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3 Ways To Find Money To Pay For Your Child’s College Education!
Posted by: Trevor Ramos, eK Dream Team Expert / Author | May 30, 2018
Home >> Family Entrepreneur Journal >> 3 Ways To Find Money To Pay For Your Child’s College Education!
For many parents, next to buying a home or getting into an accident without insurance, paying for all their children to attend college will be one of the most expensive purchases they will make in their lifetime. 

Right now, it cost $23,000 per year to send a child to a California State or Polytechnic University with room and board included. University of California schools cost $35,000 per year.

Private colleges and universities like Azusa Pacific University or University of Southern California cost $45,000-$75,000 per year with everything included.
This means that over a 4-year period, college can easily cost a family $92,000 to $300,000. And if the family has 2 or 3 kids, just imagine doubling or tripling those numbers.

These numbers are before including the origination fees and interest the family may have to pay if they borrow the money using student (or parent) loans that currently charge 7-13% interest on a 10-year amortization schedule.  

The average parent who has saved for college has $52,300 set aside for each child by the time the child is 14-18 years old. But many parents do not have any money set aside specifically for college expenses. 
As a result, parents resort to using all the equity they’ve built in their homes and rental properties, liquidating their investments or cashing in their 401(k)’s and IRAs.  
There are many ways to pay for top 4-year colleges like USC, UCLA, Cornell U, but the three most common ways to get free money are to:

1. Get grants based on your family’s financial need
2. Get scholarships based on your child’s academic merit
3. Get a private scholarship from a foundation, non-profit or corporation
In this 3-part series we will discuss the first common way to get free money.
Obtaining Grants Based On Your Family’s Financial Need
To maximize grants from 4-year colleges, there are three concepts you must understand. 

The first concept is Cost of Attendance (COA). Cost of attendance (COA) is the yearly cost to attend college. It includes tuition, books, room, board, fees and personal expenses.  

The second concept is Expected Family Contribution (or EFC). When your family applies for financial aid, they complete college financial aid forms like the FAFSA and CSS Profile. These forms are used to calculate what you are expected to pay each year for college. This number is known as your Expected Family Contribution (or EFC).
Your EFC is the minimum your family is expected to pay each year for college out-of-pocket. You can find out what you are expected to pay per year by doing a google search for “EFC Calculator.”  
The third concept you must know is Need. The following equation is the foundation behind how almost all U.S. colleges determine your family’s eligibility for need-based grants and financial aid:
Cost of Attendance (minus) Expected Family Contribution (equals) Need
In other words, total what the school costs per year and subtract what your family is expected to pay. The result equals your Need (or your eligibility for financial aid).

If a college or university costs $75,000 per year and your family is expected to pay $10,000 per year (EFC), the math looks like this:
$75,000 (Cost of Attendance) - $10,000 (Expected Family Contribution) = $65,000 (Need)
In this example, this family is eligible for up to $65,000 in financial aid. Not all schools will give the family $65,000, but many colleges can and will.

There is an easy way to estimate what you will receive in financial aid from colleges. Simply search the name of all the colleges your child is considering along with “Net Price Calculator.” For example: 

“UCLA Net Price Calculator”
“Claremont McKenna College Net Price Calculator”
“Occidental College Net Price Calculator”
This search will take you to pages where you can estimate what your family can receive in financial aid. Run this calculation even if your child is in middle school.

For more information on how to get free money for college call 626-657-7887. You can also purchase a copy of How To Get Free Money For College at

Dedicated to your and your client’s future, 

Trevor Ramos 
Author of How To Get Free Money For College
President of College Funding Remedies
Attend A Top College For Pennies On The Dollar
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