Don Croghan, CPA

Hello everyone! I hope you’re getting ready for the Thanksgiving weekend and all the joys this time of the year brings!

In my last posting, we discussed the admission process and how you should apply to at least 6 colleges and not get trapped into the “early decision” mistake.

Applying to at least six colleges lets you know what is out there as far as financial aid packages and what colleges have to offer your student in grants and scholarships.

I am often asked if you have to visit each of the schools to which you apply. Well…yes. It’s a good idea to visit so the school knows you are somewhat serious. They will start a file, make notes on how your visit went, evaluate whether you are the kind of student they want on campus, etc. And the bonus: you get to evaluate them and compare their campus and educational offerings with the other colleges you are considering. Who knows, this may be the “diamond in the rough” that will make all the difference in your college experience.

I always preach to not make up your mind on your college choice until you have visited several schools. Many students make up their mind before they make their first visit (I’m going to XYZ University because……and that’s all there is to it!). Gosh, you’re spending $60,000 to $150,000 on college, the least you can do is invest a few hours and dollars to make an informed decision.

Enough of my preaching. So how do you let the colleges know you are “looking around”? The FAFSA (Free Application for Federal Student Aid) is the form families fill out to apply for financial aid (more on the FAFSA later). On the form is a section where you can tell what colleges you wish to have the financial information sent. There are spaces for six colleges, but you can send info to more that six if you wish. This very simple step lets all the colleges on the list know they are not the only college you are considering. It is very important that these schools be chosen with some kind of thought process. Naturally they should all fit into your educational plans, but if you have a favorite college on your list (the one you would most like to attend if everything works out), there should be a couple of schools that “compete” with that school for students. It may be another school in their athletic conference, it may be a school in another part of the country with a similar reputation for excellence in their educational programs, etc. The idea is to create competition for your student.

Competition leads to better financial packages!!

Well, I’m getting kind of long winded. Next time I’m clue you in on completing the FAFSA. Remember this is the form that tells how much of the college expense you are expected to pay out of your own pocket. You can’t imagine the errors that get made on this form!

Until then, Happy Thanksgiving!

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