FAFSA

As you are probably painfully aware by now, the 2022-23 FAFSA will come online October 1, 2021. This is the document that helps colleges determine how much financial aid they will offer, so it is very important to be prepared. My last blog listed the documentation you should gather now. I will review specific completion steps in September, once the preliminary forms are available. For now I just want to focus on the mental aspect of completing the FAFSA. While it is good to take a serious approach, you don’t want to get so worked up about it that you become stressed and make mental errors. To help get your mind in the FAFSA game, here are 12 common FAFSA missteps and how to avoid them. Filing too late: I recommend submitting your FAFSA as soon as possible after they become available October 1. Some programs have limited funding, and you don’t want to miss out, but you also want to leave plenty of time to fix any errors you might make, or reply to a request for verification. Not filing at all: There are many students every year who simply do not file the FAFSA, for whatever reason. They don’t understand, they think they earn too much or too little, or they think it is too complicated. You need this form to access federal, state and institutional funds, some scholarships, and federal student loans. Department of Education provides plenty of step-by-step completion guides, and has resources available to ask questions. Not having an FSA ID for parent and student: The FSA ID is a username and password that provides access to Department of Education information. Both parent and student must have one, but you can get an FSA ID at any time. Forgetting who is filing: Technically the FAFSA is completed by the student, but in reality most parents do it, and that’s where it can get confusing. If the FAFSA says “you” or “your,” that question requires the student’s information. The FAFSA does clearly identify which questions are intended for parent information. Wrong name: Make sure the name you use on the FAFSA matches the name associated with your Social Security Number. No nicknames. Missing deadlines: Check all state and college financial aid deadlines. Most fall before the end of the calendar year. Not using the IRS Data Retrieval Tool: This automatically fills in the FAFSA with information from your 2020 federal income tax return. Using the DRT save a lot of time. Omitting information: Although the DRT does provide a lot of information, look for the questions which need your specific details. These most likely refer to pension information or personal assets not listed on your taxes. Limiting college listings: The FAFSA is free to submit, so it does not cost anything to list additional colleges on your application. You can even include those that you are only thinking about at this point, even if you never actually decide to apply. Too many digits: Some people like to be very precise and include commas or decimal points in the numeric fields. This is not necessary. Rounding to the nearest dollar is just fine. Not signing the FAFSA: If you are filing electronically, you will use the FSA ID to sign the application electronically. Don’t omit this crucial step. Not checking your work: Carefully check your form before submitting it. A few extra minutes now could save you a lot of stress later. Get your head in the game, take your time, take a deep breath, and get ready to dive into the FAFSA. Slow and steady will win the race, and help make sure you don’t make FAFSA mistakes that could cost you time and money. CFAA is here to help with every step of the financial aid process Set up a CFAA new client free strategy session to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

The financial aid application season is soon to be upon us! The FAFSA and CSS Profile applications for the 2022-23 academic year are both scheduled to be available online beginning October 1, 2021. I highly recommend that you complete and submit these applications as early as possible. State and institutional financial aid deadlines come up quite early, and some financial aid forms have limited funding available. You don’t want to miss out on any potential resources by not getting your application in quickly and correctly. That pretty much gives you the month of September to get everything together. Here is the documentation you will need available so you can complete your financial aid applications without having to hunt all over: Login Information: You can set up your account log-in information now. For the FAFSA you will need an FSA ID. This is a username and password combination that will allow you to log-in, sign your FAFSA electronically, access the myStudentAid app, sign loan contracts, and access certain information online. The student and at least one parent of a dependent student must each have their own FSA ID. For the CSS Profile you will be able to use your College Board student account, which you may have already completed for the SAT or AP tests. If you need to complete the CSS Profile as a parent (as a noncustodial parent, for example), you will then need to create a student account using the parent’s information. Social Security numbers for student and parents of a dependent student. Student’s driver’s license number if you have one. Alien Registration number, if you are not a citizen of the United States. Federal tax information or tax returns including IRS W-2 information, for student and parents. The 2022–23 FAFSA form will ask for 2020 tax information. If you have already filed this form, that makes it easier to use the IRS Data Retrieval Tool to populate answers to many questions on the FAFSA. Records of untaxed income, such as child support received, interest income, and veterans’ non-education benefits, for student and parents. Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for student and parents. List of colleges you are applying to this fall. The CSS Profile may also ask for dates or custody information in cases of a parental separation or divorce. The FAFSA is free, but be prepared to provide payment information for the CSS Profile, unless you have received a waiver. Keep this information easily accessible for reference when it comes time to complete your financial aid application. It will not be necessary to submit any documents at this point, but they may be required later for verification purposes, so don’t lost track of them. If the financial situation for the student or family has changed significantly from what is reflected on your 2020 federal income tax return, you may be eligible to have your financial aid adjusted. This might apply to COVID-related loss of income, natural disaster, death or medical emergency. You will still complete the financial aid application questions as instructed, submit your forms, and then contact the schools on your list to discuss how your current financial situation has changed. Another activity you may need to prepare for quickly is scholarship applications. This is a great way to find extra money to help cover your college costs, but that application season is also here. Some have deadlines as early as September, so be prepared to apply quickly. CFAA is here to help with every step of the financial aid process Set up a CFAA new client free strategy session to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

With college in the near future, the High School Class of 2022 is on the verge of adulthood in so many ways. Many students, however, don’t think realistically about the cost of attending college, or get their heart set on a particular school without any interest in how their parents are going to pay for it. This inattention could cause financial problems for the family, or for the student who may encounter difficulty making student loan payments after graduation. One big life lesson is learning how to make and manage your own money. Start now by becoming an active participant in learning how much it will cost to attend colleges on your list, including travel and personal expenses. Use online calculators to estimate how much financial aid you might receive, and subtract that from your estimated costs. The remainder is money that you will either have to borrow, or earn to pay for college. If the amount is a surprise, then you can start thinking about ways to earn money to help cover those college expenses. Benefits of Working to Pay for College In addition to earning money, there are other benefits students realize by working to help pay for college: It helps the parents: Most parents of college students are thinking about saving for retirement, taking care of elderly parents, or looking at sending more children to college. If they assume sole financial responsibility for college costs, they become over-burdened and the child learns nothing. Increased appreciation for the value of an education: Students who do not pay anything toward college expenses do not know how to place any value on it. They might think about skipping classes, taking easy courses, attending for five years, or sliding by with lower grades. If they are paying part of the cost, however, they become much more interested in learning to get a better value for their investment. Better time allocation: Instead of spending time with friends or going out to parties, a working student has a better understanding of how to allocate time between work, study, and recreation. Increased budgeting skills: A student who learns now that income must exceed expenses has a better handle on planning for future life budgeting needs, such as buying a car or taking a trip. Ways to Work to Pay for College The more your student can earn for college, the less your family will have to borrow in student loans. Some work options include: Federal Work-Study Program: This provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. Private Jobs: Students can find their own jobs off-campus, which might be more to their liking. Paid Internships: A paid internship in their field of study can provide both income and real-world experience. Online options: There are more jobs open online now for freelance jobs and virtual assistants. Students with creative abilities can create items or artwork to sell online. Participate in application process: Completing financial aid and scholarship applications can require diligence, time and work, but there are financial rewards to be achieved by approaching these tasks as non-paying jobs. Set a schedule, show up on time, and complete your job to the best of your ability. Reducing out-of-pocket expenses can be your job for the new few months. CFAA is here to help with every step of the financial aid process Set up a CFAA new client free strategy session to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

By October, most members of the high school Class of 2022 will be busily ensconced in the tasks of selecting a college and applying for the financial aid to help pay for it. Financial aid can be a confusing world. Making the wrong decisions could increase the amount of out-of-pocket money you pay for college, or negatively affect your college choice altogether. Parents and students are often perplexed by the amount of jargon used in financial aid. To reduce misunderstandings, these are some of the most important financial aid terms you need to know: FAFSA (Free Application for Federal Student Aid): The FAFSA opens the door to numerous federal, state, institutional and scholarship financial aid opportunities. It comes online October 1, and every family should complete it as soon as possible. The FSA ID is a username and password that provides access to Department of Education information, and allows you to sign your FAFSA electronically. CSS PROFILE: This is an alternative financial aid application used by many colleges to provide more insight into a family’s financial situation. One specific area it explores is the financial status of the non-custodial parent in cases of divorce or separation. There is a fee involved for sending information to colleges, but this may be waived in certain circumstances. Supplemental Financial Aid Applications: Some colleges require additional applications, and some states have their own application process. Review college and state websites carefully to determine specific requirements. Deadlines: Application deadlines are dates set by colleges by which students must apply for early decision, early action, or regular admission. Financial aid deadlines may be different from application deadlines, and may vary for the college and the state. Scholarship deadlines are set by the individual scholarship provider. Check websites carefully to nail down all deadlines. Cost of Attendance: This is an estimate of total tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses. The Net Price Calculator from the Department of Education also provides a good estimate of costs at the various colleges on your list. There are ways to decrease costs and increase income, but these estimates provide a good starting point. Student Aid Report (SAR): This is a summary of the information provided on your FAFSA. It includes an Expected Family Contribution (EFC), but this is not necessarily the amount your family will be required to pay. Information is used by each college to determine individual financial aid award amounts. Award Letter: If your student is accepted into a college, you will receive a financial aid award letter detailing the amount of grants, scholarships, and student loans your student might be eligible to receive. You may be able to negotiate the amount of the award, and you do not have to borrow all the student loan money that is available. Federal Work-Study Program: This provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. It encourages community service work, and work related to the student’s field of study. Student Loans: This is money that is borrowed to help pay the cost of college. There are federal and private student loans available, with different interest and repayment options. Student loans have to be repaid, and should not be incurred without serious thought as to financial consequences. AUGUST CFAA APPOINTMENTS: August is a very busy time for CFAA students. I am setting two types of appointments now. Slots are limited, so please plan accordingly: Loan Appointments for students attending college this fall. CFAA College List Zoom Meeting for students attending college next fall. This is a meeting to review your list of colleges, determine application priorities, and outline financial aid requirements. Parent and student will need to attend. CFAA is here to help with every step of the financial aid process Set up a CFAA new client free strategy session to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

As we move into August, rising college freshmen are putting the finishing touches on their college payment plans. They already know what their out-of-pocket costs will be, and understand how much money they need to borrow to cover their expenses. But rising high school seniors are at the other end of the financial decision-making process right now. They are just looking at how much colleges on their list might cost, and have not even begun the financial aid or scholarship search processes. Thinking about borrowing money is not at the top of their to-do list, but maybe it should have higher priority. If you wait until next year to think about how you are going to pay for college, you might be setting yourself up for a lifetime of financial challenges: Heavy Debt Loads: You have probably heard about the student loan crisis, where there is almost $2 trillion in outstanding student loan debt. Students are graduating with an average debt load of almost $40,000. Although there is some talk about student loan forgiveness through the federal government, nothing is set in stone yet. So think about how that kind of debt could affect your lifestyle after graduation. You will probably start at the bottom of the pay scale, and may also need more loans to pay for a home, wedding, or car. Now add a few hundred dollars in student loan payments into that equation every month, and you will understand why so many college graduates still live at home. Parent or Co-Signer Debt: To help their student get through college parents may borrow money under the PLUS federal student loan program, or act as a co-signer for a private student loan. Without an advance understanding of repayment responsibilities, some parents find themselves approaching retirement while still saddled with thousands of dollars in student loan payments. Bankruptcy Potential: The college graduate or parents facing substantial debt burdens may become so overwhelmed that they stop making payments or declare bankruptcy. Either choice has serious financial ramifications for many years. While a recent court case found that private student loans may be discharged in bankruptcy, lenders may still appeal that decision. Be aware that federal student loans are currently not dischargeable in bankruptcy, and you would still be liable for payment. The best way to avoid these circumstances in the future is to completely control your college financial decision-making process now. Your objective should be to borrow as little money as possible, so you will not be faced with these challenges. Reaching that goal may impact your college choice if the selected school does not offer a sufficient financial aid package. Remember these money guidelines: Run the numbers: Use the Department of Education’s Net Price Calculator to get a good estimate of costs at the various colleges on your list. Project your earnings: Colleges can provide you with data on how many students graduate, how many graduate in four years, how many get jobs within their chosen profession, and how much money they are earning. Use these to look at what you might be able to earn if you do well and get a good job after graduation. Check loan costs: If you think you will need to borrow money, run some scenarios on the Federal Student Loan Repayment Simulator. Borrow wisely: Always apply for financial aid and look for scholarships to keep your out-of-pocket costs as low as possible. If you do need to borrow money, only borrow what you need to cover education expenses and look for income sources to cover your living expenses. Students going to college this fall who are still working out the financial details can set a loan appointment with CFAA, where we will discuss borrowing options. I will resume loan appointments in August, and slots are limited. Please plan accordingly. Set up a CFAA new client free strategy session to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Well, 2020 and 2021 have certainly been some pretty remarkable years. Between COVID, natural disasters, unemployment, and economic swings, family budgets have taken a major hit. It can be hard enough to recover and get back on solid financial footing, but for families with a rising high school senior the challenge can seem even more unsurmountable. There are several ways that giving your children the gift of a college education can impact your family. First, there are the costs of just applying to college. Some families are surprised at how quickly these “small” expenses can add up – application costs, testing fees, and travel expenses to visit preferred colleges. With financial aid applications the FAFSA is free, but there are fees involved for the CSS Profile. Before you know it, you could be down a good chunk of money without your student even setting foot in a campus classroom! The second hit to the family budget comes when the student actually starts attending college. There are the ordinary expenses of tuition, room and board, and various fees, but you also have to take into account any living expenses needed for your student. While financial aid might cover a good deal of the education expenses, the extra cost of supporting a college student while still running your own household can be a burden. Be prepared to set a budget for your student, and make sure he/she lives by it. Finally, many families don’t take the cost of student loan payments into consideration when budgeting for college. Repayment seems far away, but it could be a drain on your student and your family for years after graduation. Have a decisive discussion now about the amount of money you are willing to borrow, and set repayment responsibilities, so there will be no surprises down the road. Other steps you can take to minimize the impact of college on family finances: Apply for financial aid: Never assume that your family does not qualify for financial aid. Always complete the financial aid applications required, and wait for each college to make its offer to you. You might be pleasantly surprised. Do it early, so you qualify for the maximum amount available, as some programs have limited funding. At the very least, you will need to have a FAFSA on file if you need to access federal student loans to close any money gaps. Look for scholarships: These forms of “free” money can be a lifeline for many families. Most are modest, but some can be quite generous. You never know what your student will qualify for if you don’t put the work into the scholarship search process. Save, save, save! Fully review your family budget and look for areas where you might be able to save money. Every penny saved is a penny you won’t have to borrow. Even cutting back on data plans, coffees or take-out dinners can have a big impact. You might find yourself with an “extra” thousand dollars that can go to cover some of those additional expenses. Check with your financial advisor about the impact of college expenses and student loans on your tax situation as well. Your family life should not be unreasonably disrupted by sending a child to college. You should still be able to provide for basic expenses, save for retirement, and maintain an emergency fund. A complicating factor also arises when there is another child with college dreams coming down the line. If paying for one child in college is a stretch, two might break the family bank completely. Build a partnership with students when deciding how much college your family can afford. If they want to attend an institution that is out of your price range, get them involved in serious discussions about how you can accomplish that feat as a family. Set up a CFAA new client free strategy session to learn more about financial aid and finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Many changes are anticipated concerning the way college-bound students apply for, and receive, financial aid. Although families have been seeking reform for years, changing a process as entrenched as this can take time. Hopeful signs of change are on the horizon, however. As part of the Consolidated Appropriations Act of 2021, there will be changes to the Free Application for Federal Student Aid (FAFSA), as well as the federal methodology used for determining aid. The statutory deadline for the changes is the 2023-24 award year, but the Department of Education is already advising that some rollout components may be delayed. One area being watched closely involves the federal Pell Grant program. What the Federal Pell Grant Program is Today Federal Pell Grants are usually awarded only to undergraduate students with exceptional financial need. Current eligibility factors include: In some cases, students enrolled in a post-baccalaureate teacher certification program might be eligible to receive a Pell Grant. Students in federal or state penal institutions, and other specified forms of incarceration. are not eligible to receive Pell Grants. Most Pell Grants do not have to be repaid, except in certain circumstances. The first step in determining Pell Grant eligibility is to complete the FAFSA. Amounts can change yearly. For the academic year from July 1, 2021 through June 30, 2022, the maximum Federal Pell Grant amount is $6,495. Award amounts are based on Expected Family Contribution, Cost of Attendance, full- or part-time student status, and plans to attend for a full academic year. In certain situations, an eligible student can receive up to 150 percent of his or her scheduled Pell Grant award for an award year. Students may not receive Federal Pell Grant funds from more than one school at a time. You can only receive Pell Grants for up to 12 terms, or about six years of college education. The amount of any other student aid for which you qualify does not affect the amount of your Federal Pell Grant. Anticipated Changes to the Federal Pell Grant Program The Pell Grant program has come under pressure to serve as a mechanism to increase college financial aid eligibility. Critics say grant amounts do not keep up with inflation, eligibility is too restricted, and lower-income students do not receive sufficient support to attend college. Anticipated changes from the new legislation include: The new law could enable an additional 1.7 million students to qualify for the maximum tuition-aid award each year, and make another 555,000 students newly eligible. Federal aid will be calculated based on a family’s adjusted gross income as compared to the federal poverty level for their family size. This two-factor formula gives students earlier awareness of the aid they could receive. The law also expands eligibility for the maximum Pell award and creates a new minimum Pell award designation. Families making less than 175%, and single parents making less than 225%, of the federal poverty level will receive the maximum award. Lower income students will have their federal student aid eligibility calculated without their assets (or their parents’, for dependent students) being taken into consideration. Eligibility to fill out a no-asset FAFSA will be calculated using filtering based on improved tax return information that comes directly from the IRS. The law restores federal financial aid eligibility for incarcerated students and students who were convicted of drug-related offenses. Some discourse has also been held on whether the Pell Grant should be doubled to better keep up with inflation, and further equalize access to a college education. Nothing has been approved yet, but stay tuned for further developments! These changes have not yet been fully implemented, and are not planned to be part of the FAFSA that will be introduced on October 1, 2021. In the meantime, set up a CFAA new client free strategy session to learn more about financial aid and finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

Just when you think you have everything figured out about financial aid, along comes the Department of Education with some pretty sweeping changes. For years, parents and students have struggled with the Free Application for Federal Student Aid, or FAFSA, and the resultant Expected Family Contribution, or EFC. They said the FAFSA was much too long, and the EFC too hard to understand. Changes are finally coming, but not right away unfortunately. Although the law mandated implementation by a certain time, the reality is that there will probably be a more phased-in approach to getting everything done. Here is what they project will happen, based on current rollout capabilities: The FAFSA that is currently available for the 2021-22 Academic Year Although there is not much time left to submit this application, one change already in progress works towards removal of the Selective Service and drug conviction eligibility criteria. You will still see these questions on the current FAFSA, but failing to register with the Selective Service or having certain drug convictions will no longer impact your Title IV aid eligibility. If you already completed this FAFSA, and feel that your financial aid was negatively affected based on your responses to these questions, contact your college immediately to review your situation. The FAFSA that comes online October 1, 2021 for the 2022-23 Academic Yea Although FSA makes tweaks and updates every year, this FAFSA will probably still closely resemble those from recent years. After completing the FAFSA this year, you will still receive a Student Aid Report with an Expected Family Contribution. The lowest EFC is $0, and there is no cap. This is meant to be an eligibility index for federal student aid, but families find it confusing as they believe it represents the amount of money they will have to pay. Sometimes you will have to pay more, and sometimes you may even pay less. Each college uses different formulas to takes financial information into consideration, and you may find that your actual financial aid offers vary greatly from one institution to the next. Don’t get too worked up over the EFC; wait until you receive financial aid award packages from your colleges before making financial choices. There can be differences in need-based awards from one institution to the next, and between public and private colleges. One big factor in these ranges is that there is a different Cost of Attendance for each college. The EFC does not take merit-based awards into consideration. Your student may receive a larger award package from one college that wants to recruit students with certain capabilities. Families of rising high school seniors can use the EFC Calculator to get an initial indicator of what their EFC might be, but remember that results will be based on the 2021-22 academic year. Although the timeframes are not yet finalized, anticipated changes for the FAFSA that will come online October 1, 2022 for the 2023-24 Academic Year and beyond include: Fewer FAFSA questions. Higher predictability for Pell Grant eligibility. Lower income students will have their federal student aid eligibility calculated without their assets (or their parents’, for dependent students) being taken into consideration. Eligibility to fill out a no-asset FAFSA will be calculated using filtering based on improved tax return information that comes directly from the IRS Student Aid Index (SAI): Replacing the EFC with the SAI on the Student Aid Report at some point is the biggest anticipated FAFSA update. The SAI will represent eligibility for all types of Title IV student aid, except the maximum and minimum Pell Grant awards. Pell Grant awards in the middle ranges of eligibility, however, will be determined using the SAI. Changes will also include the concept of a negative SAI, which should allow the very neediest students to receive aid in excess of the Cost of Attendance (COA) established by their school. The addition of a negative figure could prove helpful by further differentiating lower income students. This could allow states and institutions to more accurately target need-based aid, including the Federal Supplemental Educational Opportunity Grant (FSEOG). These changes apply only to the FAFSA, and not the CSS Profile that is used by many colleges to determine financial aid eligibility. CFAA will continue to monitor these changes and update families as they are finalized. In the meantime, set up a CFAA new client free strategy session to learn more about financial aid and finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.

It has certainly been a difficult year with COVID and natural disasters disrupting our lives in many unusual ways. Parents may be tempted to let their students take off this summer so they can “just have a little fun.” While this might be acceptable for younger students, rising high school seniors really need to accomplish a lot over these few months if they intend to go to college in 2022. Instead of history, math and science, the summer curriculum should focus on college admissions, financial aid, and scholarships. Here are key lesson topics on the college education agenda: Admissions Applications 101: Most college applications will open on August 1. By that time your student should have a list of his/her top ten choices including dream, target and safety schools. He/she should know the application requirements for each, and understand all testing requirements. Take charge of scheduling in-person or virtual visits, and make sure a discussion with the financial aid office is on the list. Your student should also have sorted this list into early decision, early action and regular admission categories. Some progress should have been made on writing essays and securing letters of recommendation. If you don’t fully understand any of these concepts, then you and your student have got some very serious research to do very quickly. College Financial Aid 101: Most financial aid applications come online October 1. By that time you and your student should have completed your federal income taxes for 2020, have an FSA ID, and know where all of your necessary documentation is located. Topics to be covered in this class include scholarships, grants, work-study, and student loans. Scholarships 101: Your student can technically apply for college scholarships throughout the high school years and into the college years as well, but most students focus on those which have deadlines in the fall and winter of their senior year. By this point your student should have a list of potential scholarship sources, know the application requirements and deadlines for each, and have a head start on meeting any application requirements. Scheduling 101: We have just put a lot of items on the to-do list, so scheduling will become a big issue, especially when classes start up again in the fall. It is best to complete as much of the preliminary research and application requirements now, so there will be less of a frantic rush to complete everything. Help your student set up a planning schedule or spreadsheet so that tasks can be broken into manageable chunks, and completed before the given deadline. Money Issues and Budgeting 401: This is a super-advanced class with topics that will serve your student well in college and throughout life. Here you may need to share some hard truths about how much money your family can afford to pay for college, and discuss colleges that are in your financial reach. Be sure to teach your student about the importance of living within a budget, and not borrowing beyond your means. Have a very serious talk now about credit, as well as the positives and negatives of student loans, and set very clear expectations as to who will be responsible for making those payments once the loans start coming due. It may be hard to place yourself in the role of a teacher, but these are all very important lessons your student needs to learn earlier rather than later. If you succeed in imparting scheduling, time management, budgeting, research, and self-discipline skills to your student, you will also have given him/her skills that can be used throughout college and into the adult years. If all of these lessons are on track, you and your student might still be able to spend some time together. If you need more insights to get the discussion started, set up a CFAA new client free strategy session now to learn more about financial aid and finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.