What Parents Don’t Know About Financial Aid Will Hurt Them

35% of parents think that the college financial aid office is their best source of information for paying for college, according to the March 2008 issue of University Business. And while these parents are correct that the financial aid office is a good source of information, they should be wary to call it the 'best'.

Remember that a college financial aid counselor is there to assist you with specific information about how the university handles particular financial issues. While they are terrific when offering advice about how to, for example, report a private scholarship a student has earned, many parents ask questions outside the scope of their training. In other word, their job is to divvy up the college's limited financial aid money to all of a school's students, not to make sure that a particular student pays as little as possible.

While colleges try to be as fair as possible in constructing financial aid packages, families should never rely solely on the information that the university supplies freely to you. You should make a specific effort to draw out as much assistance as you possibly can, especially when initially evaluating colleges. To help you in this process, I have written a new article, The 7 Questions You Must Ask to Save Thousands in College Tuition.

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