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March Newsletter
In
this issue we take a look at The Advisory Firm's
newest project: myVizer.com and discuss some quick
pointers for client's with children approaching
college age.
The
launch of myVizer.com:
What
began as an idea only 8 months ago is now a fully
functioning website designed to challenge, educate
and inform consumers about financial planning.
Through the help of a talented graphic designer
and software engineer we were able to bring to
life myVizer in a short amount of time. myVizer's
purpose is to introduce planning and financial
literacy in a fun, non-intimidating way.
I
invite all clients to visit the website and share
with your friends, associates and neighbors. We
will continue to add features and update the site
as we get feedback from clients and the general
public.
Financial
Aid basics for approaching seniors:
Parent's,
you and your children can still secure financial
assistance for their college education even if
you have a family income of over $100,000.
Some
basic steps:
- Begin
by submitting a Free Application for Federal
Student Aid (FAFSA) online at www.studentaid.ed.gov.
- Students
who can demonstrate a need may recieve a subsidized
Stafford Loan.
- Even
if no need-based aid is awarded completing the
FAFSA paperwork may be valuable.
Stafford
Loans: either subsidized by the Federal government
or unsubsidized. (subsidized means the gov makes
interest payments while the student is in school)
Perkins
Loans: more favorable terms than the Stafford
but only awarded to students with exceptional
need.
PLUS
Loan: Usually taken out by the parents. Rates
are generally higher than the other loans.
Grants/Scholarships:
if the school has a large endowment fund there
is always this possibility.
Private
associations/institutions: Organizations all over
the country dole out money to students majoring
in subjects in their specialties. Do your research
on local organizations and professional groups.
Finally
educate yourself on the difference of Federal
vs. Private Loans. You need to understand what
the terms are. See the reference link to a financial
aid website above.
(information
taken from Financial Planning article by Donald
Jay Korn)
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