financial aid

There are many instances where middle and upper-middle income parents are eligible for some form of financial aid and end up paying much less that the advertised cost for their child’s education. That’s because they know that the financial aid formulas also takes into consideration so many other variables (the cost of the school, the age of the parents, the number of children in college, etc.), not just your income level.

The bottom line is, don’t assume that you won’t be eligible. We have helped many middle and upper-middle income families who make in excess of $150,000 a year with cost-saving strategies that have reduced what they had to pay out for their children’s education. Just like two people sitting next to each other on an airplane can pay two very different prices, so can two students sitting next to each other in the classroom at the same school.

Another important tip is that if you are a high-income earner, the worst thing you can do is pay for college with after-tax income! Every dollar you save on college costs is comparable to a $2 scholarship or $2 more that you didn’t have to earn (if your total tax rate is close to 50%).  This can double the real cost of college for you. This means a $45,000/year private college bill equates to $90,000 of income you would have to earn.

It’s a price that you shouldn’t have to pay, and Mooney Lyons can help you avoid this costly mistake. We know a wide variety of little-known college planning and funding strategies that have the potential to yield great benefits.

To help you determine how much scholarship money your child may qualify for, go to You find a handy calculator where you can put in the student’s SAT scores and ACT scores, and then pick five states where your son or daughter wants to go to college. It will quickly calculate scholarships values and the average and highest scholarships available.

For a custom report, simply submit the form and a Mooney Lyons representative can help you determine your most appropriate options. Or, visit us at for more information.

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