Financing College
By Kristin Davis
Kiplinger Books, $15
ISBN 081292827X
Review by Michael Pellecchia
Is your child a high school junior this year? Then it is not too early to start planning for college financial aid eligibility. While such aid may cover only part of college expenses, it's best to maximize it. You have until January 1997 to tinker with your finances before the year of truth kicks in. Because in early 1998, you'll fill out applications for student aid, based on federal formulas that most schools accept. These applications will include your income and assets from calendar 1997. The first form is the Free Application for Federal Student Aid, called FAFSA. It determines eligibility for federal aid and some other aid as well. The bottom line from this form is your EFC, or expected family contribution. What you do by the end of 1996 can help minimize this. Some colleges ask for another form, called PROFILE, which requests more information than FAFSA.
Kristin Davis's Financing College contains helpful information for parents and students of all ages and situations. The college financial aid situation today is not a level playing field for parents. It can pay to plan ahead, not only with savings strategies, but also with allocation strategies.
Michael Pellecchia writes about business and finance books for this publication. He can be reached at michael_pellecchia@bookpage.com.
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