The Insurance Doctor

Category: Financial Aid

  • 5 Ways to Get ‘Free’ Endowment College Money

    5 Ways to Get ‘Free’ Endowment College Money

    Colleges control over 95% of the money that students receive every year. With this in mind, here are 5 strategies to increase your student’s likelihood of receiving college grants and endowments which do not have to be repaid.

    1. Apply to at least 10 schools: We have students apply to 10, get into 6 then leverage one school versus another.
    2. Go back and visit your top 2–3 schools after acceptance: More often than not you will receive a letter offering more $$ after your second visit.
    3. Don’t accept their first offer: Just like buying a pre-own car don’t pay “sticker” price.  Schools have billions in their endowment funds just waiting for you to extract it.
    4. Apply to the competitors of your top choices: Admissions officers know where you are applying.  They will give more $$ just to not let their competition win.
    5. Do volunteering and community service: This is one of the most important tips!  Schools give money to those students who are most likely to give $$ back after graduating.  They call it “the give back gene”.

    For more information and professional advice or college endowment coaching click here to contact us.

  • 5 Mistakes to Avoid When Applying for Your Student’s Financial Aid

    5 Mistakes to Avoid When Applying for Your Student’s Financial Aid

    FAFSA: The Free Application for Federal Student Aid. All students interested in financial aid (free endowment monies) for college will need to complete this form. Usually, the parents/guardians fill it out using their tax return.

    1. Don’t include retirement assets on the FAFSA: The FAFSA doesn’t care how much you’ve got in your 401k/IRA/pension. They do ask about cash, savings and checking accounts to name a few items.FAFSA federal student aid tips mistakes to avoid
    2. Don’t wait until your 2017 taxes are done to complete: Use estimated 2016 tax return numbers then adjust them later. This is one of the biggest mistakes as the FAFSA completion holds your place in line for free endowment money when the coffers are full! Complete it before the end of February then adjust it when your 2017 taxes are done. This is especially important if you file a filing extension.
    3. Don’t forget to list the colleges: You can include up to 10 colleges your son/daughter has applied to. The federal processors will send the pertinent FAFSA info to the schools. You will need each college’s school code.
    4. Don’t inflate your education: If both parents didn’t graduate from college, don’t list “college” as their/your highest education even if you completed a few years. Plenty of schools treat these applicants more favorably if they are considered “first-generation” college students.
    5. Don’t assume you won’t qualify for financial aid because your house is too valuable: The FAFSA doesn’t care if you own a house*. They do ask about second homes and real estate investments.


    Notes:     One cannot receive endowment “free” money without first completing a FAFSA. If you apply to more than 10 schools you can go into FAFSA a week after completing, change some schools and they will receive the FAFSA info.

    *Certain schools use the CSS (formula) profile whereby home equity and sibling assets will count against you.

    **Contact Robert today for sound advice and strategies for completing the FAFSA and financing your child’s education.

  • SAT vs. ACT Exams: 5 Questions Answered

    SAT vs. ACT Exams: 5 Questions Answered

    Although it’s technically still the summer, many high school students (and parents) are feeling anxiety about taking the SAT and/or ACT exams this month.  There’s a lot of bad information out there on this topic.  Below are answers to 5 popular questions:insurance, New York, college funding, financial planning

    1. Should I take the SAT or ACT? We strongly recommend taking both exams multiple times if possible. Most schools accept both and students may decide which scores to send to colleges.
    2. Why don’t my college advisors know much about the ACT? The SAT is far more popular in the northeast and California while the ACT rules in middle America. This is the first year the ACT will surpass the SAT in total tests taken.
    3. If I had to choose one, why take the ACT? Vocabulary is less important, math counts for about 25% of the score and there is no penalty for a wrong guess.
    4. If I had to choose one, why take the SAT? Math accounts for about 33% of the score and there are no science or trigonometry questions.
    5. When should I take these exams? We suggest practicing as a freshman and taking the first exams offered as a sophomore to get scores back early, find weak spots and have time to taken them again.

      *Contact Robert today for your free initial consultation*