The 12 Step Smart College Money Program
Make sure you do everything possible to lower the cost of education.

1. Start to look for private scholarships. Start with local scholarships and continue to pursue national scholarships. Here are some places to start looking

a. Local Associations
b. Foundations
c. Clubs

2. Gain an understanding of the Financial Aid Laws including:

a. Free Application for Federal Student Aid (FAFSA)
b. CSS/Profile
c. 568 Presidents’ Group

3. Look for State funded programs. Some of Georgia’s programs include:

a. Georgia Hope Scholarship
b. Georgia Tuition Equalization Grant
c. Georgia HERO

4. Examine all the sources of merit aid. Contact the schools to ask about the following:

a. Grants
b. Scholarships
c. Other incentives

5. Positioning the student to maximize aid. Here are some things to look at:

a. GPA
b. SAT/ACT
c. Extra Curricular Activities
d. Community Service

6. Financial positioning. This step incorporates segments from the other areas although it has to be looked at independently.

a. Coordination of benefits
b. Financial aid rules
c. Budgeting and cash flow
d. Savings

7. Spend time on the College Application and Selection Process. Here are some things that are important:

a. Finding a college that wants the student
b. The best fit for the student
c. Applying to the right number of schools

8. A thorough examination of your Cash Flow and Budgeting is critical. Look at the following:

a. Restructuring cash flow
b. Managing liabilities
c. Reducing expenses

9. Use existing College Savings and Investments to coordinate benefits. Here are some to pay attention to:

a. IRA’s
b. US Savings Bonds
c. 401 K plan
d. 529 plan

10. The process doesn’t stop once all the applications are submitted. A thorough review of Admission and Financial Aid Options is required including:

a. Review of Student Aid Report (SAR)
b. Comparison of award letters
c. Verification process

11. Get a full understanding of all your loan options. Consider the following:

a. Federal College Loans
b. Private College Loans
c. Personal Residence Loans

12. Use all available Education Tax Incentives from the IRS. Here are a few:

a. Lifetime Learning Credit
b. Hope Credit
c. Student loan interest deduction