How to pay for college has been on many parents and students minds. Many programs to assist financially are on the chopping block or have already been eliminated. You may ask what are some things that you can do for yourself or your loved ones. Below is an excerpt from the Wall Street Journal that may be helpful.
For one, if your financial circumstances have changed materially, ask the aid office to review your aid package. Under a "professional judgment review," financial-aid officers can make adjustments to the aid package if there have been significant changes to the family's income or assets.
Another strategy: Since financial-aid forms ask parents to list the assets in their accounts the day they fill out the forms, aim to draw down those accounts as much as possible before filling out the paperwork--and soon enough that the change in assets will be reflected in account statements, suggests Fastweb.com's Mr. Kantrowitz. For example, families with hefty savings sitting in their bank accounts should use it to pay down any unsecured consumer loans, such as credit-card balances, since such debts aren't included in aid formulas, he says.
Source: Wall Street Journal
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