The most important part of the Student Aid Report is at the top of the page. This is where you'll find an estimate of your Expected Family Contribution (EFC), the amount of money that the government calculates you should pay for your child's education.
Now, when you have completed the FAFSA, you were asked a ton of personal questions. Not one of those questions asked how much you think you can afford to pay. It's a shame because that question you could have answered easily. Chances are, the financial aid administration will get it wrong; the amount they think you can afford will usually be much, much higher than the amount you think you can afford.
If you've already received your SAR, your Student Aid Report, or if you're still waiting for it, you should keep that in mind before you open the envelope. You're not likely to see a big fat zero there. It rarely happens.
The vast majority of parents take one look at the EFC figure and wonder how and where are they going to find that kind of money. That's the next stage of the college process.
In the first stage of applying for financial aid, you gathered the information and completed the forms. In the second stage, you have to find the money. This is as much a part of going to college as taking ACT's and choosing a major. There's a whole range of specialized loans and grants that you can apply for, including some with very low interest rates and payments deferred until after your child graduates. Many, if not most college students use them, and they are a great way of raising the extra cash.
Grants and loans aren't the only method you can use though. Another method that makes paying for college far easier than you might imagine is a special mortgage technique that gives you the money you need on a tax-favored basis. This method doesn't work for everyone but if it does work for you, you should be able to kiss your EFC headache goodbye. If you'd like to know more about this technique- and find out if it will work for you or if you'd just like to learn more about all the other grants and loans available for college students and their families, just give our office a call at (866) 949-7935 or visit our website at http://www.proedserv.com
