The New Best Way to Pay for College Is to Hire a Financial Aid Consultant.
Making your own personal financial aid expert looking out for your best interests is just as critical as having a good defense lawyer. Throughout history, we have become highly dependent on experts to inform us on the most nuanced and complicated aspects of our lives. A tax professional can assist us in preparing our taxes, a personal trainer can assist us in getting in shape, a nutritionist can assist us in choosing our meals, a financial advisor can assist us with our budgets, and a realtor can assist us in finding our dream home. A personal financial aid specialist works on behalf of their clients, aiding them and their families in managing the dynamic and ever-changing financial aid process. Click here to find more about law firm
To grasp the importance of a Consultant and why so many families pursue their assistance, it’s important to first comprehend the cost of a college education. College tuition has risen throughout the country, according to a recent College Board survey. The average in-state public college tuition increased to $22,261 per academic year, while private college tuition increased to $43,289 per academic year, according to the study. Although about two-thirds of full-time students earn grants or tax cuts from the federal government, more are left to foot the bill. According to the Institute for College Access & Success Project on Student Debt, two-thirds of the 2011 graduating class had student loans, with an average debt of $26,600. According to the United States Department of Education, 13.4% of all borrowers will default on their student loans within three years of graduation.
Traditional Sources of Assistance
In the past, one out of every seven FAFSA (Free Application for Federal Student Assistance) forms has had mistakes or irregularities, which is one of the leading causes of students losing any or all of their financial aid. Many families just don’t know where to look, when to look, how to look, or don’t have the time or resources to look for additional grants and scholarships outside of the FAFSA, and they end up disappointed trying to compete for the free assistance. Most of these problems could be avoided if students and families used a consultant, but most students and families rely on conventional services, which provide minimal assistance in receiving financial aid.
Families typically receive financial aid information and assistance from four key sources:
Guidance counsellors in high school – for many families of college-bound students, guidance counsellors are their first source of awareness and assistance. Unfortunately, most counsellors are overworked and lack proper training and knowledge of the college funding process’s rapidly changing policies and regulations. These vulnerabilities can cost a family tens of thousands of dollars in assistance.
Your financial aid office – maybe the best source of information, with well qualified workers who are up to date on policies and legislation, but they, too, face challenges. Most colleges do not provide information on external grants and scholarships that are not provided by their institution. The overwhelming workload of thousands of students who apply or reapply for help each year is their greatest challenge. Due to the large number of applicants, advisors are unable to devote enough time to each student, leaving the student and their families to fend for themselves during the application process.
The internet – While the internet can be a valuable resource, there is a chance of mistakes and even fraud if you do not have an expert to decode all of the details and protect you.