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Home › Articles › Education › The Financial Aid Puzzle

The Financial Aid Puzzle

Avoiding Financial Aid Foibles

By Alice Patenaude

Pages:  1  2  3  4  

After acquiring a driver's license and going to prom, the next big milestone that affects both today's teenagers and their parents is the college admission and financial aid application process.

What is college going to cost for that aspiring Web designer, doctor or lawyer in your house? In Illinois, public colleges run about an average of $12,000 to $15,000 per year. For private school, the tab is likely to be between $22,000 to $24,000 a year. If your son or daughter has his or her heart set on an Ivy League school, prepare for an eye-popping $35,000 per year.

The Financial Aid Puzzle-Avoiding Financial Aid Foibles How are you going to pay those hefty fees? If you're confused by the myriad forms, formulas and deadlines for financial aid, you're not alone.

Sorting Through the Information
"When my oldest daughter began her financial aid search two years ago, we didn't know where to begin," says Phyllis Smith, a Carol Stream, Ill. mother of two, one of whom is now a college sophomore. "I started collecting every article I could find on the topic and began searching Web sites and ."

Mistakes in the process can be costly in terms of a potential loss of financial aid, but there are guideposts to follow and potholes to avoid on the road to acquiring financial aid.

Certified Financial Planner Susan Daly has some tips. Daly is an owner of College Planners, Inc, a Bensenville, Ill. firm which, among other services, helps parents solve the financial aid puzzle.


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