The New Rules of Financial Aid
Everyone knows that the cost of college is waaaaaay of hand...
...except the Department of Education, it appears.
This year, they're implementing the largest overhaul of the rules about financial aid eligibility in 40 years.
I've seen these new rules, and they ain't pretty, for the most part. Actually, they're pretty damn anti-middle class.
One of the changes that hits close to home for me, personally, is the one that pulls off the table the credit, or "discount" in the rules for families with multiple children in college. I have three kids in college, which is why I'm taking this personally. But it's not just me, 60% of families have more than one child in college.
Under the old rules, if you had two in college, your eligibility would be DOUBLE that of someone with the same income, savings, etc. but only one child in college.
Now, both families are eligible for the same amount. Even a family with quintuplets would be treated the same way as a family with one child. (We had a client with quintuplets years ago. The mom was the most mellow, chill lady ever - and so were the kiddos.)
So there's a bunch of crappy changes. But that doesn't necessarily mean that you have to just suck it up and accept it. Tonight I'm doing a last-minute, quickie webinar on the changes -- and my thoughts and strategies on how to cope -- if you're applying for financial aid this year and beyond. It will be live and informal (as opposed to my other webinars, which are black tie).
Here's some of what's on tap tonight:
*Rules changes for families with more than one child in college
*Rules changes for business owners
*Rules changes for divorced families
*Rules changes for how contributions from grandparents or others are treated in the financial aid formulas
*Changes in the timing of when you file
*The effect of the changes on students who apply Early Decision and Early Action
*More -- including your questions, live in chat
Here's where to sign up for this one-time, live event:
This is a live event, we're not set up for a replay.
Please share this with anybody who could use this information, you won't get it from your guidance counselor.
- Andy "Not Popular With The Guidance Counselor Community" Lockwood
P.S. I was kidding about the black tie comment. My webinars are "business casual."
P.P.S. There will be more lame jokes tonight. Govern yourself accordingly.