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Follow this path to college financial aid

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in Small Business Tax,Small Business Tax Deduction Strategies

The cost of sending children to college these days is daunting. If you’ve been successful financially, you may think that you can’t qualify for any need-based financial aid. Think again.

If you correctly navigate the ins and outs of the financial aid game, you can still grab a piece of the pie, even with a relatively high income.

Advice: Improve your odds of securing financial aid by reducing certain income items with tax-smart planning.

Focus on the base year

To earn need-based financial aid from the federal government (including Pell Grants, Perkins Loans, Stafford Loans and work/study aid), high school students generally must file the Free Application for Federal Student Aid (FAFSA) form after Jan. 1 of the year in which they intend to enter college. All state—and many school-based—assistance programs also require the FAFSA.

Send the FAFSA to all the schools where your child is applying for admission. You then file a shor...(register to read more)

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