflicting information. Such information may be when a parent reports no assets on a FAFSA but includes interest and dividends on their federal income tax return. The consequence is that the parent needs to provide the required backup to make corrections or may forfeit financial aid. Financial aid administrators also work with the admissions department to package merit and need-based financial aid awards and work on financial aid appeals. You know, titles and duties will vary by college.
Campus Tour Guides
Tour guides are enthusiastic student ambassadors who accentuate the positive aspects of their college. They interact well with interested students and families by answering their questions. They can provide exciting and interesting information about student life and institutions' academic experiences. Campus tours may include presentations by admissions and financial aid officers and tours of exciting majors or deferred until later when accepted students decide to attend another college. They work with the office of financial assistance staff to package need-based and merit aid to create acceptance, rejection, or deferment letters.
The financial aid package may be accepted, rejected, and or appealed. College applications such as the Common Application are reviewed by a reader of your test scores, essays, high school ranking, rigorous and AP courses, recommendation letters, extracurricular activities, interviews, and other pertinent information. They may also add comments and recommendations or commentaries before going to admission committees, which vary by college. They decide to accept, reject, or defer admissions.
College Coaches
College coaches recruit prospective college athletes to offer full or partial scholarships. They usually have a pool of scholarships to award and work with the admissions office to sweeten the pot for the most sought-after athletes. Working with coaches should start early in the student’s junior year in high school.
College Representatives
They are ambassadors who market their colleges through college fairs, high school presentations, and meetings with guidance counselors, teachers, and coaches. Their goal is to provide information to generate interest in their college, discuss affordability, and network with school staff. Presenters may include directors of admissions, directors of financial aid, college presidents, current students, and graduates. College representatives may also become personal contacts regarding admissions and exceptional circumstances.
Bursar /Student Financial Services
Financial administrators manage student accounts here. They handle student billing and receivables, interface with lenders, installment payment plan providers, and scholarship administrators, and work closely with financial aid and other departments. They may also send tax statements such as form 1098-T, Tuition Statements, and other financial services.
College Advisors
College advisors help students select majors, drop and add courses, resolve personal and academic problems, review academic progress, and provide other resources.
They consult with students to help them plan for their futures. Some departments provide job and career search strategies, resume development, and job search strategies. Students should proactively use these services to stay in touch with the labor market and choose courses that benefit them.
Student Financial Services
They do a remarkable job managing and coordinating financial aid programs. Yet, there are mixed dynamics, and the quality of service often depends on the college and who answers the phone. Can you obtain the name of the person who helped you?
Alums and Recent College Grads
What better way to gain meaningful insight about each college than from current students and alums who can provide valuable insight about the college? Some websites also offer mostly positive applicant insights and comments, especially if the comments are consistent.
Librarians
Librarians with a Master of Library and Information Science are trained to connect patrons with resources such as publications, online websites, and seminars. They may introduce you to professional journals, newspapers, research services, and quiet places to review and absorb your reading. Some colleges may also offer access to their facilities with prior approval. They should have campus magazines, research papers, and names of contacts.
I am sure many others could be added to the list, but I decided to stop while I was ahead.