College Admission Help

College Costs are Funded by Savings, College Scholarships, Loans and Current earnings

By Robert Fredrikson
Fredrikson Financial Advisors

Research FAFSA and aid formulas determine your "contribution and need." Assets and income that determine contributions are treated differently based on the source, type and owner.
Apply for acceptance and financial aid as soon as possible at several schools. Enrollment, scholarship and grant money are limited and often awarded to the first to qualify.
Save as early as feasible but not at the expense of financial goals. Build in flexibility as the amount of "need" may not be known until the first semester.
Keep money out of the child's name, by avoiding UTMA/UGMA accounts except for the child's own money. The Indiana 529 plan offers a generous 20 percent matching tax credit (up to $1,000) per year for Indiana residents, including other family members.
Have a frank conversation about commitment and repayment expectations. You would be amazed at how many parents are paying their working kids' loans and not funding their own retirement.
Be flexible. If the aid package is not enough, consider a different school with a more generous offer. Community college also can be cost-effective.
Advisory services provided through Creative Financial Designs, a registered investment adviser; securities are offered through CFD Investments, a registered broker/dealer and member FINRA & SIPC. Fredrikson Financial Advisors is not owned or controlled by the CFD Companies.


College Costs are Funded by Savings, College Scholarships, Loans and Current earnings