by John Darer® CLU ChFC MSSC RSP CLTC
Freshman start heading up to college in about 3 weeks and it's squeaky bum time for parents and students as they try to squeeze the maximum out of their budgets to be able to balance the best and most affordable education choices.
Great new article by Brandon Ballenger called 5 Ways to Reduce the Cost of College . The title is self explanatory.
Many structured settlement buyers solicit people receiving structured settlement payments with the idea of selling structured settlement to pay for college. Blindly following advice from unlicensed professionals could put your child's educational aspirations on the schneid, because of a potentially negative effect on EFCs. Read my April 13, 2014 post Selling Structured Settlements to Pay for College Has Negative Effects on EFCs, for additional information.
Structured Settlements and Financial Aid For College/University is another helpful post which answers the question "Can my child's insurance settlement have an affect on how much financial aid they receive for college?"
Care must be taken in the settlement planning process to consider how various settlement options impact the ability to pay for college and to address these issues before settlement documents are signed.
Certain surrogate judges in New York City (and those in other states) who insist on having all the settlement monies paid at age 18 need to be more aware of how such decisions could have a negative impact on their wards.