Page 1 July 10, 2014 EL SEGUNDO HERALD Page 4 May 5, 2016 2. File Early The earlier you fi le the FAFSA, the better. Right now, you should fi le the FAFSA as soon as possible on or after Jan. 1, but starting in 2017, you can start as early as Oct. 1. Ten states award aid on a fi rst come, fi rst served basis, and 12 have hard deadlines in February and March. Specifi c schools can also have specifi c deadlines, and students who fi le early may qualify for more aid. So, as a rule of thumb, fi le the FAFSA in January to maximize your eligibility. 3. Minimize Income In The Base Year Using income and tax information from a previous year, or base year, the FAFSA calculates the fi nancial strength of your family. Because the formula is heavily weighted on All Price rAnges STARTING AT $500 The Jewelry Source 337 Main St. El Segundo. 310-322-7110 www.jewelrysourceUSA.com Like Us on Facebook ©2007 ONE DAY ONLY! Featuring Jewelry and Watches from Cartier, Tiffany & Co., special Celebrity pieces and much more! Gems set in gold and platinum from small collections and grand estates, here and abroad. income, it’s a good idea to reduce your income in the base year. If you can, avoid realizing capital gains. If you must sell stocks, bonds or other investments, try to offset capital gains with losses. Taking retirement plan distributions during the base year will also count as income. 4. Reduce Reportable Assets Minimize your money in the bank by using it to pay credit card and loan debts. This not only makes good fi nancial planning sense, but may help you qualify for more aid. 5. Maximize The Number Of Children In College At The Same Time Something as simple as having more than one child in college can dramatically increase your changes of receiving more fi nancial Finance Making The Most Of College Financial Aid: 7 Tips You Should Know (BPT) - What do parents of toddlers and parents of high school students have in common? Both worry about paying for college. With the constantly rising costs of higher education, fi nancial aid becomes more important than ever for making the dream of a college education possible. So if you’re interested in receiving fi nancial aid, where should you start? “The Free Application for Federal Student Aid, or FAFSA, is your gateway to money for college from both the federal and state governments for most colleges and universities,” says Mark Kantrowitz, author of “Filing the FAFSA” and “Secrets to Winning a Scholarship.” “Filing the FAFSA correctly is crucial, as it has a direct effect on how much money you receive from various types of fi nancial aid.” College Ave Student Loans partnered with Kantrowitz to offer top tips for maximizing your need-based fi nancial aid for college: 1. Save Strategically When it comes to covering the cost of college, fi nancial aid should be at the forefront of your mind, whether you’re ready to fi le the FAFSA right now or not. It’s best to save money for college in a parent’s name, rather than the student’s, as the FAFSA assesses money in the parent’s name at a much lower rate. Every $10,000 in student assets reduces aid eligibility by $2,000, while every $10,000 in parent assets only reduces eligibility by up to $564. aid. While you can’t change the ages of your children, you can use this impact on aid eligibility as a deciding factor when determining whether to allow your child to skip a grade. 6. Seek Generous And Low-Cost Colleges There are many generous colleges, including some in the Ivy League, which implement “no loans” fi nancial aid policies. This means they replace loans with grants in the student’s need-based fi nancial aid package. Additionally, in-state public colleges are likely to be your least expensive option, especially after subtracting gift aid, grants and scholarships. 7. Organize Your Documents And Information Filing the FAFSA is all about the details. Pay attention and stay organized to get the job done right, starting by fi ling the FAFSA for the correct year and staying on top of deadlines. Make sure to use the right Social Security Number, date or birth, marital status and correct fi nancial information. Follow the instructions and fi ll out the forms as carefully as possible to get the most accurate results. Once you receive your fi nancial aid award letter and assess your savings, you’ll have time to consider taking out a loan. If you need it, fi nd a simple option that works for you, such as College Ave Student Loans. Navigating the world of fi nancial aid can be tricky, so follow these tips to maximize your eligibility and make college a reality. For more information and resources, visit collegeavestudentloans.com. • 2. File Early The earlier you fi le the FAFSA, the better. Right now, you should fi le the FAFSA as soon as possible on or after Jan. 1, but starting in 2017, you can start as early as Oct. 1. Ten states award aid on a fi rst come, fi rst served basis, and 12 have hard deadlines in February and March. Specifi c schools can also have specifi c deadlines, and students who fi le early may qualify for more aid. So, as a rule of thumb, fi le the FAFSA in January to maximize your eligibility. 3. Minimize Income In The Base Year Using income and tax information from a previous year, or base year, the FAFSA calculates the fi nancial strength of your family. Because the formula is heavily weighted on income, it’s a good idea to reduce your income in the base year. If you can, avoid realizing capital gains. If you must sell stocks, bonds or other investments, try to offset capital gains with losses. Taking retirement plan distributions during the base year will also count as income. 4. Reduce Reportable Assets Minimize your money in the bank by using it to pay credit card and loan debts. This not only makes good fi nancial planning sense, but may help you qualify for more aid. 5. Maximize The Number Of Children In College At The Same Time Something as simple as having more than one child in college can dramatically increase your changes of receiving more fi nancial Finance Making The Most Of College Financial Aid: 7 Tips You Should Know (BPT) - What do parents of toddlers and parents of high school students have in common? Both worry about paying for college. With the constantly rising costs of higher education, fi nancial aid becomes more important than ever for making the dream of a college education possible. So if you’re interested in receiving fi nancial aid, where should you start? “The Free Application for Federal Student Aid, or FAFSA, is your gateway to money for college from both the federal and state governments for most colleges and universities,” says Mark Kantrowitz, author of “Filing the FAFSA” and “Secrets to Winning a Scholarship.” “Filing the FAFSA correctly is crucial, as it has a direct effect on how much money you receive from various types of fi nancial aid.” College Ave Student Loans partnered with Kantrowitz to offer top tips for maximizing your need-based fi nancial aid for college: 1. Save Strategically When it comes to covering the cost of college, fi nancial aid should be at the forefront of your mind, whether you’re ready to fi le the FAFSA right now or not. It’s best to save money for college in a parent’s name, rather than the student’s, as the FAFSA assesses money in the parent’s name at a much lower rate. Every $10,000 in student assets reduces aid eligibility by $2,000, while every $10,000 in parent assets only reduces eligibility by up to $564. aid. While you can’t change the ages of your children, you can use this impact on aid eligibility as a deciding factor when determining whether to allow your child to skip a grade. 6. Seek Generous And Low-Cost Colleges There are many generous colleges, including some in the Ivy League, which implement “no loans” fi nancial aid policies. This means they replace loans with grants in the student’s need-based fi nancial aid package. Additionally, in-state public colleges are likely to be your least expensive option, especially after subtracting gift aid, grants and scholarships. 7. Organize Your Documents And Information Filing the FAFSA is all about the details. Pay attention and stay organized to get the job done right, starting by fi ling the FAFSA for the correct year and staying on top of deadlines. Make sure to use the right Social Security Number, date or birth, marital status and correct fi nancial information. Follow the instructions and fi ll out the forms as carefully as possible to get the most accurate results. Once you receive your fi nancial aid award letter and assess your savings, you’ll have time to consider taking out a loan. If you need it, fi nd a simple option that works for you, such as College Ave Student Loans. Navigating the world of fi nancial aid can be tricky, so follow these tips to maximize your eligibility and make college a reality. For more information and resources, visit collegeavestudentloans.com. • STARS & STRIPES A M E R I C A N M A D E C L O T H I N G S T O R E COME CHECK US OUT! 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