One of my favorite financial advice books is Kal Chany's "Paying For College Without Going Broke" (Random House) which is now out with an updated, 2011 Edition. Here are some of his top tips.

• Assume you're eligible.  Don't rule yourself out because of income or academics.  And don't rule out a college because you think it's too expensive. The higher the cost, the more aid you may receive.
• Don't wait to be accepted to a college to apply for aid. The coffers may be empty by spring.  
• Get application forms as soon as possible. You'll need the 2011-12 federal FAFSA form. (The online version is now available. For paper versions, call 800-433-3243.)  You may also need to complete the College Board's 2011-2012 CSS / PROFILE application, state aid forms, and forms provided by the colleges.
• Know the deadlines and be sure to meet each one. Many colleges have different deadlines for different forms. Some may be due in late December, though most are due in January-March.

• Figure out your "expected family contribution." Use worksheets in financial aid guidebooks to calculate-before you apply-what the colleges will estimate you can afford to pay. Be sure to get up-to-date information as the rules and formulas change every year.
• Maximize your aid eligibility. Freshman year aid awards are based in part on income for the year ending Dec. 31 of the student's senior year in high school. Consider also making appropriate adjustments to your assets, debts, and retirement provisions before you apply.
• Follow instructions carefully on the application forms. Common mistakes that can disqualify your applications are: forgetting to sign them, leaving lines blank, or using the wrong academic year's version of the forms.
• Do your income tax forms early. To meet early aid application deadlines, you may need to do a draft version of your 2010 income tax return with estimated numbers. Many schools will require a copy of your actual return in the spring to verify your information. 

See the Book Summaries section for more information on Chany's book "Paying For College Without Going Broke."  
 

 

 

Copyright Eric Tyson, 2008 - 2013 all rights reserved.

Eric Tyson is the only best-selling personal finance author who has an extensive background as an hourly-based financial advisor and who does not accept speaking fees, endorsement deals or fees of any type from companies in the financial services industry or product or service providers recommended in his articles, books and his publications.