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Case Study

bill & tina

Inaccurate forms. Understanding assets.

Main objective:

Optimize financial aid packages for their kids who were already in school and to clarify why they did not qualify for financial aid.

key issues:

Despite having lost their high paying jobs, suffering a significant drop in household income, and having most of their assets in qualified retirement accounts, they could not understand why they did not qualify for any financial aid. They needed it now more than ever and seemed to fall within the guidelines

solution:

Their course of action called for a careful review of their financial aid documentation. Upon closer examination, it was found that they made one small mistake that was costing them thousands of dollars. In fact, over 80% of FAFSA and CSS profiles submitted have errors that often hurt the family in terms of financial aid eligibility. In this case, Bill and Tina had reported $800,000 in their qualified retirement accounts as assets which knocked them out of the running for any kind of aid. Mystery solved. The received guidance on how to correct the forms and accurately calculate their new EFC. The next step was to appeal their financial aid packages in the current year, then carefully submit correct financial aid forms for following years.

outcome:

After making the necessary corrections, and appealing to the school, the student received $5,860 in the current year. In future years they again received the $5,860 in free money as well as free tuition. A total value of $12,172 per year per student! Correcting the small yet significant mistake of over reporting their assets saved them tens of thousands of dollars over the remainder of their kids’ college careers.

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Families are often tripped up by the overwhelming process of planning for college. Check out this case study to avoid some common mistakes!

Ian Maxwell

Ian Maxwell

Founder, Reviresco College Planning

I take pride in finding solutions for my clients that reduce stress and save them tens of thousands of dollars. I am in the business of providing value, and I hope to hear from you soon! Feel free to reach out if you have any questions, comments, or concerns about planning for college and paying for college. I wish you all the best!

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