Don Croghan, CPA

Many families approach college with the goal of having their child accepted by a college, and they typically have a particular type of college in mind well before the process begins. Instead, the goal should be to get accepted at the college that “fits” the student and at the best possible price. Since most students don’t truthfully know if the college really “fits” them until they are on campus and face a personal challenge; this process usually doesn’t see its completion until the end of the freshman year.

So how does the family make sure they get the best possible financial aid package? The family and student need to start the process of being “acceptable” to a college at least by the freshman year in high school. Because colleges today are looking for students that can be an asset to their student body, they rarely look just a grades and classes taken in high school.

Position your student by taking the right course work and being involved in community, school or church activities. Being active in community organizations, doing some volunteer work and taking leadership roles in these activities shows the college admission department the individual is well-rounded and is likely to have interests beyond the classroom. These characteristics are desirable as a college student and as alumni!

The calculation of the EXPECTED FAMILY CONTRIBUTION (EFC) is another vital part of the planning process. The EFC is the starting point for what the family is expected to pay, from its own resources, toward the cost of the college education. If a family doesn’t know what the cost exposure is, proper planning cannot be accomplished. Several internet websites have basic EFC calculators.

A knowledgeable college planner can assist the family in making sure the family and student handle the entire college application process in an efficient and rewarding manner. With the cost of a four-year education ranging from $60,000 to $120,000, many families are finding college planners to be a real bargain.

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