Financial Aid Consultant

The cost of higher education continues to escalate. And while one often hears that many types of financial aid are available, finding them is quite another matter. Families need guidance and assistance in finding the sources to which they can apply and in preparing the paperwork. Your services as a financial aid consultant will be in great demand once your name gets known to the community at large. Word of mouth from students you have helped and from their parents will bring you new business regularly. You will need a lot of familiarity with financial aid options to make a success of this type of consulting, and you will need excellent people skills as well. Some financial aid consultants research options on the Internet, while other specialize in aid for private secondary or even elementary school tuition. The bulk of the market, though, is for students entering college.


Keeping your own knowledge up-to-date and providing a suitable place for interviewing clients are your two main expenses ($2,000 to start). Part-time work could earn you $15,000; rates could range anywhere from $150 to $500 per job, depending on both complexity of paperwork and your geographical location.


Many parents experience major shock when they first realize how much having one or more children enrolled in the ivied halls is going to set them back. And even the “simple” financial aid forms for determining basic financial need are far from easy to cope with. You can also provide vital help in finding the multitude of special scholarships available for students with a certain heritage, a special academic interest, or some other specifi c characteristic.

Approx. cost of start-up:$2,000 to $4,000


Approx. potential earnings:$15,000 to $40,000


Typical fees: Flat rates of $150 to $500


Where to promote: Yellow Pages, classified ads, direct mail, membership to and participation in community organizations related to education, seminars and speeches for community groups, networking, Web site that’s easily located via search engines


Qualifications: Experience as a school guidance counselor or college admissions officer, extensive knowledge of the field, ability to relate well to college applicants and their parents


Things needed:Office with conference table for meeting clients, computer, suite software, Internet access, fax, printer, business cards, letterhead, envelopes


Required staff:No


Hidden costs: Subscriptions, Internet Service Provider fees, association dues