Wednesday, September 16, 2015

Thrifty Thinking: New Rules for Financial Aid

Although Obama's new rule change allows the financial aid process to begin in October instead of January — making it possible for high school seniors to know their aid packages substantially sooner — the potential implications are much broader than just a three-month timing shift.

According to bestselling scholarship and financial aid author Ben Kaplan, founder of Scholaroo — the world's first instant college scholarship alert system — there are three things that every college-bound family must know about Obama's announcement:


Because Obama's rule change means that tax returns from two year's prior will now be used to calculate financial aid, families must make strategic family finance decisions even earlier —  surprisingly, during the student's sophomore year of high school.


Because the start of the college application season, scholarship application season, and financial aid season will all be simultaneous during the busy back-to-school time frame, families will need to manage their time more efficiently during a new September rush period.


Although these new Obama rules won't take effect until next year, savvy students and families can realize many similar benefits THIS YEAR by being proactive in the scholarship and financial aid process (including using new online tools like Scholaroo).

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