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To fully leverage your educational investments, you have to understand how the financial aid formula will be affected by how and when you use your investments. The choices you make could cost or save your family tens of thousands of dollars. Simple Tricks for Reducing College Tuition Costs... Additional Article Information: =============================== 642 Words; formatted to 65 Characters per Line Distribution Date and Time: 2008-12-23 11:48:00 Written By: Marc R. Hill Copyright: 2008 Contact Email: mailto:[email protected] For more free-reprint articles by Marc R. Hill, please visit: http://www.thePhantomWriters.com/recent/author/marc-r_-hill.html ============================================= Special Notice For Publishers and Webmasters: ============================================= If you use this article on your website or in your ezine, We Want To Know About It. Use the following URL to let us know where you have used this article, and we will include a link to your website on thePhantomWriters.com: http://thephantomwriters.com/notify.php?id=6465&p=load HTML Copy-and-Paste and TEXT Copy-and-Paste Versions Of Article Are Available at: http://thePhantomWriters.com/free_content/db/h/most-dangerous-christmas-gift.shtml#get_code --------------------------------------------------------------------- The Most Dangerous Christmas Gift to Give A High School Senior Copyright (c) 2008 Marc R. Hill Reduce My College Costs, LLC http://www.reducemycollegecosts.com Simple Tricks for Reducing College Tuition Costs... As the high school years wind down, parents begin contemplating how they will pay for their childrens college tuition. For those who are tackling this question for the first time, and for some who are tackling the question for the second, third, or fourth time, the mere consideration is enough to turn ones head prematurely gray. But, for those who receive good advice, gray hair can be postponed for a few more years. Many parents turn to the U.S. government and the federal financial aid system to help find additional money to assist with college expenses. To determine the extent and eligibility for this supplemental money, families are required to fill out the Free Application for Financial Student Aid or the FAFSA form. The FAFSA is used to determine the Expected Family Contribution (EFC), which in most cases is the starting point or minimum dollar amount a college anticipates a family to contribute toward their childs education in any given school year. Once a preliminary EFC is determined, financial aid packages are constructed for prospective students by the various colleges and universities. The EFC calculation is primarily based upon an assessment of parental and student income and asset values. The income and assets attributable to the student are assessed at a higher rate than those of the parents. Families with more money have a higher EFC than those families that are less well -off who are not expected to contribute as much. A higher EFC also indicates a student does not need financial help in the form of scholarships and other types of gifted aid, which do not require repayment. Instead, the student may only qualify for loans and other forms of assistance that require repayment and can result in thousands of dollars of interest charges. Worried about skyrocketing college costs, parents of high school seniors often suggest that grandparents make donations to Juniors college fund in lieu of holiday gifts. If theyre financially able to do so, most grandparents happily comply. After all, one reason theyve accumulated their wealth is to help younger generations achieve success, including going to college. Unfortunately, their generosity may devastate their familys finances. What most parents and even their financial planners dont realize is the timing of financial gifts is critical in determining how much their family pays for college. Doing this incorrectly not only could cause your child to lose scholarship and other forms of gifted aid, but your family will also be expected to contribute more towards your childs educational costs. When cash gifts are given to high school seniors for Christmas or Hanukkah, the money is in the childs name and bank account when the family completes the Free Application for Federal Student Aid (FAFSA) in January. Hence, this gift is assessed at the childs higher rate. The bottom line? The FAFSA considers the initial gift given in December as untaxed income and increases your Expected Family Contribution by fifty percent of the gifted amount. Additionally, since the money is in the childs bank account on the day the FAFSA is signed in January, it is now considered an asset of the child increasing your EFC by an additional twenty percent of the gifted amount. In total seventy percent of grandmas generous gift is swallowed up by the financial aid system without you even knowing it. The good news is that you can avoid these painful consequences by ensuring that your gift is given at the right time and in the right way. Saving money is only one consideration when putting a child through college. To fully leverage your educational investments, you have to understand how the financial aid formula will be affected by how and when you use your investments. The choices you make could cost or save your family tens of thousands of dollars. --------------------------------------------------------------------- Marc R. Hill founder of Reduce My College Costs, LLC a financial planner by training now works full-time as a publisher and coach to educate families about ways to dramatically cut college costs. Hill publishes a free monthly e-newsletter, the College Savings Tip Sheet. New subscribers receive two issues of Hills monthly eight page subscription newsletter, Affording College. Sign up now => http://www.reducemycollegecosts.com --- END ARTICLE --- Get HTML or TEXT Copy-and-Paste Versions Of This Article at: http://thePhantomWriters.com/free_content/db/h/most-dangerous-christmas-gift.shtml#get_code ..................................... 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No Unsolicited Commercial Email. * You Are Allowed to format the layout of the article for proper display of the article in your website or in your ezine, so long as you can maintain the author's interests within the article. * You may not use sentences from this article as an input for any software that steals sentences from others in order to build an article with software. The copyright on this article applies to the "WHOLE" article. *** Author Notification *** We ask that you notify the author of publication of his or her work. Marc R. Hill can be reached at: [email protected] *** Print Publication Reprint Rights *** If you desire to publish this article in a PRINT publication, you must contact the author directly for Print Permission at: mailto:[email protected] ..................................... 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