​                          Financial Aid
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​Colleges have lost billions and they desperately need students as revenue. Here are some strategies they may have to use. Some colleges will offer lots of money to enroll students only to close in two years like Mt. Ida college did. Tier One and Tier Two colleges will reduce their need based free grant money by 5K -10K per year. Some other schools like BU may reduce their merit by 25% . Knowing the rules will save you money.

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                   College Loans
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There are two types of college loans governent (G) and private (P). Interest rates will be set in June 2020. THe Direct Stafford G. Loan caps 4 year undergrads at $27,000 (2019 rates 5.1%). Payback starts 6 months after graduation or leaving college. G. Parent Plus Loans are uncapped (2019 7.1%, 4.35% origination fee) Payback is immediate. There are about 10 P. lenders. (75% are unscrupulous. Their rates are based on credit scores and are between 5% and 15%. College loans are not dischargable under bankruptcy.

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Admissions

Colleges are projecting a 15-20% reduction in their freshman class. This will affect campus life from dropped majors to increased class size and the use of adjunct professors. The average freshman interacts with between 500 and 750 students per week. To reduce that exposure, colleges may only have single rooms and structured dining hall guidelines with scanners measuring their temperatures to identify at risk students and to have a space to quarantine them.
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Be proactive. Book a consultation