SUMMER HOMEWORK
EARLY PLANNING THAT WILL SAVE YOU BIG ON TUITION
As the venerable Alice Cooper once said, “Schooooool’s out for summer.” Of course, this break can’t be all fun and games. Whether your student plans to work a summer job, attend a camp, or just enjoy their time off, they should still keep an eye on their college plans — especially if they’re going into their junior year of high school. With a little forethought, you can make your student’s future education far more affordable. Here’s how: MINIMUM EXPECTATIONS No matter which financial aid bracket you’re in or which schools your student applies to, you should expect to pay for a portion of the tuition costs. That’s because the government imposes what they call an “Expected Family Contribution,” which is the minimum amount schools will expect you to pay toward your student’s education. Discovering this number sooner rather than later will give you a goal to save toward as your child finishes high school. MAKING MONEY COUNT One key to saving for tuition is knowing the right places to save it. When evaluating how much financial aid your family is eligible for, the government will count some assets more than others — the more an
asset counts, the less aid you will receive. Money saved in one area may count seven times as heavily as money saved in another way. This is a big reason to start investing in the right areas during your student’s junior year. This way, you can save the most amount of money without heavily reducing your financial aid package. SELECTING SCHOOLS Here’s some summer homework for your soon-to-be junior: Start researching schools you are interested in applying to now, rather than waiting another year. Students who procrastinate on this often end up whimsically picking universities they are most familiar with. This can lead to astronomically high tuition. By all means, your student should apply to “reach schools,” but the bulk of their list should consist of colleges with the best history of giving out good financial aid packages. This may sound like a lot, but you and your student have a whole summer ahead of you! Make this time count now, and you’ll be amazed how affordable college can be. If you have questions about how to find out your Expected Family Contribution, or the best places to save assets for college, give us a call! BLT DOGS
HAVE A LAUGH
INGREDIENTS • 4 strips bacon • 4 hot dogs (ideally Boar’s Head Beef Frankfurters, but any all-beef variety will do) • 4 hot dog buns
• 1 tbsp mayonnaise • 1 head romaine lettuce, shredded • 1 large tomato, seeded and diced • Salt and pepper, to taste
INSTRUCTIONS 1. Heat a skillet to medium and fry bacon until rendered and crisp. Transfer to a paper towel to drain.
2. Fry hot dogs in bacon drippings, creating a crust, and cook until warmed through.
3. Using a dry skillet or oven, toast buns.
4. Spread mayonnaise on buns, place hot dog and bacon inside, and top with tomatoes and lettuce. Serve.
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