FAFSA and Education Financing and Planning

Minor, adult, married, or single––whether your child is heading to college or if you want to return to class for additional education, you don’t want to leave any financial aid on the table. The Free Application for Federal Student Aid (FAFSA) is the form to fill out to apply for loans, grants, scholarships, and work-study opportunities. 

It’s never too early to start planning or too late to consider more education. With a financial expert by your side, you can be sure that forms are filled out correctly and you take advantage of every possible opportunity for assistance.

Our FAFSA Process

Even if you don’t think that you’ll be eligible for financial aid, filling out the FAFSA is always a smart move, since it can open up opportunities you never knew existed. Also, many universities will not even consider aid if the form is not submitted. Every state has its own deadlines and specifications surrounding FAFSA submission, so it’s recommended that you check with the locale in question.

In order to help you apply, our certified public accountants will need certain personal and financial information from you. Once we have that compiled, we’ll get to work on the application and submit it on your behalf. With the application complete, we can then pinpoint your Expected Family Contribution (EFC), which will help to determine whether you qualify for financial aid and what is available. Once we know that number, we can then help you find the right loans, grants, scholarships, or other means of funding your education goals.

Education Planning and Financing

Close to half of all high school seniors–or their families–will find it necessary to take out loans in order to pay for a college education. The same is often true for students who return to school later in life. Given the high likelihood of the need for a loan, families can begin to plan early so that when the time comes, college doesn’t pose a financial burden. 

It has been said that planning in advance for education expenses should be viewed as akin to retirement planning, and we’d have to agree. When financing is handled early on, a student can spend time preparing for entrance testing, finding and applying for merit-based scholarships, and selecting the best school to attend. 

It’s never too early to begin planning and saving for an education. That being said, if this hasn’t been possible for you, financing is always a solid option. Working with a certified public accountant means that you will be able to hand-pick the right loan and conditions for your situation, whether federally-backed or private. Financing options could also involve tapping into a home equity line of credit, establishing a 529 plan, or other methods, tools, or investment vehicles.

You could have other questions that need answers, such as:

  • What can FAFSA money be used for?
  • What kinds of financial aid are available for me?
  • How does financial aid work?
  • How are FAFSA results calculated?

At NMS Certified Public Accountants, we can help you to afford all-important education while not putting your finances in jeopardy. Get in touch with your local CPA at NMS to discuss loan options, financing, and how to apply for financial aid, including through FAFSA preparation. If you already have your aid offer and you need help deciphering the results, we can help there too.

Reach out to NMS, your trusted Ohio CPA firm to get started and learn how you can afford an education for yourself or your child.

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