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Plan for Tomorrow

Live for today

Live for today

Let us help you plan for the future.

Financial Aid Timeline

Whether your student is starting elementary school or finishing high school, it is never too early, or too late, to plan. 

At Morlock & Company, LLC, we help parents by setting a strategy now.  In doing so, you will be in a better position to help your student come up with the necessary funding solutions when the time occurs.

 

The following outline will help you, and your instructor, track the steps necessary for your planning success.

 

 

 

                           Develop a financial budget for college expenses

 

 

o         Determine your budget for college expenses

o         Have a family discussion regarding your education budget

o         Qualify student expectations

 

                           Evaluate and monitor current and future college costs

 

 

o         Public vs. Private

o         Living on campus or at home

o         Monitor the rising cost of college

 

                           Evaluate tax advantaged savings plans, tax credits and tax deductions

 

 

o         529’s, Coverdell Education Savings Accounts, Savings Bonds

o         Roth/Traditional IRAs

o         Traditional savings and investment accounts, UTMA/UGMA accounts

o         Hope/Lifetime credits, student loans/higher education expense deductions

 

                           Determine financial aid profile

 

 

o         Expected Family Contribution (EFC)

o         Review aid history and policy

o         Gift Aid – scholarships, grants

o         Self Help – ROTC, work study programs, student and parent loans

 

Fall – Junior Year:

 

 

 

                           Manage financial aid eligibility

 

 

o         Income timing / reduction strategies

o         Evaluate impact of assets on aid eligibility

o         Manage debt

o         Evaluate special circumstances

 

Fall – Senior Year:

 

 

 

                           Apply for financial aid – determine the forms required by each school

 

 

o         FAFSA – register at pin.ed.gov

o         CSS Profile – register at collegeboard.com

o         Institutional school-base forms

o         Scholarship applications

 

                           Know your school’s deadlines

 

 

o         Early decision / early action

o         Regular decision

§          CSS Profile – no earlier than September 15th

§          FAFSA – no earlier than January 1st

Spring – Senior Year:

 

                           Check with colleges to confirm receipt of all aid applications

 

 

 

                           Evaluate and compare offers

 

 

o         Petition for additional financial aid, if necessary

o         Provide schools with final tax returns

o         Send commitment letter and deposit to college of choice