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VGLICollege Planning
College Savings Checklist
- A college education is the best investment you can make in your children. Start saving early!
- The earning potential for a college grad is significantly more than a high school grad over their lifetime.
- 90% of all families will qualify for some form of financial aid.
- WHERE you save is as important as WHAT you save.
- Use a College Planning Specialist. They will help you understand what does and doesn't count in the financial aid equation (which CPAs, Financial Planners, and Brokers many times don't know).
- Wondering how much it will all cost? Click on the calculator to view a college tuition calculator:
College Admission Checklist
You are ready to graduate high school or trade in that military uniform and head for college. Here are some helpful hints for both gaining admission to the college of your choice and finding extra money to pay your college expenses if you haven't saved enough.
- Find the Right School. Research schools on the web. Use FastWeb link for both college and scholarship searches. Another resource for college information and financial aid is Peterson's.
- Complete Applications Carefully. Approach each application as if it were the only one you were submitting. Read all directions and follow them precisely. Make a rough draft, revise, and proofread.
- Be Creative with Application Essays. Hone your unique point of view. Be clear, concise, and very well organized. Check and double check all spelling and grammar.
- Submit Early and Watch for Deadlines. You can't afford to miss a deadline. Keep a tickler file and note your calendar well in advance of any deadlines.
- Obtain Excellent Recommendation Letters. Choose people you know well and don't be shy about contacting the congressman from your home district. Provide them with any required forms, a stamped addressed envelope, a list of your accomplishments (a proposed letter helps in the case of someone you may not know personally, such as the congressman), and the date the recommendation is required.
- Follow Up. Don't leave anything to chance. If you haven't received a response in a reasonable period of time, make sure your request was received.
- Interviews. If an interview is required, prepare!! Practice with friends or family and have them ask you possible questions. Dress for success. Try to stay calm. Always send a thank-you note.
Scholarship and Financial Aid Tips
- Apply Selectively. Read all the requirements and only apply if you are eligible. Use FastWeb link for free scholarship and college search. Also check out Federal Student Aid website and the FINAID website.
- Be Thorough & Neat. Answer every question completely. Put N/A (not applicable) as opposed to leaving a question blank. If possible, type your application.
- Follow Directions. Submit everything required, but don't send things that aren't requested. If in doubt, call the organization and ask questions.
- Essays. If required, ensure your essay is personal and specific. The more details, the better. After you finish the first draft, put it aside for at least one day before you read it again.
- Submit Early and Watch for Deadlines. You can't afford to miss a deadline. Keep a tickler file and note your calendar well in advance of any deadlines.
- Before Mailing. Proofread everything very carefully. Get someone else to proofread it also. Make copies of everything. Make sure your name appears on every page in case any pages become separated. Good luck!
- Veterans. Some special information regarding financial aid for veteran's and their dependants may be found on the FINAID Website.
- Review additional financial aid information from The Department of Education.
- Another reference you may want to check out is an article on Consolidating Student Loans provide by The Simple Dollar website.
- A popular way to save on your own for college is the 529 Plan. It offers tax deferred accumulation and tax-free withdrawals as long as the money is used for education. (Caution: 529 Plans will count against you in the financial aid equation.) For a detailed explanation of 529 plans click on the picture below to download or view the Guide to Understanding 529 Plans.
Guide to Understanding 529 Plans
